Ocean Sun has signed an agreement with MP Quantum Group to develop utility scale floating solar projects in Greece and Cyprus.

The parties intend to develop floating solar based on Ocean Sun’s proprietary technology, both on inland reservoirs and for ocean applications.

The first phase of the collaboration is a pilot project, for which permits will be acquired this year. MP Quantum Group is actively confirming permits for larger projects.

Yiannis Alafouzos, chairman of MP Quantum Group, said floating solar “is an excellent fit for the energy markets in Greece and Cyprus, with good irradiation, water resources and a commitment from authorities to push for the renewable energy transition”.

“Ocean Sun has a world leading solution for floating solar with its low capex and high- power output. In addition, the seaworthiness of the system enables deployment along our widespread shores and island communities.”

Ocean Sun founder and chief executive Børge Bjørneklett said: “MP has a strong team and a good plan to realize utility scale floating solar in the region.”

Greece and Cyprus are seen to be sound investment sites for solar projects. The region has excellent solar irradiance and Greece’s National Energy and Climate Plan has established ambitious renewable energy targets highlighting plans for 35% of the energy to be derived from renewable energy sources by 2030.

According to HELAPCO, a non-profit organisation representing the major Greek PV companies, an average of 400-500MW of PV capacity will be installed per year until 2030. With long coast lines, islands and inland water reservoirs, this provides an excellent fit with floating solar.