Greece secures aid from Germany, EU to boost renewable portfolio

The federal government in Greece has a signed joint declaration of intent with Germany and the European Union (EU) in order to improve Greek renewable energy portfolio.

Germany and the EU are expected to guide the country with their expertise in the sector besides leveraging the falling prices in technology.

In addition, Germany and the EU have outlined an investment of €1m for first phase of project, of which Germany has allotted €250,000 funds, while remaining will be made available by EU.

Commenting on the venture, German Federal Environment Minister Jürgen Becker noted the benefits of renewable energy expansion in Greece.

"Over the years Germany has gained valuable experience in promoting renewable energy. "

"In the last two years we have more than halved support costs for photovoltaics to the current level of between €0.11 and €0.16 per kilowatt hour," added Becker.

For the project planned for the next three years, EU has gathered a task force for the country, which asserted that the expansion of renewable energy portfolio would boost the growth in Greece.

"If we work together to improve conditions in Greece, the country can soon become a model of renewable electricity generation which can practically compete with conventional sources. Energy policy in the whole of Europe will benefit from this," elaborated the task force.

"In Greece the production costs of solar power per kilowatt-hour are currently still clearly higher than here, despite considerably stronger sunlight," the German minister remarked talking about the challenges they face in the country.

Becker, however, added: "For the Greek islands especially, renewable energy can be a real alternative to expensive diesel generators."