Criticism mounts against the HELIOS project for the generation of 10 GW or solar power. According to a report published by the Institute of Energy for South-East Europe in February 2012,
“Project Helios”, which is heavily promoted by the Greek government and where the involvement of the state in such business is a prerequisite, is based on some overestimated and oversimplified assumptions, deviating from the logic of market forces and the rules of the electricity market in general. The Greek Ministry of Environment, Energy and Climate Change (YPEKA), dreaming to partake in big PV business has set an ambitious target in order to earn money by imitating the practices of PV investors. But the investors are motivated and activated in the local market within the legal framework which has been created by the Ministry.
However, this local business model in PV applications is not applicable for export purposes. The participation of the Greek state by 30% in the project without a cash contribution and the setting of the selling price of the solar PV power generation at 0.22€/kWh, according to the feed-in tariff in Germany (2011) are far from reality. On the basis of the parameters adopted by the Greek government the project is simply not bankable. There are no prospects for the realization of “Project Helios” as it has been announced and consequently, the objectives for any sizeable contribution towards minimizing the Greek debt cannot be achieved. However, a new Helios project based on technological developments and market forces can be developed with a positive long-term impact to the economy and mutual social and economic benefits for the producers and the consumers.”