Major foreign investors leaving Greece’s renewable energy market

​​​​​​​By Ahmet Gencturk

ATHENS (AA) - Several foreign investors are exiting Greece’s renewable energy market, a media report said Thursday.

Companies are leaving as a result of energy cuts and new conditions that undermine the prospect of high returns, according to the Kathimerini newspaper.

“This is also changing the landscape for projects that are completely exposed to new uncertainties,” it said.

German ABO Energy, which was in the market since 2017 and had ambitious plans to reach 1.5 GW in renewable capacity, sold its subsidiary in Greece to a local energy company.

Additionally, Portuguese energy giant EDPR and France’s Total Energy put their Greek portfolios up for sale, as did Italian ENEL.

The newspaper said there are rumors that more foreign companies could follow.

The president of the Hellenic Wind Energy Association (ELETAEN), Panagiotis Ladakakos, drew attention to factors that have frustrated foreign investors.

“Greece is not an easy market. It is a difficult and bureaucratic country, with many institutional and unpredictable upheavals,” he said.