Greece offers many opportunities for investments in the sector of renewable energy sources, but the majority of these investments are relevant to installation of photovoltaic (PV) systems. In the past, there was a reduction in feed-in tariffs (FIT) which lead to a reduction in investments in new photovoltaic projects. Entrepreneurs are now more interested in investing in PVs that are already connected to the main electricity grid. Investments in this form of PV installations are very popular in Greece due to 2 main reasons: these installations offer higher tariffs comparing to other European countries, and Greece is country with prolonged sunshine. Nevertheless, investing in a new PV project (planning, designing, installation) is still an appealing idea. More specifically, large projects (more than 5MW) attract the investors’ interest.
According to data of the Hellenic Association of Photovoltaic Companies during the year 2013, the electricity produced from PV systems accounted for 6.7% of the total amount of electricity consumed in Greece. This fact brought Greece to the second place worldwide, in terms of electricity production from PV systems. In 2013 and for the 3 previous years, Greece was among the first 10 positions in the global market, regarding new installations of solar systems. The installed capacity of new PV systems reached up to 1043 MW, in 2013. All these figures prove that the PV sector in Greece increases in steady rates. So far, there are 14417 owners of PV parks, and 41217 people who decided to install PV systems upon the roof of their homes and enjoy the advantages of this technology. There is a great potential for investments in the sector of roof-top installations:
In general terms, PV systems are a high-return investment in Greece, which is still preferred by the Greek investors. The advantages of this investment are:
Entrepreneurs, who want to invest in materialization of a large PV project, should check the possibility whether their business proposals are eligible to be included in the procedure of the law “Acceleration and Transparency of Implementation of Strategic Investments” (Law 3894/2010). This law aims to accelerate permitting procedures of large projects. The official promoting agency is the public organization “INVEST IN GREECE”. The attention of the Greek government now is to diminish bureaucracy and speed up the licensing procedures so that more large investments take place in Greece.
Another parameter that affects the general considerations about a PV project, is the price of property where the PV system will be installed. During the last years, the property prices have fallen by 40%. In some other cases, the reduction was even bigger and it reached the percentage 70%. The prices to rent a property have also fallen. If the entrepreneur wishes so, he can rent a property to install his PV park, instead of buying it.
The amendments in legislation created a business friendly environment. Now, entrepreneurs can establish their own businesses within couple of days, through the One-Stop-Shop process.
KPAG and its high-expertise staff can help you with all the procedural steps that are required to establish your company in Greece. KPAG provides you with advice on legal and tax issues and with issues that regard communication with the local authorities. We have long experience and extensive know-how in professional and strategic management, therefore we are capable of supporting the whole project from the first step (setting up a business in Greece) to the final step (full operation of the business).