ContourGlobal said it has acquired producing solar farms with a combined capacity of about 37 megawatts (MW) and an under-development battery energy storage portfolio of 500 MW/2,000 MW hours in Greece, marking the London-based green power developer’s entry into the country.
“Although Greece is a relatively small power market in Europe with 24 GW [gigawatts] of installed capacity, it is the second-largest in the Balkan region and is experiencing rapid growth in renewables”, ContourGlobal said in a press release. “While historically dominated by lignite and gas, the country is accelerating renewable development, with solar and wind capacity projected to reach around 60 GW by 2060.
“At the end of the current decade, nearly 70 percent of installed capacity and electricity generation are expected to come from renewable sources, increasing the need for flexible, grid-scale storage. Moreover, the country is projected to become a net exporter of electricity from 2026”.
The solar purchase from QuestEnergy of Greece’s Quest Holdings comprised 26 plants commissioned between 2011 and 2022 across the Mediterranean country, ContourGlobal said.
“[T]he assets are fully contracted under FiT (Feed-in Tariff) and FiP (Feed-in Premium) supporting schemes, providing both predictable and premium revenues”, it said. “The portfolio’s expected yearly generation is of approximately 51 GWh, enough electricity to power up to 15,000 Greek households per year”.
“The acquisition of the Quest portfolio was one of the first transactions to be filed and approved unconditionally under the new Foreign Direct Investment (FDI) directive in Greece”, ContourGlobal added. “The FDI approval process places strong emphasis on the review of acquisitions of critical assets in energy and infrastructure through foreign investors”.
Additionally ContourGlobal acquired battery energy storage system (BESS) projects across the country through transactions with Greece’s Zephiros and Spain’s Fotowatio Renewable Ventures.
“The first project, Taxiarches, is a 100 MW/400 MWh ready-to-build facility located in Thessaly, with construction scheduled to begin in the first quarter of 2026 and commercial operation expected by early 2027”, ContourGlobal said. “This project will be built in the Municipality of Farkadona, Regional Unit of Trikala and is set to become one of the first operational merchant BESS facilities in Greece, providing four hours of storage capacity to support renewables integration and grid flexibility.
“The second transaction includes up to 400 MW/1,600 MWh of additional BESS capacity across six projects. All projects have secured environmental approvals, key permits and have applied for grid connection. They are fully eligible under Greece’s Priority Regime for BESS Projects, launched in March 2025 to fast-track up to 4.7 GW of standalone battery storage”.
ContourGlobal added it continues to assess more development opportunities in Greece.
“These transactions strengthen ContourGlobal’s European platform for further growth in renewables and battery storage, building on its established presence in Italy, Spain and Austria, in addition to reinforcing its footprint in southeastern region with Bulgaria and now Greece”, it said.
Chief executive Antonio Cammisecra said, “While continuing our simplification and rationalization effort, entering the Greek market is a further step in ContourGlobal’s ambition to become a leading independent power producer in renewables and energy storage”.
To contact the author, email jov.onsat@rigzone.com
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