Greece moves up in EY's renewables attractiveness index

Greece’s efforts to speed up the deployment of renewables with new legislation and ongoing tendering procedures moved the country up to 16th position in the latest edition of the EY Renewable Energy Country Attractiveness Index (RECAI 60).

Greece occupied the 21th spot in the 2021 ranking.

The 60th edition of the report by Ernst & Young Global (EY) shows that Greece has benefitted from the passing of legislation in June to expedite the licensing process for new renewable energy projects, which will shorten the permitting procedures to 14 months from about five years. The law also calls for the addition of at least 3.5 GW of battery energy storage capacity by 2030 and increased grid connections for renewables in support of the national goal for 25GW of non-hydropower renewable energy capacity by the same year.

The adoption of the first offshore wind law in August was also a major spur for the renewable energy industry, EY noted. The country is currently identifying zones for auction as it is looking to build at least 2 GW of offshore wind by the end of the decade.

Greece’s last renewables tender in September awarded 538.4MW of capacity, of which 372 MW solar.

The current RECAI edition for the first time includes a ranking that is normalised with the gross domestic product (GDP). Greece was one of the markets performing above expectations for their GDP.

In the attractiveness index for corporate power purchase agreements (PPAs) in 2022, Greece fell to the 27th position from the 24th slot in the previous year.

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