Hive began its journey in Greek solar development in 2021 with the appointment of Country Manager, Costas Caralis. In the country we already have a strong pipeline of solar projects, and we are in the process of expanding to the green hydrogen market too. To improve our standing and portfolio in the country, we are also teaming up with our group company, Ethical Power, on solar development, allowing us to expand our pipeline to more than 500 MW in Greece.
Development in Hive’s Greek project portfolio
The first half of 2022 has been very successful for Hive in Greece. On the development side, Hive Greece has obtained an additional 67 MW of grid connection terms, bringing our total to 267 MW of solar projects with secured grid connection. For Greek solar projects, securing the grid is the most critical step in the licensing process due to grid congestion in the market. So, it is fantastic news that we have been able to secure the grid across multiple projects!
The projects are moving quickly and are currently at the installation license phase, with the aim to initiate construction within Q4 2022. Moreover, in recent months Hive has acquired 20 MWs of projects at RTB (ready to build) status and construction planning has started with our group company, Ethical Power.
With 287 MW of solar projects having secured connection terms, Hive is now considered one of the top five renewable players in the Greek solar market. Due to our mature projects, alongside another 200 MW of PV projects having already applied for connection, Hive’s Greek projects portfolio is further strengthened.
The future of clean power in Greece
Greece is planning to shut down completely its lignite power station by 31/12/2028 – the initial plan was due to close the station before 2024, but this has now been extended. To aid the country’s transfer to clean power, Greece has set a target to introduce an additional 10 GW of renewable energy sources before 2030. However, the target has been exceeded. 7 GW has already secured connection terms, while another 20 GW is pending connection terms. To include this additional potential, the Independent Power Transmission Operator must proceed on significant grid upgrade until 2030 while storage projects will play a significant role to this transition.
To learn more about our Greek portfolio and plans for the country, contact our country manager using the button below.