Greece skips Brussels’ RES hosting funding mechanism

Greece has opted to not express interest in a new RES funding mechanism prepared by the European Commission enabling EU members, as RES hosts, to receive funds provided by fellow member states for construction of RES projects in exchange for 80 percent of the nominal project capacities, which would be counted in climate-target figures of the countries financing the projects.

Member states faced a March 15 deadline to express interest in this RES funding mechanism.

Greece’s decision to not participate in this mechanism, for the time being, does not mean the country is not interested, highly ranked energy ministry officials have pointed out, adding that priority, at this early stage of the decade, needs to be given to the achievement of national objectives.

A clearer picture of the country’s RES sector development over the next few years will enable Greece to reach a more accurate decision on whether it should declare a capacity for this funding mechanism, and, if so, its quantity, the ministry officials indicated.

Also, Greece does not face financing problems for new RES capacity, which is essentially what this mechanism offers, the officials added.

EU RES synergies are becoming increasingly important as Europe strives to achieve more ambitious green energy targets by 2030, the European Commission has noted.