Ocean Sun, a Norwegian specialist in FPV projects, has inked a joint venture to exploit the untapped floating photovoltaic (FPV) potential of two southernmost countries in the EU. “Thanks to good solar irradiation and water resources in Greece and Cyprus, as well as a commitment from authorities to push the renewable energy transition, make them attractive destinations for utility-scale FPV projects”, said Yiannis Alafouzos, Chairman of MP Quantum Group.
MP Quantum Group is a FPV developer in Greece and the Republic of Cyprus and one of the investors in this agreement. MP Quantum Group is a branch of Alafouzos’s family business. Alafouzos family has become one of the major players who are keeping track of energy transition in that region.
Greece is involved in many non-integrated islands which supply their electricity demand from CO2 emitting power generation such as lignite. On the other side, Greece’s National Energy and Climate Plan (NECP) has set out ambitious renewable energy targets highlighting plans for 35% of the energy to be derived from renewable energy sources by 2030 and to phase out lignite-based energy production by 2028. In 2017, Greece had a population of around 11 million people and CO2 emissions were 63.2 Mt at that time, which means 5.88 T CO2 emission per capita.
In another agreement between three Mediterranean countries, Greece and the Republic of Cyprus are home to several FPV projects that transmit the generated electricity to Israel. This electricity is transmitted via a huge underwater HVDC cable with a length close to 1500 kilometers. When completed by 2024, it would be the second-longest underwater DC cable after the “Mike Cannon-Brookes” -backed Sun Cable project.
It is important to note that there is a huge untapped potential of hydropower reservoirs in Greece, which has made utility-scale FPV projects a feasible and suitable option to get Greece greener in its electricity mix.