-|| RES auction prices (PV & Wind investments) in Greece on May 24, 2021_|_Key Results and Brief Analysis ||-

New RES auctions held in Greece on May 24, 2021 for RES (PV and Wind) Projects.

Greece held its latest round of RES (PV projects up to 20 MW and Wind Projects up to 50 MW) auctions on May 24, 2021. Particularly, a capacity of 350 MW of PV investments was allocated (upon successful bids) while Wind investments failed to win any capacity.

A total of 126 participants (RES projects totaling 1,090 MW) submitted 2,188 bids. The energy/electricity prices (tariffs) ranged from €0.03297/kWh to €0.0512/kWh, while the weighted average was €0.0376/kWh.

The high level of competition and the simplification of the licensing process were the main factors for the record low auction RES prices.

It is mentioned that the tender’s lowest tariff was awarded to a 19.3 MW PV project, which is set to be developed by the Greek company Egnatia Group SA. Overall, the said company which is part of Mytilineos Group, won around 130 MW of the awarded capacity. Moreover, Ecosolar won another 90 MW worth of PV capacity.

The aforementioned results of the Greek RES auction on May 24, 2021 are in line with results seen in tenders in other countries in Europe and globally, where PV projects also swept the board.

The detailed official results of the aforementioned RES auction (Decision Nr. 461/2021 of the Regulatory Authority for Energy/RAE available in GR) are included in the following link:

Official Results of the RES auctions in Greece as of May 24, 2021

It is worth mentioning that RES investors from PV and Wind sector are engaging in talks with electricity supply companies and industrial enterprises to establish in the future Power Purchase Agreements (PPAs) for their projects as they anticipate a reduction in capacities at forthcoming RES auctions and even lower energy prices (tariffs) than the low levels registered at the auction as of May 24, 2021.

Greece aims to auction a total capacity of further 2.1 GW of PV and Wind projects by 2024. 

-|| GREECE 2021: On the road to GReat GRevolutionary changes. “GR” for GRowth and “V” for V-shaped GRecovery and Victory ||-

[!] I wish you all from the bottom of my heart an extremely prosperous, healthy, blissful, progressive, dynamically productive, creative, bright and highly promising new year [!]

May the new year will be the onset of a new GRevolution of 2021 that punctuates the shift from the chapter of deep recession, uncertainty, corruption and crisis to another chapter of strong GRecovery, sustainable GRowth, optimism, solidarity and investment euphoria.

I strongly believe that an unrelenting, long but ultimately victorious fight for economic independence, financial stability, proGRess and upGRade is on its way.

The new year could lead to the GRebirth of a new society and a brighter era for Greece and the whole world.

|> 200 years since the outbreak of one of the most important, symbolic and emblematic revolution against slavery in human history i.e. the successful Greek War of Independence of 1821, a new GRevolution and a national reawakening are more urgent than ever.

The bicentenary of the Greek Revolution in 1821 against oppression should be a strong message for the future generations and a pattern for the GRevolution of 2021.

The repercussions of lockdown due to Covid-19 must not linger for years. The lift (asap within 2021) of the said lockdown will boost the economic activity and will facilitate the changes needed in the years ahead. It is worth mentioning that new GReat investment opportunities will arise in the post-coronavirus era not only from tourist sector but also from other several economic sectors of the highly-promising Greek market like Greek RES Market (large-scale Wind and PV strategic investments), Energy Sector, Maritime Sector, Research and new Technologies, Capital Market (via Athens Stock Exchange/ASE), Agricultural Sector, Construction Industry, Infrastructure and Logistics.

|> 2021 must be a year of action and preparation for revolutionary and radical changes in the decades ahead.

The Greek real economy and market comes face to face with the need for fundamental changes in the near future so as to be ensured a sustainable and long term growth. Greece must be among the countries that will get the competitive advantage of a fast recovery in the post-Covid-19 era.

National purpose should be the development of new direct Strategic Investments that will be the locomotive of a mighty GRecovery and an annual GDP GRowth rate of over +4% in the coming years after a steep decline of Greece’s GDP in 2020.

-| More and more investors will find a market that looks very promising especially in 2021: G R E E C E |-

-| GRinvesting in a brighter future |-

-|| GRevolution, GRadical Changes, GRestart, GReat Opportunities, GRinvestments, upGRade, GRecovery, GRowth, proGRess, GRebirth ||-

<[!]> “GR” for GRevolution 2021 and “V” for V-shaped GRecovery and Victory <[!]>

-|| GR for GRowth & V for a V-shaped GRecovery and Victory || GRevolution & GRebirth 2021: Invest in the future by investing in Greece of the post-COVID-19 era ||-

The world unprecedented recession in 2020 as a result of the global COVID-19 lockdown and the deep impact in Greece’s tourism-dependant economy could be an opportunity for a strong economic GRestart from 2021 onwards.

Due to the protracted postponement of reopening of companies and factories as well as the huge reduction in tourist arrivals the Greek GDP is going to shrink massively during 2020 especially in the summer taking into consideration that the Greek economy will lose at least half of tourism revenues due to coronavirus pandemic. A baseline scenario assumes lockdown measures will stay in effect until mid-May 2020 and be gradually lifted afterwards, including a resumption of tourism. However, after the lift of lockdown measures the tourist industry which produces a direct and indirect contribution of 25% to Greek GDP will be the locomotive of a mighty GRecovery and GDP GRowth rate of about +5% in 2021.

Moreover, it is worth mentioning that new GReat investment opportunities will arise in the post-coronavirus era not only from tourist sector but also from other several economic sectors of the highly-promising Greek market like Greek RES Market (Large-scale Wind and PV projects), Energy Sector, Maritime Sector, Research and new Technologies, Capital Market (via Athens Stock Exchange/ASE), Agricultural Sector, Construction Industry and Logistics.

The lift (asap) of the strict social distancing measures could trigger a V-shaped instead of a U-shaped GRecovery. The economic recovery will also gear up, thanks to the fiscal stimulus and the quick rebound of economic activity.

However, the deeper impact from COVID-19, the more incentives i.e. the more liquidity will be needed for a dynamic turnaround story.

Therefore, 2020 must be a year of action and preparation for revolutionary and radical changes that will lead to a new national GRebirth in 2021!

The countries that will succeed to lift the lockdown before the mid of May will have the ability to obtain a very significant competitive advantage in the new global economical, geopolitical and investment environment. Greece will be among the countries that will get the said competitive advantage. Moreover, the Greek population comes face to face with the need for fundamental changes in the near future so as to be ensured a sustainable and long term economic growth.

National purpose is a GDP Growth rate of over 5% in 2021 after a steep decline of Greece’s GDP in 2020.

-| More and more investors will find a market that looks very promising especially in 2021:  G R E E C E |-

<[!]> The new GRevolution of 2021 is on its way <[!]>

<[!]> GR for GRowth and V for a V-shaped GRecovery and Victory <[!]>