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Greece Unblocks $2.7 Billion Renewable Energy Projects
Greece unblocked renewable energy projects worth 2.1 billion euros ($2.7 billion) as the cash-strapped country struggles to attract new investments to boost its ailing economy, the energy regulator said on Monday.
The Mediterranean country has offered subsidies to renewable energy firms, but red tape and skewed incentives have led to a huge applications backlog of 40,000 megawatts, rather than to the construction of new units.
Greece's Regulatory Authority for Energy (RAE) said it approved last week several green energy schemes across the country, with a total capacity of 840 megawatts, and pledged to speed up procedures for the licensing of other projects.