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Newsletter April 2012

SUCCESS STORY

Installation of 477 "Green" Megawatts

Interest for investments in renewable energy projects in Greece remains robust.

Despite economic headwinds, international interest for investments in renewable energy projects in Greece remains robust, reflecting Greece’s unrivaled potential in renewable power generation.

According to figures released by the Greek Ministry of Environment, Energy and Climate Change (YPEKA), the total installed capacity of renewables in Greece increased by 477 MW in the first three quarters of 2011. The figures reflect a sharp rise from 2010 data and an acceleration of activity from the 192MW (9.5%) increase registered in June 2011. In the first nine months of 2011, the total installed capacity of renewable energy sources (RES) throughout Greece increased by 28%, reaching a total of 2213.75 MW.

Wind energy remains Greece’s dominant form of RES. Wind farms in Greece currently generate 1.5 GW, followed by photovoltaic with 460.4 MW, small hydro with 206MW and biomass with 44.5 MW. The other forms of renewable energy (geothermal, hybrid) are slated to play important roles in Greece’s future energy mix but have yet to come into operation.

At the licensing level, the number of purchase contracts (2668,6 MW) posted an impressive 68% jump from June 2011 figures while the overall capacity of installation licenses (1900,36 MW) edged up by 0.26 MW.

Encouragingly, strong growth in renewable generation suggests that Greece will safely achieve, and in many cases exceed its RES targets for 2014 and 2020. In particular, the surge in photovoltaic purchase contracts, now totaling approximately 2 GW, indicates a forthcoming boom in Greece’s solar industry. This bodes extremely well for Greece’s green development strategy, and the country’s overall economic recovery.