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1st East Med Energy Leadership Summit - Elias Eliades


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Elias Eliades, Deputy Director of Investment Promotion & Facilitation, Enterprise Greece

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1st East Med Energy Leadership Summit - Elias Eliades

  1. 1. Let Greece inspire you! Securing financing and creating an enabling environment for energy investments October 2, 2019 Elias Eliades Deputy Director Investment Promotion & Facilitation
  2. 2. Agenda ❖ Energy Outlook ❖ Key Energy Infrastructure Projects ❖ Energy Investment: Financing and Funding ❖ Enterprise Greece: Project Portfolio & Mandate
  3. 3. ENERGY OUTLOOK Combining a strong capacity to produce Electricity from a strong RES potential, the opportunity to develop previously unexplored hydrocarbons in a strategic location right in the centre of evolving new networks for the transportation of energy from Asia and the Middle East to Europe, Greece is now emerging as a key energy hub in the EMEA region
  4. 4. • New infrastructure in natural gas transmission (TAP, IBG, EASTMed, LNG terminals, gas distribution s, etc.) • Renewable energy projects (Wind, Solar, Biomass, Small Hydro, Geothermal, Hybrid, Solar-thermal, etc.) • RES production capacity of 5.6GW, supported by a new “feed in premium framework”, penetration in production at 18% on a national level (2016) and a revised national target for 2030 set to 50%, with new RES investments expected to amount to €3,5 bn in the next 2 years, directed mainly to wind farms • Established Feed-in-Premium remuneration scheme through auctions, for RES produced electricity • Development of Waste to Energy projects (biogas, biomass, etc.) • Hydrocarbons exploration and deveIopment is evolving rapidly with of world class energy MNC’s deploying their E&D plans Energy outlook (I) Investment opportunities in progress & forthcoming
  5. 5. • Privatisation of major energy utilities: Public Gas Corporation (DEPA), Public Power Corporation (PPC-DEI), Hellenic Petroleum (HELPE), through HRADF, and Hellenic Electricity Distribution Network Operator (HEDNO S.A.) • New Grid connectivity projects (Cyclades, Crete, EuroAsia Interconnector, etc.) • Energy efficiency, an emerging subsector with rapidly evolving opportunities within Private and Public infrastructure • High-end R&D projects focusing on generation and storage • 19 strategic energy projects identified in Greece, “Projects of Common Interest” (PCIs), in the electricity and natural gas sectors will spur new investment activity in the Greek energy sector Energy outlook (II) Investment opportunities in progress & forthcoming Medium term total investment is expected to exceed €35bn
  6. 6. Key Energy Infrastructure Projects Developed – under development Key Energy Infrastructure Projects (approx. € 10 bn) • Trans-Adriatic Pipeline of 878 km length, to supply Europe with natural gas from Azerbaijan through Greece, Albania and Italy,. • Attica – Crete and Attica-Peloponnese – Crete Interconnectors: two HVDC cables underwater connecting Crete with the mainland, capacity of 1,000 MW and 400MW • IGB: Natural gas pipeline of 182km length connecting the Greek and Bulgarian networks • Alexandroupoli Independent Natural Gas System: New offshore LNG distributiona andstorage facility with 28 km length of subsea and onshore pipeline with storage capacity of 170k m³ • Ptolemaida V Power Plant: New thermal power plant of 660 MW and 140 MW for district heating (PPC) • Kavala LNG: UGS facility (170k m³ LNG capacity) and processing terminal at Kavala Bay Source: PWC, 2019
  7. 7. Energy Investment Financing and Funding
  8. 8. Projects of Common Interest (PCI’s) • Projects of common interest (PCIs) are key cross border infrastructure projects that link the energy systems of EU countries, intended to help the EU achieve its energy policy and climate objectives • PCIs have access to a total of €5.35 billion in funding from the Connecting Europe Facility (CEF), the EU's €30 billion fund for boosting energy, transport, and digital infrastructure between 2014 and 2020. This funding is intended to speed up the projects and attract private investors • 19 Energy projects identified in Greece, have acquired the PCI status Source: PWC, 2019 EASTMED Gas EuroAsia Interconnector IGI- POSEIDON TAP Interconnection Maritsa East - N. Santa
  9. 9. Qualification prerequisites • > €100mn + 120 jobs • > €40mn + 100 jobs • > €30mn in industry + 75 jobs • > €25mn in industry within organized industrial/business zones + 50 jobs • > €200mn in industry + 200 jobs from distinguished international companies • > €20mn + 30 jobs from distinguished international companies • European energy Projects of Common Interest (PCIs) 19 projects approved, €3.8bn / 14 in the pipeline, €3.7bn Incentives for strategic investments (1)
  10. 10. Incentives on offer Development of special spatial development plans Tax exemption Fast track licensing Cash grants for job creation and R&D projects Absolute priority Licensing process 45 day deadline One-stop- shop Incentives for strategic investments (2)
  11. 11. International Organizations Project Financing Between 2010-2018, EIB invested ~€13.7bn in Greece, mainly in infrastructure, SMEs & energy projects, while more than €20bn have been invested in total by all these international financing organisations
  12. 12. EG Project portfolio service • Promotion of mature public projects, in sectors where the country has competitive advantages. • Cooperation with the relevant Ministries and the local authorities for finding projects which can attract private investments. • Development of a portfolio of mature private projects in many sectors of the economy • 450 privately owned projects in our projects’ portfolio. • Customized promotion to foreign Investors • Matchmaking process Public Projects Private Projects • Foreign investors are interested in specific investment proposals. • Enterprise Greece had to identify and compile a list of specific and meaningful investment projects, able to appeal and attract foreign investment capital • Since 2009 a dynamic project portfolio has been compiled, spanning across all major economic sectors
  13. 13. EG Project portfolio service - Energy • Projects in Energy include 40 Renewable Energy Sources projects by well established Greek firms/groups that are looking for equity participation or debt financing. • Available Projects are in various stages (partly/fully licensed, partly/fully constructed, in operation) • The projects span a broad range of energy subsectors like, Wind and Solar energy, Biomass, Solar thermal, Hydroelectric, Thermal production, etc.
  14. 14. Enterprise Greece is the official agency of the Greek State, under the supervision of the Ministry of Foreign Affairs… …to showcase Greece as an outstanding destination for investment and promote the highly competitive products and services produced in Greece for export
  15. 15. Enterprise Greece