SOLEK Holding’s SPV Amber Energy plans to expand activities in Cyprus

SPV AMBER ENERGY, part of Czech entrepreneur Zdeněk Sobotka's SOLEK Holding group, has listed expanding its activities in Cyprus as among its future plans.

With offices in Nicosia, SOLEK Holding specialises in renewable and sustainable energy and develops, builds, operates, owns and maintains numerous power plants throughout Europe and Latin America.

The news was revealed after the company emerged as one of the winners of the auction to supply of utility scale battery energy storage facilities in Greece.

"The 18 MW battery energy storage project not only strengthens our renewable energy portfolio, but also our ability to successfully compete on the international energy market. We look to replicate this success in other countries in the future. In Europe, we are targeting Cyprus, Romania and the Czech Republic, for example," said Zdeněk Sobotka, owner and founder of SOLEK Holding.

According to a recent press release, in this second national auction, organised by Regulatory Authority for Energy (RAE) of Greece, SOLEK secured an 18MW/36MWh project.

“This significant success will enable SOLEK to expand its presence in the renewable energy sector and offer innovative energy storage solutions in Greece,” the announcement noted.

This is SOLEK's first energy project awarded in an auction in Greece. It places the company among the major energy players contributing to the development of sustainable energy in Europe and around the world.

Greece, with support from the EU's Modernisation Fund, is auctioning 1GW of battery with the aim of assuring stability and flexibility in the energy grid, and creating the conditions for the transition to renewable energy sources. This was the country's second major auction, organised by Regulatory Authority for Energy (RAE) of Greece, and this time 11 projects from 7 bidders were successful. The total allocated capacity was 300 MW. One of the deciding criteria was the price offered per megawatt of capacity per year, with an average bid price of €47,680, the company's announcement noted.

It also said that, in 2022, the EU approved the Greek government's plan to spend €341 million on 900 MW of energy storage capacity. On 20 May 2023, the Greek Government issued the Ministerial Decision regarding the energy storage support scheme, for a total capacity of 1,000 megawatts split in three separate auctions of 400, 300 and 300 MW, respectively. State support takes the form of investment subsidies for projects during construction, followed by annual support during the first 10 years of operation. In the case of this second auction, the investment (capital expenditure) support stood at €100,000 per megawatt, half the amount of the previous auction.

By increasing its available electricity storage capacity, Greece will be ready for a future in which renewables form the backbone of the energy mix. "Greece is becoming one of the leaders in the fight against climate change thanks to its efforts to decarbonise its energy sector, by taking advantages of its strategic position and huge renewable potential in solar and wind," added Gregoris Marinakis Regional Manager Greece and Cyprus at SOLEK.

SOLEK Holding is a leading energy company engaged in the design, construction and operation of solar power plants in Europe and Latin America. In particular, it operates in Chile, where it manages nearly 40 photovoltaic power plants with a total capacity of over 250 MW. The Group is now focusing on new and promising areas such as the development of floating PV plants, agrovoltaics and battery energy storage. The SOLEK Group as a whole had 274 MW connected at the end of 2023, and currently has 212 MW of solar power plants under construction, the press release concluded.