Investment in PV systems for power production

Whether you’re a private individual or a business wishing to take advantage of the incentives offered by laws 3468/2006, 3734/2009, 3851/2010, 3889/2010, 4001/2011 and 4062/2012, and invest in PV solar power generation, NBG offers the ideal financing solutions.

For further details click Details.

Businesses wishing to invest in PV power generators can apply for the following NBG products:

• Business Multiloan or Fixed Asset Loan (amortized)
• Working Capital financing against state subsidization.

A. Business Multiloan (interest amortized) or Fixed Asset Loan (amortized)

Purpose:

The loan is available for purchasing mechanical equipment, specifically for financing the purchase, installation, connection to the Public Power Corporation network of PV power generation equipment, and other related expenses.

Loan amount:

Up to 75% of the value for investment projects not included in regulated programmes, or up to the level specified by the relevant regulatory decision for investment projects included (or pending inclusion) in the programme regulated by Development Law 3299/2004, as currently applicable.

Term:

Up to 13 years, with grace period option.

Repayment:
Through the sales proceeds of the power generated, in equal monthly instalments, or as provided for under the investor’s relevant contract with the Public Power Corporation.

B. Working Capital financing against state subsidy 

Purpose:

Working capital financing against state subsidy.

Loan amount:

Up to 100% of the subsidy specified under the relevant regulatory decision for projects included in the programme regulated by Development Law 3299/2004, as currently applicable.

Repayment:

Through interest-only payments (interest posted as at 30 June and 31 December). The principal is paid up through the subsidy within twelve (12) months from disbursement of the funds at the latest.

Charges and fees:

a) One-off review charges per project:

• €1,000 for PV power generation units with total capacity up to 100 KW
• €10 per kW of power produced for PV generation units with total capacity over 100 KW

b) Annual fee of €1,500 (per PV power unit) for management of the respective pledge over the solar power sold, for the entire term of the loan.

Interest rates

Α. Business Multiloan (interest amortized) or Fixed Asset Loan (amortized)

You can choose from the following options:

• Base floating rate for fixed asset loans
• Fixed rate for 3, 5 or 7 years
• Floating rate (1M, 3M or 6M Euribor)
• Interbank market rate (applicable only for Fixed Asset Loan)

Β. Working Capital financing against state subsidization

You can choose from the following options:

• Base floating rate for working capital financing
• Floating rate (1M, 3M or 6M Euribor)
• Interbank market rate

The above rates are subject to interest rate margin and charges under Law 128/75.

For further information on rates and charges click here.

For further information, contact any one of our Branches. 

Basic Documentation

1. Legalization documents
2. For businesses with category B account books:

• latest tax clearance;
• Ε1 and Ε3 forms for the last three years, E9 form for 2005 along with subsequent adjustments;
• periodic VAT returns and the corresponding ones for the previous year, where applicable.

       For businesses that keep category C account books:

        further to the above:

• last three years’ financial documents;
• a recent current account balance and the current account balance for the corresponding month of the previous year.

3. Evidence of legal ownership, or use, of the land on which the PV generation plant is scheduled to be installed. In the latter case, the legal use should cover a time period of no less than 20 years, confirmed by the documents supplied, such as the relevant notarial deed and the corresponding mortgage/land registry deed.
4. Evidence of investor’s own participation in the project (such as deposits and investment products).
5. Other documentation such as suppliers’ offers, pro-forma invoices, the project budget, installation blueprints, PV unit – Public Power Corporation network connection plan, city-planning authorities’ permit, technical brochures etc. accompanied by the main equipment supplier’s ISO 9001/2000 certificate.
6. For power units with capacity up to 500KW, regulatory decision confirming the investor’s exemption from the issue of an electricity generation license, supplied by the Regulatory Authority for Energy regarding investments under law 3468/2006.

• Investment plans for PV systems are no longer included in the new Development Law 3908/2011.
• Because of the increased number of applications since August 2012, the licensing procedure for certain PV system categories was temporarily withdrawn by ministerial decision. In particular, the withdrawal concerns new applications for projects:
  • with capacity over 1 MWp which are not already licensed by the Regulatory Authority for Energy;
  • with capacity below 1 MWp which have not received a terms and conditions offer for connection to the Public Power Corporation network.

•          Excluded are:

• PVsystems with capacity up to 10 KWp to be installed on buildings and
• major projects included in the fast track process.