In Greece's plight to pull itself out of debt after its economy plummeted into recession five years ago, the nation sets its sights on solar power.
Greece plans on selling or leasing state land to investors to install solar panels and increase Greek solar power production 50 times over its current 206 megawatts of installations to 2.2 gigawatts by 2020 and roughly 10 gigawatts by 2050.
The solar energy venture, “Project Helios”, is primarily targeting central European countries, Germany in particular. Although we're now hearing that Germany's interest in Greece solar is waning. Although future projects aren't completely off the table.
Other obstacles facing Greece's Project Helios and its lofty solar power ambitions are (1) the guaranteed prices it pays solar power producers, which is currently twice that of Germany and (2) it calls for over EUR20 billion from foreign investors to finance the project.
While German officials support the idea of Greece capitalizing on its 300 days of sunshine and exporting solar power to other EU countries, they are not yet willing to commit to any financial investment in the venture.