Solar to help in Greece’s debt crisis
Greece’s debt crisis could be on the road to repair following the announcement that the country will use future revenue from their Helios solar energy project to lower their debt. It is estimated that they could cut their debt by up to 15 billion Euros. Helios is a project that plans to not only attract investors to their country but install up to 10 gigawatts of panels by 2050.
European leaders, speaking in a joint statement said,
“Greece commits future cash flows from Helios, or other privatization revenue in excess of those already included in the adjustment programme, to future reduce indebtedness of the Hellenic Republic by up to 15 billion euros with the aim of restoring the lending capacity of the European Financial Stability fund.”
George Papaconstantinou – Climate Change Minister, referring to a theoretical 25 year period added,
“We’re talking about a project with potential revenue of 80 billion Euros”
This project will allow both the country to export clean energy and meet the European Union’s renewable energy source standards.
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