Czech Republic’s Renewed Push for Renewable Energy: A Promising Future for Investors

The Czech Republic, long considered an isolated island within the European Union concerning renewable energy sources, is now on a mission to catch up with the rest of Europe. In a recent interview, Aleš Spáčil, co-owner of Greenbuddies, a company specializing in planning and constructing large photovoltaic power plants for businesses, shed light on the country’s evolving renewable energy landscape. After making its mark primarily abroad, Greenbuddies has returned to the domestic market, driven by what Spáčil refers to as a home-grown “solar boom.”

Spáčil firmly rejects the notion that the Czech Republic’s climate is a hindrance to its renewable energy progress. He points out the striking disparity in photovoltaic output between the Czech Republic and countries like the Netherlands, which boasts around 1,100 watts of installed photovoltaic output per inhabitant compared to the Czech Republic’s mere 230 watts. Even northern Sweden outpaces the Czech Republic with 2.6 gigawatts of installed capacity.

The heart of the issue, according to Spáčil, lies in the fact that photovoltaics were only “rediscovered” in the Czech Republic in 2021. Until then, the country’s energy policy seemed incomprehensible to its European Union counterparts, including countries like Poland and Hungary. To bridge the gap and advance, the Czech Republic must continue simplifying its legislation and ensure the effective implementation of ambitious renewable energy initiatives at the local government level.

Despite the challenges, Spáčil remains optimistic about the future of renewable energy in the Czech Republic. He emphasizes that the current situation is fundamentally favorable for investors, provided that key conditions are met. According to him, the sector’s development hinges on securing private investment capital for construction. This, in turn, can only be realized if the invested capital yields a minimum profit that satisfies the investor’s expectations.

As the Czech Republic embarks on its journey to strengthen its renewable energy sector, it is attracting the attention of domestic and international investors seeking promising opportunities. The nation’s renewed commitment to renewable energy, along with the potential for attractive returns on investments, paints a bright future for the industry and heralds a new era of sustainable energy in the heart of Europe.

Article by Prague Forum

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