Strategic Investment in Energy Sector Approved


The investor’s request for the inclusion of its investment proposal in the Strategic Investments Procedures of Law No. 3894/10 has been approved by the Interministerial Committee for Strategic Investments (Official Government Gazette 2459, Issue B, November 3rd 2011), and the investment has been included in the Fast Track procedure.

Electric energy production through the development of thirty-nine (39) photovoltaic (P/V) parks with total power output of 131,074 MW, owned by Spes Solaris – Solar Concept S.A.

The project regards the construction of 39 photovoltaic parks with total power output of 131,074 MW and budget of 301,470 million Euros, in Thessalia, Peloponnese, Central (Sterea) and Western Greece. Owner of this project is SOLARIS - SOLAR CONCEPT S.A., a Greek Societé Anonyme owned by Mr. Dimitris Panagakos.

The implementation of this investment will contribute to the reduction of carbon dioxide emissions (CO2) by 200,000 tons and as a consequence to the protection of the environment. At the same time, it will contribute to the further penetration of RES to the Greek energy balance, which will have a positive effect on the national economy due to the analogous reduction in the consumption of fossil fuels. Photovoltaic frames produced in Greece will be used in the parks and will be produced by the three productive units of the Panagakos Group. In this way, high domestic value added is achieved, 360 jobs are ensured and, in addition, 210 new jobs are created. Since the investment will be implemented in four regions, regional development and local economies will be reinforced significantly through construction services, operation and maintenance of the photovoltaic stations. Furthermore, the Greek public sector will benefit by 100 million Euros that will derive from tax revenues of the investment over a period of twenty years.