Greece’s 680 MW Pumped Storage Project Seeks Investors

Developer Terna Energy claims the Amphilochia pumped hydroelectric energy storage project has entered the final stretch. If built, the large scale facility can boost Greece’s independence from fossil fuels and the government’s strategy for a coal-free electricity system by 2025.

With a total installed capacity of 680 MW (production) and 730 MW (pumping), Athens-headquartered Terna Energy says the Amphilochia pumped storage project will be Greece’s largest grid connected energy storage investment.

The project is set to be built in Aetolia-Acarnania, in northwestern Greece, and will include two upper water reservoirs, Agios Georgios and Pyrgos, with volumes of approximately five and two million cubic metres, respectively. Lake Kastraki, which is controlled by state-owned utility the Public Power Corporation, will serve as a lower reservoir.

“The investment exceeds €500 million and yields 816.00 GWh annually,” said a Terna Energy press release.  

Completed technical studies

The developer said the pumped-hydro scheme was declared a project of common interest by the EU in 2013 and thus received support from the bloc's Connecting Europe Facility for its feasibility studies. As such, said Terna in its press release, the project has obtained “definite approval of environmental terms.”

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