The Greek government has successfully received 7.69 billion yuan in funding support from the European Commission, which will be used to promote the implementation of two solar photovoltaic projects with a total capacity of 813 megawatts.

The Faethon project will include two independent units, each with a capacity of 252 megawatts. In order to optimize power supply and storage, the project will introduce advanced molten salt heat storage devices to ensure that solar energy can be fully utilized for power supply during the day, while storing excess electricity. In addition, the project will also build an ultra-high voltage substation to enhance the efficiency and stability of electricity transmission. Through this approach, the Faethon project aims to provide sufficient electricity support during peak electricity usage periods. At the same time, the Seli project has also attracted attention, with an installed capacity of 309 megawatts. The project will adopt a lithium-ion battery energy storage system, which can efficiently store and release electricity, providing more flexible and reliable power support for the power grid. Both of these important projects are expected to be completed by mid-2023.

The government's funding will take the form of a two-way contract. Under a two-way price difference contract, power operators sell electricity to the market and pay or collect the difference between the market price and the pre agreed execution price with public entities. When the market price is lower than the execution price, the company has the right to receive payment. The government funding is approved in accordance with the fair competition rules of the 27 member states of the European Union and will be paid annually for a period of 20 years.

Margrethe Vestager, Vice President of the European Commission responsible for competition policy implementation, clearly stated in a statement that these measures are of great significance for the EU and Greece to achieve decarbonization and climate neutrality goals. They not only help reduce Greece's dependence on imported fossil fuels and promote the transformation of its energy structure, but are also closely linked to the EU's solar strategy and REPowerEU plan, jointly helping to achieve a more sustainable and environmentally friendly energy future. (This article is from the official website of Jiandao: www.seetao. com. Reproduction without permission is not allowed, otherwise it will be punished. Please indicate Jiandao's website and the original link when reprinting.) Jiandao's mechanical column editor/Zhou Yingwen