Investment on Energy Confirmed

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.

The investor's request for modification of the included in Strategic Investments Procedures of Law No. 3894/10, as applicable, investment project:  "Development of Photovoltaic Plants with total capacity 126,82 MW” has been approved by the Interministerial Committee for Strategic Investments (Official Government Gazette 1787, Issue B, June 6th 2012).

The project involves the development of Photovoltaic Plants for the production of electricity with a total capacity of 126,82 MW. Silcio Photovoltaic Parks S.A., a Greek Societé Anonyme of the Copelouzos Group, is the owner of the project.

This investment will contribute to achieving the objectives of the Greek State for increased penetration of RES in Greece’s energy balance. In addition, it will help meet the needs of the end consumer by reducing the production deficit of the Greek electricity market and eliminating imports equal to the capacity of the project. More specifically, the materialisation of the project will contribute to meeting electricity consumption needs equal to 171.000 MWh, will prevent the emission of 180,000 tons CO2 per year, will replace the electricity that would be produced from 258,000 barrels of oil per year and will maintain the benefits offered by 25,360 acres of forest, or 12,682,000 trees.

At the same time, there will be a positive impact on the national economy due to the proportional reduction in fossil fuel consumption; the creation of employment, both during the construction phase and during the operational phase of P/V Parks; and due to tax revenues collected by the operation of P/V parks. The benefits of the project also include the support of domestic industry for the production of photovoltaic equipment, since the photovoltaic panels will be manufactured and supplied by an industrial company of the Group based in Greece.