Greece
Joint venture with Motor Oil Hellas to develop two CSP plants on Crete and Rhodes, each approximately 50MW in size
Why Greece?
Nur Energie is mainly focused on Concentrating Solar Power (CSP) in Greece due to the high solar radiation levels and attractive feed-in-tariff regime. In particular, Nur Energie established in 2009 a subsidiary, NUR-MOH HELIOTHERMAL S.A. ("NUR-MOH"), which is jointly held with Motor Oil Hellas. Motor Oil Hellas is a leader in the petroleum refining business providing the region that it serves with a reliable and affordable supply of energy. MOH is listed in the Athens Stock Exchange and plays a prominent role in Greek economy. NUR-MOH works with Brightsource Energy, the leading CSP technology provider globally, to establish some of the largest and most advanced tower systems in Europe.
Our development strategy is focused on risk mitigation through careful site selection. The selection is based on various aspects such as the highest possible levels of direct solar radiation in Europe, i.e. over 2.000KWh/sq.m. annually; the land profile; grid integration constraints; full environmental compliance and widespread local stakeholder acceptance.
Current projects include two CSP plants on Crete and Rhodes, each approximately 50MW in size. Applications for Generation License have been submitted for both projects to the Regulatory Authority for Energy. Feed-in tariffs for large solar thermal projects on islands is currently set at 257 euros/MWh, while it is expected to rise with the new renewables law under way to 284,84 euros/MWh. The power purchase agreement stipulates an annual inflation-based adjustment for its entire length of 25 years.
The CSP technology for these large islands is ideal given the electricity demand profile, which mirrors both on a daily and a seasonal basis the curve of the solar.