Wind energy investments seen reaching €1.3bn over next 5 yrs

ELETAEN, the Greek Wind Energy Association, has prepared three scenarios for wind energy project development between 2019 and 2023, the likeliest version foreseeing 1,310 MW in installations at an overall investment cost of 1.3 billion euros.

The association’s less optimistic scenario sees installations of 1,170 MW during this five-year period, an overall investment estimated at 1.2 billion euros, while its best-case scenario sees  installations totaling 1,490 MW at an investment cost of 1.5 billion euros.

The total cost of installing wind energy projects is estimated at one million euros per MW.

The wind energy association’s projections take into account the maturity levels of various projects. An eagerly expected simplification of RES licensing procedures, along with improved business conditions, overall, as promised by Prime Minister Kyriakos Mitsotakis, have not been taken into account.

Simplification of RES licensing procedures is needed if renewable energy is to capture a 35 percent share of the country’s energy mix by 2030, as promised by the country’s leader.

Acquiring a RES license in Greece takes between 8 and 10 years, compared to the European average of two years. A total of 29 agencies become involved in Greece’s current licensing procedure for wind energy projects.

“Investors cannot be heroes and have to wait ten years for a wind energy license,” Mitsotakis noted earlier this week during a speech at the opening ceremony for a wind energy complex, Greece’s largest and one of Europe’s biggest, developed by Italy’s Enel Green Power on the island Evia, in the Kafireas region.