The Greek renewable energy sources (RES) market is becoming an appealing choice for investments, as indicated by the biannual EY Renewable Energy Country Attractiveness Index (RECAI), a report that assesses the investment and deployment opportunities in 40 of the world’s top markets.

According to its latest index, Greece ranked 2nd overall, gaining one spot from two years ago, in the RECAI index adjusted for performance to GDP ratio.

Greece also jumped a couple of places from 18th to 16th on the general index from six months ago.

The report notes that the capacity of installed renewable energy power in Greece has doubled over the past four years, with green energy now representing 50% of electricity production. It also adds that high energy prices and state support are driving the creation of local energy production communities.

Furthermore, it highlights the improvement in Greece’s ranking concerning Power Purchase Agreements (PPAs), with the country climbing from 26th to 21st place in the relevant index.

It is noted that although the number of such agreements in Greece remains relatively small, the emerging market for corporate PPAs shows signs of growth. This market is dominated by solar energy projects that fully exploit the sunshine, with less participation from onshore wind energy.

As in many other sectors, large industrial groups and IT conglomerates dominate the list of buyers in the Greek renewable energy sources (RES) market. However, the report points out that it is interesting to note that PPAs were also signed by organizations from the broader public sector.