EBRD €135 million loan to build most powerful wind farm in Turkey
11/10/2012 11:42

EBRD is promoting renewable energy in Turkey with a €135 million loan to Enerjisa for the construction of a new wind farm in the country. Turkey is one of the fastest growing electricity market globally. Increasing electricity generation from renewable energy sources is one of the country’s priorities in order to meet the growing electricity demand and diversify away from expensive, imported fuel sources. Turkey is aiming to connect to the grid 10 GW of wind capacity alone by 2020. The proceeds of the EBRD loan will be used to build Enerjisa Bares WPP, an on-shore independent wind farm in Balikesir in western Turkey. Enerjisa Bares WPP will consist of 52 wind turbines and will have a generation capacity of 142.5 MW.

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New EU energy efficiency directive
01/10/2012 09:13

After several months of discussions between the Council of the European Union and the European Commission, the European Parliament approved the directive. Member states will have to renovate central government buildings and set out a roadmap for achieving energy savings of 80% in the buildings sector by 2050. Energy companies covered by the directive would have to achieve a ‘cumulative end-use energy savings target’ by 2020. All large enterprises would be required to undergo an energy audit. These audits would need to start within three years of the directive's entry into force and should be carried out every four years by qualified and accredited experts. The directive will enter into force 20 days after its publication in EU's Official Journal and member states will have 18 months to transpose it into their national laws.

Consultation on the proposed EU Green Public Procurement (GPP) criteria for waste water infrastructure work
01/10/2012 09:12

In order to facilitate the uptake of Green Public Procurement (GPP), the European Commission is developing EU GPP criteria to assist the contracting authorities throughout the European Union. The development process includes a consultation inviting comments by interested parties. The present consultation relates to waste water infrastructure works. The technical background report and the draft EU GPP criteria are available for review and comments at http://ec.europa.eu/regional_policy/consultation/gpp/index_en.cfm.The deadline is set for the 14th December 2012.

Two new hydropower plants in Albania
01/10/2012 09:10

EBRD decided to lend €5.2 million to Hydro Power Plant of Korca for two units generating 23 GWh per year and finance the construction of two small hydropower plants in the eastern part of the country. Albania generates almost all of its electricity from hydropower plants, but has the potential to further increase its domestic production and become a regional player in the energy market. Rehabilitation of the hydropower sector and improvement of energy efficiency and dam safety is one of the country’s priorities. With the support of the EBRD loan, Hydro Power Plant of Korca will build two plants – Verbe-Selce 1 and 2 – due to become operational next year. With a combined capacity of 5 MW, the two plants will generate up to 23 GWh of electricity per year and help offset over 17,400 tonnes of CO2 annually. Since the beginning of its operations in Albania, the EBRD has invested over €700 million in various sectors of the country’s economy, mobilising additional investments of more than €2 billion from other sources of financing.

According to Court Decision the «Badminton» facilities (Goudi - Attiki) should be demolished
01/06/2012 10:07


The premises used in the Olympic Games 2004 and then granted to private legal entities for cultural events, shall be demolished, as the State Council according to its decision annulled the respective building permit. The premises of «Badminton» (Goudi - Attiki) were used in the Olympic Games for various sports. In the years that followed their operation has been granted to private legal entities and the premises are being used for cultural events (music, theater, conferences, etc.). According to Athens newspapers, the State Council, by accepting the request of a cultural association and residents of the region, cancelled the building permit issued in 2006 (and its revision issued ), which allowed them to convert temporary (non -permanent) into permanent facilities, to cater and to other post-Olympic use. In that way, the building is now arbitrary and should be demolished. Its demolition is sure to emerge financial claims by the legal entities, which operate the premises under a 20-year concession agreement with the company under the name "Olympic Properties S.A.".

Τhe Special Property Contribution complies with the Constitution according to State Council’s Decision
01/06/2012 10:06

According to no. 1972/2012 decision of the State Council the Special Property Contribution complies with the Constitution and the First Additional Protocol to the European Convention on Human Rights (ECHR). In the aforementioned decision, the Assembly of the State Council cancels the decision of the Deputy Minister of Finance no. 1211/2011, according to which the power supply is expected to be disconnected to anyone, who does not pay the Special Property Contribution, resulting that such disconnection is contrary to the Constitution. In particular, the State Council considers that the Special Property Contribution is a temporary tax (for a two year period), based on general and objective criteria such as area, price band, etc. The fee in question does not violate the constitutional provisions (which protect the property, proportionality, equality, the distribution of tax burdens, etc.) or the ECHR, being a constitutionally tolerable limitation of the property under the circumstances.

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Concessions in marine tourism
24/04/2012 09:24

Concessions are progressing in large marine tourism units. Greeks, Turks, Arabs and Europeans are among the investors, who wish to participate. The Development and Tourism ministries proceed to all necessary steps, such as planning. Strong interest exists for marinas located in the eastern Aegean, which have attracted Turkish groups, because they provide opportunities for local development of marine tourism.

After granting the tourist port of Mytilene, Chios and Thessaloniki are next. Greece has a coastline extending over sixteen thousand kilometres. Officially in Greece there are 19 marinas with 6,661 berths. The size of the market (by value) of the Greek tourist ports was in 2008 30 million euro and had an average annual growth rate of 4% over the period 2005-2008. Groups and foreign investment organizations consider the aforementioned market and have been in contact with respective representatives. Interest show schemes from the Persian Gulf, namely Abu Dhabi, Qatar and Kuwait, while the Aegean and Ionian is overlooked by French and Italian investors. The consortium Folli Follie and Setur Servis Turistik was selected in the international open public tender for the managing the tourist port of Mytilene. The agreement provides for operation over 40 years and annual rent of € 250,000. The two groups are expected to participate in other concessions in Greece and Turkey.

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Renewable Energy Sources, a priority for Greece
03/04/2012 09:11

According to the Prime Minister of Greece, Loucas Papadimos, investment projects in renewable energy sources is a national priority for Greece, which shall boost the financial growth and further development, including Helios project with a total budget of 20 billion euros. The energy industry gives Greece the opportunity to a hub for EU and other countries, while Helios project represents the sustainable development and shall enable Greece to become a great exporter of clean energy in EU.

Residential land uses in Helliniko
22/03/2012 10:00

Residential land uses are proposed for the coastal front of the former airport area, up to 40% of the total area and building factor 0.6%, according to last-minute amendments tabled by the Ministry of Environment. The coastal front including the areas of the former Olympic Sailing Centre Agios Kosmas and the National Youth Sports Centre Agios Kosmas, the maximum allowable building factor is set to 0.25 from 0.2 initially and the maximum height of buildings to 16m from 10m. It has been proposed that contracts concluded between the Helliniko S.A. and public services located at the former airport area (e.g. police, fire, archaeological services, etc.) can be agreed to stay or relocate within the property.

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PPC Ptolemaida
13/03/2012 09:14


The funding for the construction of Ptolemaida 5 (PPC Unit) was secured by German banks and guaranteed by Germany’s Export Credit Institute Hermes. In the financing scheme a German investment bank shall participate and 700 million euros have already been secured, while the possibility of some other cooperation remains open. It is noted that through Hermes the project was insured for country risk, which actually paved the way for financing the aforementioned project. The project will use German equipment (Babcock, the company participates in the consortium led by Terna S.A., responsible for building the unit), a necessary provision to start the financing mechanism.

Project Helios
12/03/2012 09:53


The law related to project HELIOS was proposed to the Greek Parliament by the Greek Ministry of Environment, Energy and Climate Change. The law (in draft) was submitted to public consultation. It provides for the establishment of a company called "PROJECT HELIOS S.A.", whose unique shareholder will be the Greek State. The company's share capital shall be 1,000,000 Euros and it will be supervised by the Ministry of Environment. It will be exempt from most of the rules applicable to public companies and will operate like a private entity (i.e. like a regular limited liability company) with some exceptions. The company will undertake the implementation of the project. For this it will (summarizing the relevant provision of the law):

-Investigate and evaluate the country's solar energy potential;

-Propose to the Minister of Environment, Energy and Climate Change state- and municipality-owned land parcels which are identified as appropriate to be included in the project;

-Secure rights to use such land parcels (via leases or free grants of rights to use)–also expropriations of third party rights are envisaged to make sure that all such land parcels are free and clear of third party rights;

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New guide on EU funds for SMEs
12/03/2012 09:36

The European Union provides assistance and financial support to European SMEs in numerous forms (grants, loans, guarantees, business support services etc.).

These measures are summarised in a new guide which presents the various EU programmes, with an overview and links to websites for further information.  The assistance schemes are categorised as follows :

- thematic funding opportunities
- structural funds
- financial instruments
- support for the internationalisation of SMEs


Download the guide: http://ec.europa.eu/enterprise/newsroom/cf/_getdocument.cfm?doc_id=7264

New EFCA guide to assist firms involved in integrated business models
12/03/2012 09:29


Many owners today want an arrangement where a single source is responsible and accountable for all phases the construction business process. The firms will have to learn how to integrate the clients’ needs into their modus operandi and business strategy.

The free EFCA guide is intended as a quick reference for engineering consultancy firms, working outside the traditional design-bid-build approach and contracting relationships.

An integrated project process implies high demands on teamwork and a focus on results.

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MIPIM 2012
12/03/2012 09:20

 The MIPIM leading international real estate fair was held this week in Cannes. Real estate professionals analyze current trends and have to choose between hundreds of investment options. This year Greece participates and is represented by the Development of Private Property Bank (TAIPED) and supported by banks’ real estate companies. The tender for Helliniko property, Corfu property, the Afantou golf area and other properties, appeared to be very attractive and suitable to foreign investors.


Instructions for the implementation of direct working contracts with Greek municipalities.
07/03/2012 08:38

Circular document with instructions was issued by the Deputy Interior Minister Fofi Gennimata, setting out the procedural details for the implementation of a new direct-working-contracts-program in the Greek municipalities. According to it unemployed specialists can be hired by Greek municipalities to work with a fixed term contract in community projects.

As stated in the Circular, the provisions of Law 4024/2011, provided for the first time, the temporary staff shall be referred to an Annual Unemployed Table drawn up for this purpose by the Greek Employment Agency, following a public invitation and submission of applications. The selection shall be based on clearly defined criteria.

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