Greece Solar Energy Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Greece Solar Energy Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The Greek solar energy market is expected to register a CAGR of more than 8% during the forecast period, 2020-2025. The government's efforts to reduce greenhouse gas emissions and to decrease the reliance on fossil fuel-based power generation are expected to drive the Greece solar energy market. However, increasing the usage of wind energy to provide renewable electricity in the country is expected to restrain the Greek solar energy market.

Key Highlights

• The solar photovoltaic (PV) due to its less cost of installation than CSP held a significant market share in 2018 and is likely to dominate the market during the forecast period.
• In 2019 Greek government announced to raise its renewable energy generation and laid down a plan to phase out from coal energy by 2028. The government announced to increase the installation of wind, solar, and other renewables. This is expected to create several opportunities for the Greek solar energy market, in the future.
• Upcoming and ongoing projects of solar energy to achieve country's renewable energy target is expected to drive the Greek solar energy market, during the forecast period.

Key Market TrendsSolar Photovoltaic (PV) Expected to Dominate the Market

• In 2018, approximately 29% of the total renewable energy generation was from solar photovoltaic (PV), producing 3792 Gigawatt-Hour (GWh) of electricity. Solar photovoltaic (PV) is cheaper and can be installed on rooftops in comparison with CSP technology. This makes solar photovoltaic (PV) source the dominating segment in Greece solar energy market.
• In 2018, Juwi Greek developed the Karditsa solar plant in central Greece for ATEN Energy SA, a company of Hellenic Petroleum Renewable Energy Sources S.A. Chinese significant Jinko Solar provided the solar panels in the project. The project has a total installed capacity of 9 megawatts (MW) and is expected to reduce carbon dioxide 8800 tons per year.
• In February 2020, Greece announced to install 3 megawatts (MW) of solar photovoltaic (PV) projects near mining sites. These projects are the efforts by the government to phase out from the usage of coal. The projects are funded by Greek national electric utility Public Power Corp (PPC) and are expected to be installed at two different sites.
• In 2018, Mecasolar won a contract of providing Entec Construction Contractors (Entec Group) with solar photovoltaic systems and horizontal solar trackers. The total installed capacity at two sites is 1 megawatt (MW).
• Therefore, owing to the above points, the solar photovoltaic (PV) segment is likely to dominate the market during the forecast period.

Upcoming and Ongoing Projects Expected to Drive the Market

• In 2018, approximately 30% of the energy generated in the country was from renewable energy sources. The government of Greece has planned to increase its renewable energy generation to 35% by 2030. In 2018 the electricity generation from renewable energy was 13791 gigawatt-hours (GWh). Greece's government has a long term plan to add 5 gigawatts (GW) of new solar energy installation in the country by 2030.
• In 2018 the solar energy plant installed capacity was 2763 megawatt (MW), which was higher than the installation capacity of 2017, 2652 megawatts (MW).
• In 2019, a joint venture of CGGC International Ltd and Supcon Solar both china majors won an engineering, procurement, and construction (EPC) for 50 megawatts (MW) Minos Concentrated Solar Power (CSP) Park in Crete, Greece. Nur-Moh Heliothermal, a joint venture of Nur Energie and Motor Oil Hellas, oversees the project development. Currently Greece has no concentrated solar technology (CSP) installation in the country. This project is expected to be the milestone for the future plans of CSP in the country.
• In February 2020, Juwi Greek and Hellenic Petroleum Group signed the purchase agreement of Kozani Solar Park, a 204 megawatts (MW) project, and is expected to complete by 2021. After its completion, it is expected to be the largest solar project in Greece. It is expected to generate 300 gigawatt-hour (GWh) of electricity in a year.
• Hence, owing to the above points, upcoming and ongoing projects are expected to drive the Greece solar energy market during the forecast period.

Competitive Landscape

The Greece solar energy market is moderately consolidated. Some of the key players in this market include JinkoSolar Holding Co., Ltd, juwi Holding AG, Meca Solar (Mecanizados Solares, S.L.), ENTEC S.p.A, and Hellenic Petroleum Renewables (Hellenic Petroleum S.A.).

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