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Europe’s next
investment hotspot?
Greece’s orthodox reforms and enormous
sacrifices have paid off: the economy is back to
growth, exports and investments are on the rise
and the bailout program is now a thing of the past.
GREECE
Publication distributed
with FOREIGN POLICY
- Spring 2020
PRISMA REPORTS
© GNTO / Y. Skoulas
GREECE Europe’s next investment hotspot?
Prisma Reports wishes to thank its esteemed
Greece Contents
© Shutterstock / Foto de Stock
partners for their contribution to this project:
in numbers A new beginning
Business-friendly reforms bring record
3
levels of foreign investment.
A strategically important A pillar of stability 6
location at the southernmost Strong relations between the U.S. and
Greece open economic opportunities.
tip of Europe makes Greece
a gateway to the rest of Advancing infrastructure 9
Greece looks to the private sector to
the continent, as well solve an urgent need for infrastructure.
as Africa and Asia. Privatization agenda 12
Successful privatizations attract attention
to a rich portfolio of public assets.
Energy: transition ahead 14
Greece is turning on the power
in natural gas and renewables.
Shipping 16
The marine industry continues to
be the economy’s most extrovert sector.
Digitalization 17
A remarkable economic recovery
Crisis bought success for innovators
but Greece lags behind in digitalization. 1.59% for the equivalent U.S. bond
After a decade of economic torment, acid reforms and at that point.
High-tech firms take off 20 mounting sacrifices that cost the country half a million Consumer confidence has also
State-of-the-art manufacturers boost returned, helped by the unemploy-
the space and defense industries. brains, Greece seems to have finally got back on its feet.
ment rate dropping from 27.8%
to 16.6%. Impatient for further
Reversing the brain drain 21 According to the European Com- visiting Athens on his last overseas changes to fully embrace a new
The public and private sector introduce mission (EC), Greece’s economy trip as president. economic era, last July the popu-
initiatives to bring young talent home. should grow by 2.4% in 2020 — a The first tangible signs of prog- lation elected a government led by
A year-round destination 22 figure considerably higher than the ress came the following year, when Prime Minister Kyriakos Mitso-
Every Greek region offers its own unique 1.4% predicted for the European Greece’s GDP growth turned takis to implement widespread re-
and unforgettable experiences. Union (EU) as a whole. After hav- positive. This trajectory has con- forms that are bringing rewards for
ing lost over a quarter of its gross tinued since and the EC estimates society, businesses and investors.
Population: domestic product (GDP), the its economy grew by 2.2% in 2019. “We have lowered taxes, we are de-
11.1 million Banking recovery 29
Greece’s banks are shedding their bloc’s southernmost nation is now In 2018, Greece successfully regulating, we are following a reci-
non-performing loans. “well on track,” estimated Euro- exited its third and final bailout pe that has also worked here in the
pean Commissioner for Economy program, after having been forced U.S. and the economy is reacting
Food industry soars 30 Paolo Gentiloni when announcing to demand an astronomical €289 very positively,” Mitsotakis con-
Food producers are putting quality the findings. billion in financial assistance from fessed to President Donald Trump
before quantity. This projection demonstrates the EU, European Central Bank in Washington this January.
a remarkable turnaround for a
GDP per capita: country that just few years ago
$30,369 I don’t think that the world fully appreciates the
was floundering through one of extraordinary pain the Greek reforms have involved
Published by the harshest economic recessions
Prisma Reports in history. Tribute must be paid or the tremendous sacrifices that you, the Greek
Marie Leclercq Project Director to the Greek people who endured people, have made.”
Silvia Arteche Coordinator an array of unpopular reforms and Barack Obama, Former President of the U.S.
deep austerity measures, including
salary and pension cuts, in order to and International Monetary Fund, The country still faces a huge
Largest cities extricate their country from finan- known as the troika. This marked debt and numerous challenges.
Athens, Thessaloniki, Patras cial turmoil. the beginning of a return to finan- Whether the investor-friendly ad-
“I don’t think that the world cial normalcy. ministration will overcome those
PRISMA REPORTS
fully appreciates the extraordi- This virtuous trend continued remains to be seen. And as U.S.
20 Victoria Street,
nary pain the Greek reforms have in 2019, when capital controls Ambassador to Greece Geoffrey
London SW1H 0NF, United Kingdom involved or the tremendous sacri- were lifted and market confidence Pyatt stresses, the challenge is also
Tel: +44 (0) 20 7692 0869 fices that you, the Greek people, started rising, with the country’s for others “to recognize the oppor-
info@prisma-reports.com have made,” stated Barack Obama 10-year bond yield plummeting to tunities arising from Greece’s new
EU membership www.prisma-reports.com in a speech he made in 2016 while 0.9% in February, in comparison to trajectory.”
Since 1981
2 For further information please visit www.prisma-reports.com 3
GREECE Europe’s next investment hotspot? GREECE Europe’s next investment hotspot?
A new beginning Catapulting investment
© GNTO / Y. Skoulas
© Shutterstock / Aerial-motion
Prime Minister Kyriakos Mitsotakis has taken the bull by the into the economy
horns and embraced reforms that are driving Greece toward
a confident and optimistic future. Having transformed into an outward-looking export-driven
economy, Greece is now seeing record levels of foreign
Since July 2019, when Greece elect- direct investment.
ed a new business-focused govern-
ment, the country has begun an In 2018, inward foreign direct in-
economic transformation process vestment (FDI) represented about
that has already taken it from be- The New Democracy government has a clear majority in the Greek parliament 2% of Greece’s GDP. However, to
ing the “black sheep of Europe,” ensure the newly resurgent econ-
as Prime Minister Kyriakos Mitso- omy keeps growing sustainably,
takis puts it, to having the world’s We have ushered in a new period of growth “Greece needs to increase the ratio Dromeas or the Runner Man sculpture on Vassilissis Sofias Avenue, Athens
best-performing stock market. and effective structural reforms.” of FDI inflows to 10-15% of GDP
Greek bonds at historic lows
“We have ushered in a new peri- in the medium term,” according to
Kyriakos Mitsotakis, Prime Minister
od of growth and effective structur- Georgios Filiopoulos, CEO of the
al reforms,” Mitsotakis informed ical change: reforms that will bring In addition, the administration state’s investment and export pro-
International Monetary Fund growth and jobs, private-sector in- has kick-started the country’s pri- motion agency, Enterprise Greece.
(IMF) Managing Director Krista- vestments, tax and spending cuts, vatization program and unblocked “Facilitating investment is top From government bonds to wide-ranging privatizations,
lina Georgieva in Washington Kyriakos Mitsotakis and a robust banking system free large investment projects including priority. Enterprise Greece is re- international interest is growing in Greece’s assets.
earlier this year. At that meeting, Prime Minister of non-performing loans. Europe’s biggest urban redevelop- doubling its efforts and taking an
Georgieva confirmed that the IMF So far, corporation tax has ment scheme, the €8-billion Hell- increasingly active role in coordi- Georgios Filiopoulos
is closing its Athens office after vard Business School, and worked dropped from 28% to 24%, div- inikon project in Athens. While nating the strategy for attracting CEO, Enterprise Greece Greece saw record demand for its
tight supervision of the previous, for companies like Chase Invest- idend tax from 10% to 5% and speaking at an event in January and supporting investors, export- first long-term government bond
left-wing government’s economic ment Bank and McKinsey & Com- property tax has been reduced by that was organized by influential ers and business partners,” he says. next five years to keep up with issuance in over 10 years in January.
management. pany, before entering politics. 22%. The government has also lift- Washington-based think-tank the Those efforts are paying off, with demand. “Our food and beverage The €2.5-billion, 15-year offering at-
This demonstrates the growing With his New Democracy party ed all capital controls, introduced Atlantic Council, Mitsotakis de- the country drawing in a record sector is also transforming, with tracted orders for €18.8 billion and
international confidence in the ad- winning a clear majority, Mitso- a wide-ranging investment law to clared: “For 2020, we will continue amount of FDI in 2019. exports growing at double-digit will provide a return of 1.875%. It
ministration of Mitsotakis, a man takis’s government wasted no time decrease red tape and established with this aggressive reform agen- “Greece is garnering investors’ rates,” he says. comes on the back of three success-
who earned master’s degrees from in starting to implement his ambi- a National Transparency Authority da,” adding that Greece was now attention because it has success- Riccardo Lambiris, CEO of the ful bond issues in 2019 and a huge
both Stanford University and Har- tious strategy that is delivering rad- to help prevent corruption. “open for business.” fully entered a new era and offers Hellenic Republic Asset Develop- decrease in borrowing costs, with
many advantages, such as high-cal- ment Fund, highlights numerous 10-year yields dropping from 3.89%
A strong pro-business agenda iber human resources, excellent
physical and digital infrastructure,
projects opening up in infrastruc-
ture as Greece builds a significant
to 1.14%.
“This historic low is evidence of a
an unbeatable location at the cross- role as a regional transport, logis- significant shift in momentum and
PR When it comes to attracting roads between three continents, a tics and energy hub. “Greece is investors are now looking at a wid-
Adonis Georgiadis, Minister of Development and ed in investing are able to do so, with
peerless tourism brand, a profu- now also an important center for er spectrum of Greek assets,” says Riccardo Lambiris
the assurance of a trouble-free business foreign direct investment, what
Investments, introduces his government’s plans to environment. can Greece offer that its competi- sion of high-quality products and a life sciences, pharmaceuticals, re- Riccardo Lambiris, CEO of the Hel- CEO, Hellenic Republic Asset Development Fund
vigorous startup ecosystem, as well search and development, and, by lenic Republic Asset Development
solve problems for investors rather than create them. A country where it is easy to set up tors can’t?
as it being a beautiful place to live the end of 2020, the high-tech in- Fund (HRADF). For Enterprise project starts. In addition, the fund
a company and, at the same time, easy AG Firstly, Greece is now a very sta-
to close down if deemed necessary. A ble country. Because our economy was and work,” notes Filiopoulos. dustry could make up roughly 10% Greece’s CEO Georgios Filiopou- facilitates investments by following
PR You have said you want Greece country where bureaucrats are there not depressed for almost a decade, Inves- Sectors with high potential in- of our economy. Overall, there are los, Greece’s low asset prices mean clear and transparent processes
to be “a totally new country for to create problems but to help solve tors will find attractive prices for prop- clude tourism, which needs about many opportunities for savvy in- Greece’s stepped-up privatization quickly.
business.” What does this mean? them. In short, our vision is to make life erty and other assets and great potential €5 billion in investment over the vestors,” adds Filiopoulos. program, is attracting interest. Unlike other European coun-
AG We have a unique opportunity. easy for investors. for substantial profit. The implementation of this tries, the Greek state still owns a
Prime Minister Mitsotakis has led our wide-ranging privatization pro- rich portfolio of assets and expects
party to win all recent elections: from We now have a clear mandate to transform our country into 7 reasons to invest in Greece gram rests with HRADF. By the to raise €2.4 billion in 2020 alone.
the municipal to the European. Because the European Union’s most business-friendly economy.” end of 2019, the fund had overseen Upcoming privatizations include
of that, for the next four years we have privatizations worth about €9 bil- the Public Gas Corporation, which
Adonis Georgiadis, Minister of Development and Investments • Improved economic outlook
the most stable political system in the lion. “The impact has been huge,” Lambiris says will be a landmark
European Union (EU). Mitsotakis was PR Could you highlight some of We also have a highly educated • Excellent living and working environment Lambiris states. As examples, he in the domestic energy sector:
elected because he made very clear the interesting opportunities in workforce, Greece is in the eurozone cites Fraport’s €1.23-billion invest- “Regional ports also offer tremen-
that he wanted a mandate to speed up Greece’s privatization program? and, with the help of our new legisla- • Educated, skilled and motivated workforce ment in regional airports, which has dous potential, we are working on
the privatization program, cut red tape, AG We have big tenders for ports that tion and incentives, it is becoming very transformed those facilities and, concessions for marinas and have
• Political stability Pireaus Port, whose profitability very big land plots for casinos, sport
lower taxes and decrease the size of could be interesting for U.S. investors. business friendly.
the state in order to make available the Adonis Georgiadis Logistics, tourism and the privatization We are not going to reinvent the • Quality logistics and communication infrastructure and rankings have improved since facilities and tourism infrastruc-
funds to cut taxes. Minister of Development and Investments of state assets including shipyards are wheel, we are going to follow best prac- its shares were sold to Cosco. Such ture,” he adds. “With HRADF’s
• Privileged and strategic geographical location successes increase acceptance in the valuable experience in satisfying in-
We now have a clear mandate to other opportunities. We have tenders tices that have been successful in other
transform our country into the EU’s most feel the difference from the reforms we underway in energy and more will be countries. We mean business. We will • Easy access to the Balkans and EU markets program from citizens, he explains, vestors,” he is confident that these
business-friendly economy. Stakehold- have made so far. We want Greece to be launched soon, particularly in oil and deliver. This is the right time to come but HRADF also works hard to get and many other privatizations will
ers doing business in Greece already a country where businessmen interest- gas exploration and renewable energy. and invest in Greece. all stakeholders on board before a be successful.
4 For further information please visit www.prisma-reports.com 5
GREECE Europe’s next investment hotspot? GREECE Europe’s next investment hotspot?
U.S. views Greece as Symbolic Hellinikon
© LAMDA
© GNTO / Y. Skoulas
a stable regional pillar Project is reignited
Fresh off the back of a recently renewed mutual defense The flagship development is a key illustration of Greece’s
agreement, U.S.-Greek relations have never been better. improving investment climate.
Greece and the U.S. are current- At a shareholders’ meeting in Octo- and at least 800 apartments. The
ly enjoying excellent economic, ber, Odisseas Athanasiou, CEO of project is expected to attract nu-
trade and diplomatic relations, Lamda Development, announced merous investors and have a huge
The Hellinikon Project will revitalize Athens’ coastal front
having renewed their mutual de- The philanthropic Stavros Niarchos Foundation in Athens is a landmark that, five years after the company impact on various Greek sectors, in-
fense agreement in October 2019. put forward its pioneering vision for cluding tourism, as it will reposition
Nikolaos Bakatselos, president of a gateway for supplying more U.S. holds a lot of untapped potential. regenerating Athens, it will soon be Athens as a world-class destination
the American-Hellenic Chamber liquefied natural gas to Southeast- “Because of the crisis, there is a able to start implementing Europe’s and bring at least one million more
of Commerce, comments: “There ern Europe via a pipeline network large number of unfinished de- biggest urban development scheme: tourists to Greece every year. Over-
has never been another point in that is expanding through Greece velopment projects around the the Hellinikon Project. all, Hellinikon is expected to pro-
time when U.S. relations with and across the region. country, so we could well see a lot The recent rapid progression of vide 75,000 jobs and 2.4% of gross
Greece have been so strong. Our “Greece is becoming the ener- of activity to come,” explains Py- this flagship project is highly sym- domestic product. Investor confi-
trade relations are at their highest gy hub of Southeastern Europe,” att. Greece, he believes, “punches bolic of Greece’s move into a new era dence in the project is high, as ev-
in years and yet there is still a lot remarks Bakatselos. “There is an above its weight” also in terms of and of its government’s fast-track- idenced by Lamda’s completion of
of room for us to grow, not only agreement between Greece, Cy- what the technology sector and ing approach to key investments, a €650-million share capital increase
in terms of trade but also invest- Geoffrey Pyatt prus and Israel for a new gas pipe- Greek entrepreneurs try to do. which had stalled under the previ- earlier this year.
ment. From both sides of the At- U.S. Ambassador to Greece line, and a lot of interest from U.S. The ambassador is enthusiastic ous administration. The €8-billion
lantic, there is a strong interest in companies. Greece’s geo-strategic about what the future has in store development that will transform The wider investment landscape
all fields and industries; in terms saying, “Greece and its recovery position could make it the foun- in this area where U.S. companies the 6.2-million-square-meter site of “The Hellinikon Project is just one
of investment from the U.S. into are a huge success.” a former airport has been entrusted example of increased international Odisseas Athanasiou Panos Papazoglou
Greece and also from Greek com- For U.S. Ambassador to Greece Prime Minister Mitsotakis and his government have moved to experienced hands, with Lamda interest in Greece,” says Panos Pa- CEO, Lamda Development Managing Partner, EY Greece
panies wanting to invest in the Geoffrey Pyatt, “The defense rela- very fast to deliver reforms that had long been hoped for, but being the leader in the successful pazoglou, managing partner of EY
U.S.” tionship has been one of the real development, investment and man- in Greece, part of the globally lead- ing. We are also seeing more govern- opportunities. The firm also thinks
also to set Greece on a fresh trajectory.”
bright spots of our bilateral co- agement of Greek real estate proj- ing firm for assurance, tax, transac- mental transparency,” he states. there is significant untapped poten-
operation over the past few years. Geoffrey Pyatt, U.S. Ambassador to Greece ects. Lamda has also brought on tion and advisory services. Having As Greece’s investment envi- tial in traditional sectors that can
Greece and its recovery board acclaimed partners, such as operated in Greece since 1926 and ronment continues to improve, be unlocked by technology. “These
We have made significant prog-
are a huge success.” ress in terms of the relationships dation for many different types of lead the world. “I believe we’ll see Foster + Partners and Arup. with offices in Athens and Thessa- EY expects interest to rise in other include agribusiness, where Greece
Donald Trump, President of the U.S. between our armed forces at new businesses; it is the gateway to the a lot more of the kinds of things loniki, EY is well placed to provide sectors, such as technology, shared has an unrealized competitive ad-
sites like Stefanovikeio in Central European Union from Asia, from that Pfizer, Cisco, Deloitte and EY insights into Greece’s changing eco- services, and research and develop- vantage, banking, energy and utili-
The Hellinikon Project
In his visit to the country last Greece and Alexandroupolis in the U.S., and from everywhere are doing, in terms of establishing nomic climate. “Before the new gov- ment centers, where it sees major ties,” says Papazoglou.
year, U.S. Secretary of State Mike North Eastern Greece.” else.” centers of excellence in Greece,”
is just one example of ernment’s election, we ran a global
Pompeo saluted “a new era” in Alexandroupolis symbolizes The U.S. has indicated it wants he says. “They are seeking to lever- increased international survey to capture investors’ appetite
relations with Greece, describing the new Greek-American com- to grow its trade and investment age the country’s strong human interest in Greece.” for Greece. At the time, investors
the country as a pillar of stability mercial and military relationship. cooperation in various Greek capital base and attract employ- Panos Papazoglou, ranked Greece highest among Euro-
in an ever more turbulent region. Under the new military accord, economic sectors. As Pyatt says, ees who wish to stay in Greece so Managing Partner, EY Greece pean countries for its attractiveness
and investment potential. Since the
Taking railway
When Prime Minister Kyriakos the U.S. and Greece can expand “Energy in Greece is dynamic, they can enjoy everything that the
Mitsotakis met with President military cooperation at Alexan- both in terms of renewables and country offers including the fan- Aiming to combine the site’s nat- election, investors’ interest has ris- transport services
Donald Trump in January this
year, Trump was also full of praise,
droupolis. Plans are also being
drawn to use Alexandroupolis as
carbon- based generation and de-
livery.” The real estate sector also
tastic climate.” He also cites the
attraction of Greek universities’
ural beauty with landmark buildings
and state-of-the-art infrastructure,
en,” advises Papazoglou.
As well as real estate and tour-
to the next level
very strong academic traditions. central components of Hellinikon ism, EY is witnessing interest in
International perceptions of will be a world-class park that cov- ports, renewable energy, agriculture,
Greece, including those in the ers 2 million square meters, and an pharmaceuticals and the non-per-
7 things we owe to the Greeks U.S., often lag behind modern day enhanced marina and coastal front. forming loans of banks. “Further- OSE Hellenic Railways:
reality. “The country has changed The groundbreaking project will more, Greek startups are gaining For fast, secure,
1 Democracy enced by the fundamentals that defeat of the Persians. a lot during the three and a half also include a wide range of resi- attention, with some attracting cap-
Greek “demokratia” or “rule
convenient and
Greek dramatics set. years that I have been ambassa- dential, touristic, commercial, retail, ital from U.S. investors,” he adds.
by the people” was the first 6 Medicine and the economical freight
dor. Prime Minister Mitsotakis cultural and leisure facilities, and a EY believes this growing interest is
known democracy. 4 The Olympic Games Hippocratic Oath casino that will be operated by U.S.- a result of the government’s clear and passenger
and his government have moved
The Olympic Games began over Hippocrates’ school of medicine based Mohegan Gaming & Enter- agenda for overhauling public ad- rail transport.
very fast to deliver reforms that
2 Philosophy 2,700 years ago in Olympia, in made major contributions to had long been hoped for, but also tainment and its partner, the Greek ministration, simplifying processes
Our western tradition began south-west Greece. medicine that persist today. to set Greece on a fresh trajectory. constructor Gek Terna. and making investors’ lives much
in ancient Greece in the 6th It is a new Greece in many ways, Lamda will invest €2 billion over easier. “The first law this govern-
century B.C. 5 The marathon 7 Classical architecture and as part of that it has reaf- the next five years in phase one of ment passed related to good gover-
The endurance test emanated Greek architects created the firmed its relationship with the the development, which will see the nance in the public sector. This is a
3 Theater and drama from a run by soldier Pheidip- first three orders and hugely U.S. and its commitment to the completion of much of the park, the very positive sign that was warmly
Ours has been directly influ- pides to Athens to announce the influenced the latter two. values and the interests that we marina, Greece’s largest shopping welcomed by EY, as it is one of the www.ose.gr
hold in common,” he concludes. center, a beach, the casino, hotels key initiatives we have been pursu-
6 For further information please visit www.prisma-reports.com 7
GREECE Europe’s next investment hotspot? GREECE Europe’s next investment hotspot?
Market confidence is back
© GNTO / Y. Skoulas
© Vinci Concessions
Panayotis M. Bernitsas, managing partner of Bernitsas
© Delphi Economic Forum
Law, provides an insight to Greece’s investment climate.
PR As managing partner of one of
Greece’s largest law firms and the
market leader for commercial ser-
vices, how do you view Greece’s
macroeconomic position?
PB Greece is back to normalcy and
we expect it to remain so. Capital con-
trols have been lifted, while domestic
banks and corporations have success- Athens’ public transport system covers most of the city and its suburbs Vinci Concessions “Charilaos Trikoupis” Bridge (Rio-Antirrio straits)
fully re-entered the international mar- Robert D. Kaplan in discussion at Delphi Economic Forum 2019
kets. Large Greek issuers — including
the Hellenic Telecommunications Or-
A forum for a better future Stimulating infrastructure projects through PPPs
ganisation (OTE), Hellenic Petroleum
(HELPE) and industrial conglomerate International companies offering concession contracts have
Mytilineos Holdings — have recently Panayotis M. Bernitsas In ancient times, Delphi was home responsible growth policies for
raised substantial funding on very at- Managing Partner, Bernitsas Law
to Greece’s most authoritative South East Europe and the wider been loyal allies through the good times and the bad, providing
tractive terms. This is a clear indication oracle, who people from around Eastern Mediterranean region. a resilient model to boost infrastructure development.
that the markets trust Greece and don’t of tax returns should bring further im- the world would consult about As an indication of the forum’s
believe it will relapse into recession. provements. important challenges facing them importance, delegates for 2020 in-
at that time. Today, the tradition clude Greek President Prokopios Greece can be grateful to those inter- have already answered to calls to im-
PR What legal protections are in PR Privatizations, non-performing of traveling to Delphi to consider Pavlopoulos and Prime Minister national companies who continued prove accessibility and mobility in
place for international investors? loans (NPLs) and real estate are vital issues continues in the form Kyriakos Mitsotakis. The caliber of to invest in the country during the the western part of Greece, once an
PB They benefit from good protec- three of your areas of expertise. of the annual meetings of Delphi international participants also re- crisis, and did not simply up tools isolated area.
tion under the Greek constitution, do- How are these sectors developing? Economic Forum, a nonprofit, flects Greece’s return to the world and leave, as it greatly helped the The Rio–Antirrio bridge has
mestic and European laws, and bilateral PB We have a long history of work- nonpartisan organization that was stage. At the 2019 event, geopoliti- restructuring process. Vinci Conces- been a landmark project in terms
and multilateral treaties. The efficiency ing on groundbreaking privatizations, founded in Greece in 2016. cal expert Robert D. Kaplan noted sions was one. of technical engineering and inno-
of our judicial system has been a con- including OTE, HELPE and Olympic Air- Every year, the organization that Greece had not reached its A global player in concessions vation. “Its pillars rest on very poor
cern but measures are being taken to lines. We are currently advising clients assembles more than 3,500 at- potential in the 20th century and and construction, Vinci operates in soil conditions of silt and mud (rock Kostas Karamanlis Panayotis Papanikolas
Minister of Infrastructure and Transport Country Manager, Vinci Concessions
increase the use of arbitration and make in relation to the Athens International tendees who engage with business, its governments had been disap- some 100 countries worldwide. It is found 880 meters below the sea-
the system more expeditious. Airport, DEPA Infrastructure, the Public political, academic and other lead- pointing but he had hope in the has stakes in an array of strategic bed),” mentions Papanikolas. “It was
Gas Corporation offshoot, and other ing experts in an effort to address new generation. With the right Greek assets, to which the country’s a unique innovation project and we ily as other Greek sectors but proj- Britain, for example, it can reach
PR Greece’s tax system was known projects. The opportunities presented emerging challenges, influence reforms and given its geographi- government awards its different are proud to have developed it, as it ects still lagged behind during the 60%.”
for high tax rates and lower collec- by Greece’s NPL portfolios are substan- national and regional agendas, and cal situation, there are no limits to concessions. “We know Greece well, is considered to be a milestone in the crisis. Even before its election in July In the coming months, he plans
tion rates. How is this changing? tial and most of the major international promote sustainable and socially what Greece can do, he said. since we were involved in the con- engineering of bridges worldwide,” 2019, the New Democracy Party had to propose a specific set of amend-
PB This government is taking im- players, many of which we advise, are struction of the metro in Athens and he elaborates. put in place a specific plan in order to ments in parliament in order to fa-
portant steps to reduce taxes. For exam-
ple, company income tax was reduced
from 29% to 24% in January. The col-
competing to acquire these. We have
also witnessed significant growth in
international interest in Greece’s real es-
88% the Rio-Antirrio bridge in the mid
’80s,” points out Vinci Concessions’
country manager in Greece, Panayo-
Over time, Papanikolas has ob-
served reduced travel times and im-
proved safety on Greek motorways,
stimulate the Greek economy, a big
part of which paid heed to the need
for an infrastructure boost. This re-
cilitate the major changes required
to encourage large-scale public proj-
ects. Again, Karamanlis puts matters
lection rate has also improved, reach- tate. Bernitsas Law has the framework in of Greek CEOs have confidence in their tis Papanikolas. as well as better maintenance. The set for the construction sector will in perspective: “The average time
ing 91,03% for legal entities, 68.79%
for individuals and 84,01% for VAT in
place to offer investors an international
level of service to support their activities
company’s growth prospects in 2020 The crisis dealt a hard blow to the
construction industry with many
environment will be his next stra-
tegic focus. Papanikolas is keen to
start with investments worth €12 bil-
lion, and aims to create 43,000 jobs.
needed to complete a significant
infrastructure project in Europe is
2018, and the upcoming digitalization in Greece across all industry sectors. (PwC Annual Global CEO Survey) large-scale infrastructure develop- stress how the global performance around 45 months, and in Greece it
ment projects put on hold for its of the company’s projects is not Planning the future is more than double that.” He adds
duration. “The construction sector measured only in terms of econom- Crisis apart, the biggest cause of that “Serious amendments have to
was kept alive by the concession ic success, but also in terms of their backlog to date has been a lack of be undertaken, such as addressing
projects, attesting to the resilience acceptance by the local community. central planning and a gaping hole bureaucratic obstacles to foreign in-
and sustainability of the concession “We have very precise targets where a National Plan for Infra- vestment, poor planning, and diver-
CORFU PAXI model even within periods of crisis,” to meet in terms of carbon dioxide structure Development should have sifying funding sources.” Renewing
Papanikolas remarks. In fact, Greece and environmental footprint reduc- been. The government has decided mechanisms for production, mon-
managed to acquire 2,100 kilometers tion, as set by our headquarters,” that progress will be faster in these itoring and operations across infra-
of modern motorways over the last he states. One example of how the arenas, and results better, by co- structure, ensuring an ever wider role
A palette of blue and green 10 years. “Now that we are back on company is reducing consumption operating closely with the private for the private sector, will be another
LEFKADA MEGANISI track, the time is ripe to start looking levels is by changing all the lights on sector. Kostas Karamanlis, the coun- major cog. “One of our biggest as-
at those parts of the motorways that its motorways and tunnels to LED. try’s Minister of Infrastructure and sets is Athens International Airport.
were neglected during the crisis,” he “We are also using LED on the Rio– Transport, explains how, “In Greece, We are sure that it is going to be a
affirms. Antirrio bridge, which is electrified private sector participation only ac- major privatization success and will
ZANTE KEFALONIA ITHACA
Olympia Odos, the Rio–Antirrio with clean energy,” he adds. counts for 10-15% of the country’s really boost Greece’s confidence and
bridge and the port of Igoumenitsa Infrastructure was not hit as heav- infrastructure projects, whereas in image abroad,” Karamanlis believes.
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GREECE Europe’s next investment hotspot? GREECE Europe’s next investment hotspot?
Railway expansion
© Avax
© Ellaktor
© OSE
plans progress
After years of insufficient financing, Greece’s railway
infrastructure and services are on the fast track to helping
the country meet its goals for moving people and cargo.
The government wants to maxi- is to upgrade and systematically
mize Greece’s role as a multimodal maintain existing infrastructure.
Construction works are on for the Athens Metro extension Ellaktor’s concession portfolio includes Greece’s main motorways transportation and logistics hub by “The condition of much of the track
expanding, modernizing and con- infrastructure and systems like sig-
Athens Metro: A Herculean task
Interconnector Greece-Bulgaria necting all transport systems. “One naling and electrification is poor, so The reignited Egnatia Railway will connect the northern part of Greece
gas pipeline. Avax has also been important requirement is a fast, reli- we have designed a 10-year strategic
involved in almost all highway able and competitive rail network to action plan to change this,” explains
PPPs,” he says. build sustainable mobility and con- Spiliopoulos. OSE’s plan is bring-
Extending the capital’s metro system is just one of the International concessions and nect industry to ports,” says Kostas ing results. For example, signaling
complex challenges Greek firms are taking on. projects constitute a substantial Karamanlis, Minister of Infrastruc- modernization between Athens
part of its portfolio. “We are rec- ture and Transport. The Hellenic and Thessaloniki will be finished in
ognized as a significant partner Railways Organisation (OSE) is the 2021, enabling a journey that now
Athens Metro’s first line was built That makes excavating the shaft and collaborate with the world’s public utility responsible for ensur- takes four hours to be completed in
in 1869, with Lines 2 and 3 follow- extremely complex,” he notes. biggest firms. In Qatar, for in- ing the national railway infrastruc- three.
ing in 2000. In 2012 an extension With a turnover of €600 mil- stance, we are working on two ture and its systems are capable of The rail operator TRAINOSE is
of Line 2 opened, an expansion lion and about 1,000 permanent major highways and a stadium for meeting these goals. “OSE faces also bringing the cities closer, says
of Line 3 is nearly finished and a employees, Avax is Greece’s sec- 2022’s soccer world cup, while in major challenges but great opportu- CEO Philippos Tsalides. “We are
contract to construct a new Line 4 ond-largest construction group. Iraq we have contracts worth $900 nities,” says Konstantinos Spiliopou- improving service on this line tre-
should be awarded soon. In a city “We are active in all construction Konstantinos Mitzalis million to engineer and construct
Managing Director, Avax los, chairman of the board and CEO. mendously. This year the first of five
that is one vast archaeological site, fields, and have huge experience two power plants. To illustrate the Through its subsidiary Ergose, Italian electric trains will arrive,” he
these projects require significant in public-private partnerships variety of our expertise, in Cyprus OSE is expanding the network notes. TRAINOSE also plans to in- Konstantinos Spiliopoulos Philippos Tsalides
technical skill, but there are addi- (PPPs) and concessions,” Mitza- no surprise, therefore, that it wins we are building one of Europe’s through projects such as the €10-bil- troduce hybrid trains. “These mod-
Chairman of the Board and CEO, OSE CEO, TRAINOSE
tional challenges, says Konstanti- lis explains. The firm has won contracts for many of Greece’s largest casino resorts,” he states. lion Egnatia Railway, which will ern additions and the completion tons. In 2019, TRAINOSE acquired are now bought via PayPal and it is
nos Mitzalis, managing director of numerous awards, not just for its most important projects. “Cur- Avax remains committed to create a corridor from northeast of the infrastructure works, such as the train maintenance company working with firms in other sectors
Avax, which is constructing Line construction expertise but also for rently, we are constructing the Greece, however, and eagerly to northwest Greece that links six the ERTMS system, will completely Rosco. “We are now investing in its on a unified ticket that can be used
3’s extension. “For example, one its sustainable and environmen- Trans Adriatic Pipeline that will awaits the imminent restarting of airports, ports like Alexandroupolis change Greece’s railway,” he adds. depots to create the most sophisti- across train, plane, ferry and other
new station is very close to the sea. tally responsible approach. It is carry natural gas to Italy and the its stalled infrastructure projects. and Thessaloniki and logistics hubs. TRAINOSE was transformed by cated ones in Southeastern Europe. services. It currently has a monopo-
It will also facilitate connections with privatization in 2017, when it was We are also investing in logistics cen- ly in passenger transport and about
Bulgarian, Albanian and Turkish rail bought by Europe’s third-largest ters and will be operating two of the 98% of the cargo market. “At the end
Evolving beyond construction Ellaktor has based its evolution
into one of the largest infra-
systems and reduce travel times
within Greece.
railway firm, Ferrovie dello Stato Ital-
iane Group. Annual passenger num-
region’s largest warehouses,” states
Tsalides.
of 2020, passenger transport will be
liberalized. This is good as it will en-
structure groups in Southeastern Alongside its expansion program, bers are up about 16%, while cargo TRAINOSE is advancing dig- able us to develop even further,” he
The diversification of its best Ellaktor is one of Greece’s most Europe on its highly diversified OSE’s most important challenge amounts to over 1 million metric italization as well. 48% of tickets asserts.
globalized groups, with a pres- portfolio of activities, ranging
infrastructure firms is ence in 30 countries and reve- from concessions to renewables
transforming Greece’s economy.
Ports gain efficiency, reinforcing Greece’s status as a global hub
nues corresponding to 1% of the and from waste management to
national gross domestic product. construction and real estate de-
velopment.
Today, Ellaktor Group is the sortium is investing over €650m in ing a dramatic impact. “We han-
www.avax-sa.gr
second-largest renewable energy Greece is privatizing its ports to take advantage of its position the port, which covers 1.5 million dled almost 450,000 twenty-foot
producer in Greece and holds vis-à-vis regional neighbors and international shipping routes. square meters of land with six equivalent units in 2019, a rise of
Building stakes in the five major motorway
concessions in the country. Fur-
Anastassios Kallitsantsis
Greece’s port privatization pro- ing director of Thessaloniki Port
piers, a 6,200 meter quay and vast
storage areas.
5.8%, saw 19% increase in Balkan
break-bulk cargo and average ves-
the future
thermore, the group has a leading gram started with the biggest: Authority (ThPA). “Our concession agreement in- sel waiting time has reduced from
CEO, Ellaktor
position in waste management, Piraeus next to Athens and Thes- “The port was privatized in cludes obligatory investments of 28.5 hours to 4.5 hours,” he says.
processing over 700,000 tons of saloniki in North Greece. The 2018. 67% was bought by our con- €180 million to extend the contain- ThPA’s plans extend far beyond
waste annually and producing all stakeholders, employees, sup- latter, with its good road and train sortium of Deutsche Invest Equi- er terminal by 550 meters and to a the port’s boundaries. “We are
35MWe from biogas energy. pliers and society at large,” notes connections, has become Greece’s ty Partners, Belterra Investments depth of 17.6 meters so we can ac- developing a network of dry ports
Under its new management, CEO, Anastassios Kallitsantsis. largest transit-trade port. Its very and Terminal Link, a partnership commodate super new post-Pan- in the Balkans and Southeastern
AVAX group is one of the largest following the first proxy fight “The group has a really big strategic infrastructure makes between CMA CGM, the world’s amax container vessels. We are Europe to act as ‘extended gates’.
construction groups in Greece, with ever held in Greece, “the orga- footprint on the Greek economy. it the main export gateway for fourth-largest container shipping also investing over €30 million Thessaloniki’s importance in tran-
a significant presence in large projects nization is transforming its men- We want to turn it into one of the Greece and the Balkans, according line, and China Merchants Port. in equipment,” states Theofanis. sit traffic will continue growing,
in Greece and beyond. tality and governance with the strong powerhouses,” Kallitsan- to Sotirios Theofanis, chairman of It’s a very multinational, experi- These investments, as well as the making Greece a significant logis-
aim to safeguard the interests of tsis asserts. the board of directors and manag- enced team,” he explains. The con- company’s restructuring, are hav- tics hub for the region,” he affirms.
10 For further information please visit www.prisma-reports.com 11
GREECE Europe’s next investment hotspot? GREECE Europe’s next investment hotspot?
Introducing good
and 1.2 million visitors. “Our
© ETAD
© TIF Helexpo
cornerstone is September’s Thes-
saloniki International Fair (TIF),
governance brings Greece’s largest trade fair,” Tzi-
kas says. TIF introduces develop-
ments and trends in numerous
privatization success sectors. Each year, it also hosts
an “honored country” which leads
to collaborations, he says: “Since
the U.S. was honored in 2018,
By establishing world-class private-sector standards for Deloitte has decided to invest in
Thessaloniki’s high-technology
the management of state-owned enterprises, the Hellenic park Technopolis, Pfizer is creat-
Corporation of Assets and Participations is constructing a ing a digital hub here and Cisco is
Anastasios Tzikas investing in an innovation center.”
TIF Helexpo’s renovated facilities will be a new landmark for Thessaloniki ETAD’s portfolio ranges from hospitality assets to office buildings and land plots
new institutional framework that is driving Greece’s economy President, TIF Helexpo
In a sign of its importance,
forward and which appeals to long-term, strategic investors.
Exhibiting innovation Turning real estate
Prime Minister Mitsotakis chose
and the Thessaloniki International to announce plans for new inno-
Exhibition Center. The latter is vation park in Thessaloniki at TIF
A clear illustration of Greece’s
ambition for sustainable econom- in Thessaloniki undergoing major renovation, says
Tzikas: “Our brand-new, high-end
venue will be a landmark and help
2019, which has attracted signifi-
cant international interest. Tzikas
is unsurprised: “Thessaloniki is a
assets into opportunities
ic growth and for attracting long-
term international investors is the make Thessaloniki a regional exhi- great place to do business. It com-
strategic approach the country is Thessaloniki’s position as a hub for trade and innovation is bitions hub. We hope to publish bines great human resources, ac- The transformation of the Public Properties Company
taking to the development of its an architectural tender in 2021.” ademic and research institutions,
about to take a major step forward with multiple developments In 2018, TIF Helexpo’s events an organized innovation ecosys- (ETAD), which oversees the Greek state’s rich portfolio of
public assets. “We are creating a
landscape that is credible, stable, taking place in Greece’s second-biggest city at the moment. attracted about 5,600 exhibitors tem, and ideal living conditions.” real estate assets, into a modern, market-oriented company
transparent and consistent,” says
Our brand-new, high-end venue will be a landmark and
is a win-win scenario for the country and investors.
Rania Ekaterinari, CEO of the
Hellenic Corporation of Assets “Thessaloniki can become a Eu- agency that organizes internation- help make Thessaloniki a regional exhibitions hub.”
and Participations (HCAP). ropean Silicon Valley,” says An- al trade events and owns Greece’s “The exploitation of Greece’s large
astasios Tzikas, president of TIF most important exhibition cen- Anastasios Tzikas, President, TIF Helexpo and diverse portfolio of publicly
With a portfolio worth €5.5 bil-
lion, HCAP “manages important Helexpo, the national exhibition ters, Helexpo Maroussi in Athens owned real estate assets will play
state-owned assets and increases Rania Ekaterinari a crucial role in attracting new in-
their value over the long term by CEO, Hellenic Corporation of Assets and vestors and driving the economy,”
Creating a logistics hub says Stefanos Vlastos, CEO of
© Gaiaose
Participations
assessing and promoting the right
strategies for asset exploitation, cession for a major motorway, the the Public Properties Company
operational efficiencies and re- sale of 65% of the Public Gas Cor- (ETAD), which is responsible for
structuring where required,” she
states. Those assets include com-
poration and the sale of a second
30% stake in Athens International for Southeastern Europe implementing the government’s
new pro-investment strategy in
this area. A subsidiary of the Hel-
panies that employ over 35,000 Airport, after a well-subscribed
staff and operate in vital sectors, tender process for 30% in 2019. lenic Corporation of Assets and
including utilities, infrastructure, Key to rising interest from State-owned Gaiaose is Participations, “ETAD’s role is
to manage and exploit the state’s
transportation and services. international investors and to playing a significant role portfolio of properties that are lo- Stefanos Vlastos
Through one of its subsidiar- ensuring the sustainability of
ies, the Hellenic Republic Asset public assets is HCAP’s focus in the development and cated across the country. Our pri- CEO, Public Properties Company
orities include increasing revenues
Development Fund, HCAP im- on corporate governance, Ekater- modernization of Greece’s An extended maintenance program for rolling stock will boost rail services stemming from the highest and long lease or even sell.
plements Greece’s increasingly inari believes: “Our mission is to
attractive privatization program. attract professional boards and logistics capacity, rail into logistics centers,” he states. like new shopping malls, office best use of assets,” he explains. To date, around 2,550 proper-
transportation system, Gaiaose is further facilitating rail spaces, cinemas and green spaces. Those assets make up a rich ties worth about €900 million have
We are creating a landscape that is credible, stable, transport by starting an extended Gaiaose also has an increasing portfolio of opportunities, Vlas- been valued. “Our new strategy is
transparent and consistent.”
energy generation and maintenance program to refurbish role in producing renewable ener- tos notes: “Among many other to create and maximize value as
its city centers. its locomotives and passenger gy. To date, it has built two photo- things, it includes greenfield ar- part of a broader cultural shift for
Rania Ekaterinari, CEO, Hellenic Corporation of Assets and Participations eas, apartments, hotels, marinas, ETAD,” he says: “In the past, we
wagons that will boost rail services. voltaic parks that generate 1.2MW
10% of Gaiaose’s estate is leased of power and it is also constructing food and beverage facilities, ski didn’t utilize our assets’ potential
“Recent privatizations have been competent management to all Greece has nearly everything it out but, says Nicolaou: “We have wind plants. Having partnered and spa resorts, cultural heritage to the fullest. We are changing
successful in terms of proceeds, our enterprises, as part of which needs to be a regional logistics Perikles Nicolaou assets, camping sites, eco-resorts, this and transforming into a mod-
CEO, Gaiaose
many other attractive assets. For with international companies in
adding value and generating we have put in place policies to hub, says Perikles Nicolaou, CEO example, we want to modernize energy, “Gaiaose would welcome warehouses, Olympic facilities, ern, private sector, competitive
long-term investments,” explains introduce more transparency and of Gaiaose: “We have our ship- stations and develop areas around more foreign investors in our en- and large agricultural land plots and dynamic real estate firm that
Ekaterinari, who highlights sea- mechanisms to define and mon- ping industry, ports and strategic maintaining public rolling stock, stations in cities like Thessaloniki ergy, logistics and other develop- throughout Greece’s islands, prioritizes asset utilization on a
port and airport privatizations as itor objectives, targets and per- location. But we need to enhance Gaiaose is playing a vital role in ad- and Piraeus by constructing things ment projects,” he notes. mainland and cities, including the cost-benefit basis and minimizes
examples. formance.” Creating value by ex- rail infrastructure to support the vancing that infrastructure. Athenian Riviera.” Until recently, red-tape issues. Our vision is to
Greece still has “a great pipe- ploring synergies between assets freight coming into or though Within its portfolio of 100,000 We have large pieces of land in Athens, Thessaloniki only a small proportion of the vast infuse the company with an in-
line of assets to be privatized,” is another way in which HCAP Greece.” As the state-owned com- acres of land and 4,500 buildings, number of state-owned sites had ternational and market-oriented
and Alexandroupolis that we are developing into
she notes. Schemes planned for is contributing to Greece’s image pany responsible for managing “We have large pieces of land in been appraised, but ETAD is cur- approach based on trust, and to
2020, which are projected to be as a “mature and credible invest- and exploiting Greece’s rail-related Athens, Thessaloniki and Alexan- logistics centers.” rently auditing its entire portfolio attract new private capital that will
worth €2.44 billion, include a con- ment destination,” she says. real estate, as well as leasing and droupolis that we are developing Perikles Nicolaou, CEO, Gaiaose to decide what to invest in, lease, benefit all stakeholders.”
12 For further information please visit www.prisma-reports.com 13
GREECE Europe’s next investment hotspot? GREECE Europe’s next investment hotspot?
Energy: Harvesting a strategic location Interconnections
© IPTO
Its location at the crossroads of energy routes plus ambitious for the islands
© DESFA
decarbonization goals turn Greece into a regional power hub.
The rapid expansion of Greece’s electricity transmission
Last year, Greece announced its system opens up investment opportunities.
ambitions for the decarbonization
of an energy system currently re-
liant on lignite coal. “Our national Limited electricity interconnec-
strategy has an increased focus on tions between Greece’s mainland
green energy and gas. We have ac- and islands is currently a restriction
celerated the closure of lignite-fu- to the country’s decarbonization
eled power plants and raised goals. Without this underwater in- IPTO’s underwater laying activities around the islands
targets for renewables to provide frastructure, many islands are off
35% of our energy and 65% of our A Q-flex vessel docks at DESFA’s Revithoussa liquefied natural gas terminal grid and rely on fossil fuels. In addi- with a €5-billion 10-year investment as a new land-based connection
electricity by 2030,” says Gerassi- tion, the development of renewable program,” states chairman and with Bulgaria, as Greece becomes
mos Thomas, Deputy Minister of nean. “Greece is underexplored. It ly,” Battilana states. DESFA is now energy is curbed by an inability to CEO, Manos Manousakis. Projects a hub for electricity. As a reflection
Environment and Energy. reminds me a lot of Israel, which is consulting on a new 10-year plan get electricity off islands and in the in the program cover many islands, of the country’s importance in the
That means raising solar gen- now self-sufficient and an exporter. for further investment in its net- grid. including a connection between At- region’s electricity sector and AD-
eration from 2.7GW to 7.7GW, Gerassimos Thomas Greece can follow that route,” says work and interconnections. Greece’s Independent Power tica and Crete. Budgeted at €356 MIE’s high standards, Thessaloniki
wind from 3.5GW to 7GW and
Deputy Minister of Environment and Energy
Mathios Rigas, CEO of the coun- “Greece has maximized its Transmission Operator (IPTO/ million, ADMIE is expected to sell will host Southeast Europe’s new
installing more hydropower, bio- try’s active oil producer, Energean. strategic geographical position as ADMIE) is solving this issue. As 39% of this project to the private Regional Security Coordinator that
Manos Manousakis
mass, biogas and geothermal billion. This involves the instal- Secondly, Greece is beefing a transmission route for gas. It is grid operator, its role is to ensure Chairman and CEO, Independent Power
sector. This is just one opportunity will safeguard efficient integration
capacity. Greece is well placed to lation of a 582MW wind turbine up its gas infrastructure to serve also playing an increasing role in the transmission system is safe, Transmission Operator (ADMIE) ADMIE is opening up to investors. between countries’ electricity sys-
achieve this, as it is blessed with network that will spread across 23 its own needs and extend supply supplying electricity to the Balkans reliable, efficient and benefits the “We also aspire to build more inter- tems and markets. “Going forward,
constant sunshine and thousands uninhabited islets in the Aegean security to Europe, which has and in the unification of Europe’s whole nation. To help develop its a 24% stake. “Since then, ADMIE connections with Balkan countries,” we also want to invest in storage
of uninhabited, windswept is- Sea. This will be linked to SAI and become dependent on Russian electricity market. Our electricity network effectively, in 2017 ADMIE has transformed into a state-of-the- adds Manousakis. and electro-mobility, which are im-
lands. “To encourage investors, we GAP underwater interconnections gas. “A major development was infrastructure is expanding,” says was partly privatized, with the State art company and accelerated its ADMIE is increasingly installing portant issues for Greece,” Manou-
are reviewing our licensing proce- that will run between Asia, Africa Grid Corporation of China buying plans for island interconnections, cross-border infrastructure, such sakis says.
dure. We are also developing reg- and Europe. In another, we have Greece has maximized its strategic geographical position
ulatory frameworks for combined put forward a proposal to invest as a transmission route for gas.”
energy storage and renewable
projects and for offshore wind and
in the first large-scale battery stor-
age project of 250MW in Western
Gerassimos Thomas, Deputy Minister of Environment and Energy
The promised land of renewables
solar,” he states. Macedonia,” says George Kala- expanding Revithoussa liquefied Thomas. As well as infrastructure,
Cutting-edge projects are al- vrouziotis, EEG’s founder and natural gas (LNG) terminal near the government wants to invest According to one Greek pioneer, the future belongs to renewable
ready in the pipeline, as illustrat- CEO. Athens. This opened the door to more in technology and the digi- energy, storage via innovative technology and interconnections.
ed by the upcoming portfolio of Greece is also building its posi- U.S. LNG,” says Geoffrey Pyatt, talization of its electricity systems
Eunice Energy Group (EEG), a tion with regard to oil and, espe- ambassador of the U.S. to Greece. in order to boost energy efficiency.
leading Greek renewable energy cially, gas. Firstly, it is encouraging A second terminal, operated by “Overall, our national strategy “There is huge potential in Greek power, battery storage and EEG’s
company that has been investing hydrocarbon exploration. Total, the Gastrade consortium is be- for energy requires investments of renewable energy sources (RES), innovative energy management
in pioneering green energy devel- Repsol and ExxonMobil are all ing built near the port of Alexan- €44 billion and we plan to attract with investments of €25 billion system, S4S. EEG also manufac-
opments since 2001. working in a country that shares droupolis, which is used by U.S. significant private capital to help expected by 2030,” says George tures the first made-in-Greece
“One of our groundbreaking geology with other parts of the hy- defense forces. meet this. Kalavrouziotis, founder and wind turbine, the 50kW EW16
projects has a budget of over €1.4 drocarbon-rich Eastern Mediterra- Revithoussa LNG Terminal One way we are achieving it is CEO of Eunice Energy Group thetis, which integrates with its
is operated by the Hellenic Gas by strengthening competition to (EEG). His 100%-green busi- S4S, storage units, smart energy
Transmission System Operator encourage new players in genera- ness is a key driver in Greece’s devices and electric vehicle (EV)
(DESFA), which is responsible tion, distribution and retail. The move to RES. It is, for example, chargers. “With these products,
Growth in Greek wind power capacity for Greece’s natural gas transmis- gas market has been liberalized the only Greek business develop- EEG is bringing the ‘Democracy
sion system and interconnections. and we will shift to a market-based ing its own wind and solar photo- of Energy’. We encourage energy
Total capacity to the grid (MW) per year “DESFA was privatized in 2018 system for electricity this year,” voltaic parks, all of which are self communities, where groups of
and now leverages the know-how Thomas asserts. financed. EEG’s RES facilities people and organizations can be-
of its shareholders: Italy’s Snam, In addition to DESFA, Greece currently generate about 100MW come ‘netprosumers’ by produc-
Spain’s Enagás and Belgium’s has already privatized a number of of energy and it has a pipeline ing, consuming, storing and sell-
Fluxys,” says CEO Nicola Batti- state-owned energy assets, includ- under development for another ing energy,” says Kalavrouziotis.
lana. ing the Public Power Corporation, 1,000MW. Additionally, EEG’s EEG’s wide-ranging creden-
DESFA is overseeing pipeline Hellenic Petroleum, and the Inde- subsidiary We Energy provides tials have made it the Greek
projects that will cement Greece as pendent Power Transmission Op- green and clean energy to the re- partner of choice for internation-
Europe’s gas gateway. “Our LNG erator. The gas distributor, DEPA, tail market. al green-energy firms. In 2019, for
has already reached Bulgaria, then will be next. “Today, Greece rep- EEG is the Greek leader in instance, it started a joint venture
it will reach North Macedonia resents an opportunity for U.S. smart-grid technology and dis- with the U.S.’s Blink Charging to
and eventually the entire Balkan investors and partners and act as tributed energy as well. For exam- target Europe’s EV charging mar-
region; while the Trans Adriatic a springboard into the energy mar- ple, it owns an award-winning hy- ket starting with Greece, where a
The Hellenic Wind Energy Association’s statistics take into account the wind capacity which is
in commercial or test operation in Greece and are based on sources from the market actors. Pipeline (TAP) will take gas from kets of South Eastern Europe and brid power plant on Tilos island new network of chargers will be
Azerbaijan through Greece to Ita- the Balkans,” he concludes. that combines solar and wind powered by EEG’s green energy.
14 For further information please visit www.prisma-reports.com 15
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