Tsaks Consulting Greece

Legal, Accounting and Company formation for expats in Greece.

Energy and Renewable Energy Investment Consultancy in Greece

The energy sector in Greece, particularly renewables, has seen significant foreign direct investment in recent years. This is on the back of developing bilateral and trilateral agreements with not only Western countries, but also Middle Eastern countries as well as Israel. Greece is well placed geographically to act as a conduit for Europe, the East and West with respect to energy.

In addition, as a direct result of Greece’s geographic nature, there is significant potential for a range of renewable energy types including wind, hydro, biomass, solar and solar thermal. Large-scale infrastructure projects also offer significant investment potential, including hydrocarbon exploration.

Here at Tsaks Consulting, we have experience in advising on projects associated with renewable energy in Greece, including the PV and solar sector, and have also advised a range of other energy and renewable companies on their operations in Greece, including navigating relevant regulation and licensing requirements. We provide business consultancy, market entry and project coordination services directly, while working with independent legal, engineering and other qualified professionals where specialist advice or regulatory approvals are required.

Characteristics of the Greek Energy System

The Greek energy system has undergone substantial change in recent years. Key trends include:

  • There has been a general decrease in the consumption of certain conventional fuels.

  • A decrease in, but still substantial dependency on, crude oil.

  • A substantial increase in renewable energy sources (RES) electricity production. This is supported by the increased consumer focus on RES and the adoption throughout Greece of renewable energy solutions on a small scale, including residential solar hot water systems.

The substantial expansion and growth of the Greek energy sector is largely driven by:

  • Regulation and focus by the EU on the adoption of renewable energy sources. This includes EU renewable energy and emissions reduction targets for 2030 and beyond.

  • The privatisation of substantial, large-scale government energy assets.

  • The adoption of energy efficiency technologies such as smart grids, LED lighting and energy-efficient building regulations and incentives.

  • The potential for Greece to become an energy ‘hub’, including leveraging projects such as the EuroAsia Interconnector, now known as the Great Sea Interconnector, and regional gas infrastructure projects such as TAP and IGB.

Benefits of Investing in the Greek Energy and Renewable (PV) Sector

  • Greece’s geographic location is key. There is significant scope for Greece to connect the East and West through pipeline, electricity interconnection and other energy infrastructure projects.

  • Greece’s climate lends itself to the development of solar (PV) projects. There are approximately 3,000 hours of sunlight a year in some parts of the country and substantial wind capacity across Greece.

  • A supportive and highly active government. The energy investment regulatory framework has undergone significant changes, and the government has a track record of delivering large-scale projects and introducing measures intended to streamline the review and approval of RES projects. However, licensing requirements and approval timeframes depend on the nature and location of each project.

How We Can Help You With Your Next Renewable Energy Project or Purchase in Greece

Our Tsaks Consulting team assists clients in navigating the administrative and commercial aspects of licensing requirements for renewable energy projects. We are able to assist our clients with:

  • Penetrating the Greek RES market, including product sales and distribution. We help solar, wind and other renewable energy manufacturers penetrate the Greek market through our network of contacts and our in-house marketing capability. This includes identifying potential distributors, business partners and market opportunities, as well as coordinating introductions and business development activities.

  • Purchasing and privatising state assets. We provide business consultancy and administrative support relating to the regulatory process for purchasing state assets. This includes identifying potential project opportunities as they arise, assisting with submissions to the government, coordinating with independent legal and regulatory professionals to address applicable obligations, and conducting discussions on behalf of our clients with potential joint venture partners.

  • Investing in new infrastructure projects (including wind and solar projects). This includes undertaking preliminary analysis of potential projects, coordinating feasibility studies, reviewing regulatory approval requirements and assessing the prospects of obtaining the necessary approvals with independent qualified professionals. We also coordinate key subject matter experts and consultants in order to ensure appropriate site identification processes.

  • Submitting for and participating in international public tenders for hydrocarbons. As a team, we do not have any direct experience in this specialist area. We work closely with another consultant based outside Greece to coordinate and write submissions for hydrocarbon tenders. Our role focuses on bid writing, proposal coordination and project management, with specialist technical and regulatory input provided by the relevant independent professionals.

  • Conducting feasibility studies and commencing renewable energy projects (with a specialisation in solar, but also wind and other renewable projects). Whether it is a wind farm or another project on an island or in Northern Greece, our team can assist with preliminary project research, business planning and coordinating the relevant consultants and subject matter experts. Where technical feasibility studies, environmental assessments, engineering reports or specialist regulatory advice are required, we work with appropriately qualified independent professionals.

Funding and Investment in the Greek Energy Sector

The increase in and adoption of renewable energy by the Greek consumer market has been a key driver in Greece’s efforts to achieve its CO2 emissions targets. The government has developed legal and financial conditions and regulations intended to attract investment in the sector.

The licensing procedures for energy production through renewable sources have undergone significant reforms intended to streamline the process, making it easier to pursue a range of projects including photovoltaic systems, wind farms, geothermal electricity, biomass and marine energy. Key features of the regulatory framework and government initiatives include:

  • The revision of the RES licensing framework in order to simplify and streamline the process. This follows the acknowledgement by the Ministry that regulatory delays have had a detrimental flow-on effect on RES project investment. Further regulatory changes have been introduced over time, and the applicable licensing requirements depend on the type, capacity and location of the proposed project.

  • Changes to licensing procedures and project registration requirements. Reforms introduced from 2020 onwards have sought to improve the management of RES applications, reduce administrative delays and address issues such as territorial overlaps between proposed projects. These changes are intended to provide greater certainty for investors, although individual projects remain subject to applicable planning, environmental, grid connection and other regulatory requirements.

  • Amendments to the definition of ‘strategic investments’ with respect to energy investments and the allocation of incentives to qualifying strategic investments, such as tax incentives, streamlined licensing processes and potential government funding or grants. Innovation can be an important consideration in assessing strategic investment opportunities, although eligibility depends on the applicable legislation and project characteristics. Relevant projects may include:

    • Energy storage projects.

    • The production of green hydrogen.

    • Laying submarine cables.

    • The development of offshore wind farms.

    • RES production systems.

    • Solar energy projects in Greece.

  • The introduction of laws and regulatory measures designed to drive the adoption and development of Renewable Energy Storage Systems. Energy storage has become an increasingly important part of Greece’s renewable energy strategy, particularly in supporting electricity grid stability and the integration of additional wind and solar generation.

Our consultancy team can assist international investors and renewable energy businesses in identifying potential opportunities, understanding the administrative requirements and coordinating the relevant professionals involved in project development. Where clients require specialist advice on government funding, regulatory approvals, licensing, engineering or investment structures, we can introduce appropriately qualified independent professionals.

Call Our Team to Facilitate Your Renewables Sector Market Entry Into Greece

Contact us to discuss how we can assist with your next renewable energy project or market entry into Greece. Our team at Tsaks Consulting is available to discuss your proposed activities and projects, including solar, wind and other renewable energy opportunities, as well as business development, project coordination and government tendering requirements.

Whether you are an international renewable energy company looking to establish operations in Greece, an investor exploring infrastructure opportunities or an established business seeking assistance with a new project, we can help you navigate the Greek market and coordinate the relevant professional support.

About Our Professional Network and Important Information

Tsaks Consulting Greece is a business consultancy assisting international investors, renewable energy companies and other businesses with market entry, business development, project coordination, regulatory administration and bid and tender writing in Greece. We provide these consultancy and coordination services directly and work with a network of independent lawyers, engineers, environmental consultants, accountants and other qualified professionals who provide specialist services.

Tsaks Consulting is not a law firm, engineering practice or licensed investment adviser. Legal, engineering, environmental, taxation, financial and other regulated professional services are provided by appropriately qualified and authorised independent professionals.

Information on this website is for general purposes only and does not constitute legal, engineering, financial, taxation or investment advice. Greek and EU energy legislation, licensing procedures, investment incentives and regulatory requirements may change. We recommend obtaining independent professional advice before making investment decisions or commencing renewable energy projects.