Greenesco Energy S.A. was founded by Attica Finance,  and Public Power Company Renewables. The company offers integrated solutions with a full range of energy-saving services and energy production from RES.

Thanks to its shareholding structure, it has a big portfolio in RES (projects of PPC Renewables), strong presence throughout the country (network of PPC and DEDDIE) and to neighboring Balkan countries through the companies acquired by PPC.

GREENESCO has already signed strategic cooperation agreements with large public institutions (ministries, municipalities, companies of the public sector) for advisory services in energy saving, energy production from RES and infrastructure projects.

arrow Introduction:

Greenesco Energy S.A. was founded in 2017 by Attica Finance and PPC Renewables. The company offers integrated solutions with a full range of energy-saving services, such as energy upgrade of building installations, cooling-heating, smart software monitoring, LED lamps, net metering etc. The company possesses significant know-how in the technical implementation of the projects while it can undertake large-scale projects on very competitive terms, as it offers good prices, favorable financing conditions and high-quality products.

Attica Finance is a company of the Attica Bank Group ( and was established to become the Bank’s investment arm. Attica Finance’s activities also include energy saving projects. To this end, it has signed an agreement with the Chinese company SUMEC for Renewable Energy Sources and Energy Saving projects,

PPC Renewables ( is a 100% subsidiary of the Public Power Company ( ) and is the first company in Greece since 1982 to operate in the field of Renewable Energy Sources (RES). With 20 wind farms, 17 small hydropower stations and 28 photovoltaic stations, with a total installed capacity of 153 MW, PPC Renewable holds a significant share of the energy market in Greece.

In Greece, energy efficiency and energy saving is a key national goal in shaping a new development model for the country. Reducing energy consumption through energy efficiency is a powerful and cost-effective mean for the increase of energy security while there is still considerable economic potential to improve energy efficiency in public infrastructure. EU has been put as top priority, its active participation in the global fight against climate change, which is one of the greatest global challenges of our times and requires immediate action and cooperation between local and regional and national authorities, with the aim for the EU Member States to reduce their overall emissions of CO2, at least 40% by 2030.

Thanks to its shareholding structure, it has a strong presence throughout the country (network of PPC and DEDDIE) as well as competing credit programs which are being developed by Attica Finance while it utilizes credit from its suppliers. We cooperate, among other things, with large,state-owned, Groupsfrom major countries, which provide significant credit for the supply of energy equipment in order to strengthen their presence in the Greek market.

GREENESCO has already signed strategic cooperation agreements with large public institutions (ministries, municipalities, companies of the public sector) for advisory services in energy saving, energy production from RES and infrastructure projects. As a consultant, it proposes and matures large public tenders in these areas.

arrow Comparative advantages of GREENESCO:

  • A flexible energy service company (official esco) with speed and efficiency in making and implementing decisions that, although private, are covered by the PPC’s large umbrella, having the benefits of PPC’s goodwill but not its difficulties, due to its size, in the management of projects.
  • Proposals for RES projects in Greece, support for the implementation of the projects, legal-tax-marketing
  • Contacts with the public sector (municipalities-regions-islands)
  • Especially in the islands, by cooperating with the Ministry of Shipping and Public Water Company S.A. we can build big RES and desalination projects and hybrid systems.
  • Actions aimed at maturing projects in local populations. We can effectively study and implement the maturation of major projects. We are energy consultants in many environmental organizations with an institutional role.
  • Support for the implementation of projects with local subcontractors, etc.
  • Solvency of company shareholders (PPC Renewables – Attica Bank). Ability to support long-term contracts.
  • Long-term product warranties.
  • Ability to support the study and implementation of integrated energy saving proposals in a single project.
  • High Credit Quality which can cover completed projects in many facilities at the same time.

In conclusion we can be the spearhead for the development of RES projects in Greece and other countries in the Balkan Peninsula utilizing the network of subsidiaries and cooperating companies with PPC and the Greek banks operating in these countries (Albania, Skopje, Bulgaria, Romania, Serbia).

arrow Opportunities in Greece:

Α) RES Projects

  • Potential customers are those who won at 7.2018 RAE auction, >100mw photovoltaic, > 170mw wind. All these have a specific guaranteed sale price of the energy produced.
  • Those who will win the next auction 12.2018 of RAE for equivalent mw.
  • New RES projects to participate in the next auction (July 2019).
  • Energy Communities: A program that has been operating effectively since 2007 in many European countries. Enables partners (municipalities, regions, cooperatives, businesses, individuals) to implement RES projects for offsetting or selling energy. It is estimated, based on European data, that the power to be built over the next three years will exceed 1GW

Legal framework: They are constituted by at least 15 individuals (natural or legal, private or public) as a simple civil society with the aim either to offset the partners’ consumption or sell the energy produced. It has already been announced that in the first two months of 2019, the ministry will give an amount of € 25 million to subsidize (NSRF) the first Energy Communities up to 1 MW each. There are also significant tax benefits that further improve the repayment period of the investment.

  • NET NETERING: Energy production for energy netting to large customers (Municipalities, hospitals, hotels, industrial manufacturing plants).

Municipalities: Each Municipality (330 in Greece) can implement a RES project up to 3 MW. The sale of energy for projects up to 3 MW is done with tariffs. In total, 1 GW projects can be implemented in Greece.

Private sector: Each enterprise can implement a RES project up to 50% of its agreed power.

  • Islands: Their important role in the development of RES is due to the strong wind potential and very high sunshine.
  • Non-interconnected: Power plants in non-interconnected islands (52 islands all over Greece). The energy will be used for self-consumption and for feeding new desalination units
  • Network-connected: Development of RES units to promote the generated energy in the grid
  • Photovoltaic systems for the offset of produced and consumed energy in the public and private sector. In particular, in municipalities there will be tenders for 1-3 mw in each municipality. Public companies, with top priority the 32 ports, will launch tenders for self-production of green energy.
  • Wind generators (We have already had appointments with representatives from major Wind Turbine Manufacturers, and they expressed us their strong interest for the Greek market, to exploit with them the present and future opportunities especially for the Energy Communities that are about to be formed according to the new E.U. directive)
  • Energy Saving in Public Buildings (Lighting, Cogeneration, Smart Control and Power Management Systems, P/V)
  • Led lights(private and public projects). Especially in street-lighting, the 330 municipalities will launch tenders to replace their street-lighting bulbs. Each tender will involve an investment of 2-6 million euros.
  • Smart Cities infrastructure

Β) Other Projects

  • Energy storage for off-grid islands
  • PV in water pumping stations all over Greece (our relationship with EYDAP)
  • Desalination units on 32 islands all over Greece, but also in regions of mainland Greece with water shortages, combined with production from RES (our relationship with the Ministry of Shipping and EYDAP).
  • Hybrid Systems in the Islands (Saving – Production of Energy from RES – Storage – Desalination – Hydroelectric Energy Storage Systems)
  • Cogeneration of Electricity in big consumers (hospitals, hotels, big manufacture companies etc.)
  • Water supply and sewerage projects
  • Electric cars (vehicles, charging stations)
  • Water management equipment
  • Biological cleaning
  • Waste Management (new forms of energy production)

The projects that will be included in tenders in the three-year period 2019-2022 will be included in public-private co-financing programs and many will be funded by EU programs, many of which have already been announced.

Entry into the Greek market with prospects of direct penetration requires:

  • Certified products and services
  • Significant credits from suppliers that cover the period of depreciation of the project’s cost (e.g. LED 2 years, PV and wind turbines 6 years)
  • Establishment of a fund which will finance energy-saving and energy production projects

Investments Funds

Concerning Attica Finance, parent company of Greenesco as we mentioned, is active, among others, in the establishment and management of investment funds in the fields that Greece has competitive advantage such as: Tourism & Real Estate, Energy and Food & Beverage. Attica Finance prepares 3 funds:

Food & Beverage Fund

This fund (30 mn. Euros – 1st closing) is intended to finance small and medium-sized Greek food and beverage companies. The fund will invest in a basket of companies, so it will have the appropriate diversification and size to attract international investors. The Fund will direct capital towards the healthiest part of the sector, upgrade and modernize the best small and medium-sized enterprises in the country and stimulate their export activity.

In order to ensure the success of the project, we have come to an agreement with the Association of Greek Food and Beverages Importers (SELETROPE), which operates through its commercial networks in Europe and internationally in the promotion and trade of high quality and nutritional value Greek food products. On this edge we established a joint company to achieve the objective of strengthening the Greek food and beverage producers with export activity, which will act as an advisor to the Fund. Members of SELETROPE support this goal by investing in the fund, showing their belief in the project.

In order to provide maximum assurance to export companies and to enhance the attractiveness of the fund, we have already made contacts in order to sign contracts between Greek exporters and their respective importers, which will provide that the extra production of the Greek exporting companies will be absorbed in advance by the importers. Greek companies will therefore be certain that they will sell their extra production. In addition credit insurance will be used to protect payments from the importers.

This type of fund (AKES) has tax advantages in order to attract foreign investments since the law provides that every unitholder is tax in their country and no appreciation tax is imposed in Greece.

Energy & Energy Saving Fund

Greece has great investment opportunities in the field of energy saving and other forms of RES, following the European Union’s directives as well as the Energy Communities Act. For this fund (20 mn. Euros – 1st closing), Attica Finance and PPC Renewables, a 100% subsidiary of PPC, have already established an energy service company, Greenesco Energy SA. PPC Renewables has extensive experience in energy projects and operates renewable energy projects with total installed capacity of 153 MW. The presence of PPC Renewables offers additional confidence to investors while returns are prosperous. Moreover, we have cooperation with the Chinese group of companies SUMEC, one of the largest import and export companies in China, which will provide its equipment with significant credit. SUMEC is a subsidiary of SINOMACH, which is the biggest state exporter of China, no. 278 in Fortune Global 500, with revenue of over 30 bn. euros.

This Fund will allow investments in RES and energy savings projects, in parts where existing partnerships do not provide credit, enabling integrated solutions to the customers. The fund will invest in the whole range of projects, such as: street lighting, LED lighting in companies, Cooling/heating, Energy upgrading of buildings, Net Metering, Water Supply/Sewerage, Biological Cleaning, Desalination, Geothermy, Hydroelectric, Wind, Photovoltaic, Biomass, Biogas, Waste Energy Production etc.

Real Estate Fund

Greece has many attractive properties that are now offered at reasonable prices. The target of the Fund (50 mn. Euros – 1st closing) is in both tourist and commercial real estate. Especially tourist properties include those of religious, medical and wellness tourism.

Wellness villages are a great opportunity as it is now a global trend among retirees the creation of a specially designed, integrated community for the elderly or people in need of special healthcare. Greece is the ideal location for the development of such communities due to the Mediterranean climate, the abundance of hospitals and airports with direct flights to northern European countries, food quality, the existence of heritage sites and the very competitive pricing of services. In addition, it is an excellent opportunity for “golden visa» investors, since it combines the visa with a big return. The minimum amount is 400,000 euros.

The legal form that Real Estate Funds can take today in Greece is that of Real Estate Investment Companies (AEEAP). AEEAPs benefit from tax exemptions, making them a very attractive investment vehicle. Attica Properties, 100% subsidiary of Attica Bank, acting as Fund Adviser, can assist in identifying opportunities across the country.

As we currently seeking to raise capital for these funds, we would like you to introduce us to suitable investors who are interested in opportunities in Greece through the funds mentioned above.