Investment in Energy Sector


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 1787, Issue B, June 6th 2012), and the investment has been included in the Fast Track procedure.

The project involves the construction of 12 photovoltaic power parks, in Thessaly, Central (Sterea), and Western Greece, with a total capacity of 166.142 MW, and is budgeted at 332.284 million Euros. The owner of the project is SPES SOLARIS - SOLAR CONCEPT SA, a Greek Societé Anonyme owned by Mr. Dimitrios Panagakos.
The implementation of the proposed investment project will prevent 253.000 tons of CO2 emission annually, and will have a positive impact on the national economy due to the proportional reduction in fossil fuel consumption. In this way, the operation and the sustainability of the production units of the Panagakos Group in the Industrial Area of Patras and Thebes are ensured. These units that produce photovoltaic modules currently employ 360 persons, whose jobs are ensured as well. At the same time a significant increase in employment is expected by creating 126 new jobs for the operation and the maintenance of the parks. The implementation of the investment in three regions will enhance regional development and the national and local economies through the provision of services related to construction, operation and maintenance of the photovoltaic stations. Moreover, the Greek state will benefit by 137 million Euros through tax revenues from the investment over a period of two decades.