The purpose of the financing is to support investment projects by SMEs and MidCaps for energy production from RES, in amounts up to €12.5 million under total budgets of up to €25 million, by all companies that are established, operate and plan to invest within Greece, but also in other EU member states, which projects have been undertaken in the last 3 years as of the date of signing the financing agreement with the firm and have not reached completion 6 months before that date.
The following expenses are not included:
- Purely financial transactions not related to additional capital expenditure or the company’s business activity
- Purchase of goodwill, licenses or rights for mineral resource exploitation and production rights in the agricultural sector
The loan may not be used for real estate activities or for the provision of consumer loans. Real estate activity that is excluded from the EIB financing includes the purchase, construction or renovation of real estate with the purpose of selling or renting the building to a third party.
Investments and expenses that may be included in the Investment Plan include:
Purchase, renovation and expansion of tangible assets, including land only if it is technically necessary for the investment, by up to 10% of the amount of the financing. Purchase of farmland is not included.
- Investment in intangible assets, as follows:
i. RDI expenses (including gross wages directly linked to the company's research, development and innovation assets and development costs of concessions, patents, licenses, trademarks and similar rights and assets)
ii. purchase of software licenses and other rights and assets with inherent production potential
iii. purchase of other intangible assets, such as licenses to use non-generated public resources, patents, trademarks and similar rights and assets, up to 10% of the cost of the investment project.
- Change of generation (e.g. retirement of the previous owner) or staff-related change of business status. Financing in such cases aims at keeping the firm in active business, provided however that the buyer and the business for sale is an eligible SME and the total financing does not exceed €5 million (excluding own funds).
Excluded for the financing under this Program are the following investment categories:
(i) purchase (or construction or renovation) of property for the purposes of sale or leasing the same to a third party, unless it is related to the construction of social housing, shopping malls and/or offices for the purpose of leasing the same to third parties;
(ii) consumption spending;
(iii) purely financial transactions not related to additional capital expenditure or the company’s business activity (including the trading of listed shares, other securities or any other financial product, the business’s refinancing and other) including change in the ownership structure (e.g. merger and acquisition of the business);
(iv) businesses with political or religious content;
(v) investments in the health sector with security units, closed psychiatric and/or correctional centres;
(vi) investments in the health sector that do not respect the common values and fundamental principles of EU health policy (sustainable solutions for society based on scientific evidence and equity of access);
(vii) new gas boilers of any capacity, replacement of large gas boilers with a capacity greater than 20 MWth;
(viii) extraction, processing, transport and storage of coal;
(ix) oil exploration and production, refining, transport, distribution and storage;
(x) gas exploration and production, liquefaction, regasification, transport, distribution and storage;
(xi) electricity generation exceeding the CO2 emission performance standard (i.e. 250 grams of CO2-equivalent per kWh), applicable to power plants and fossil fuel cogeneration, geothermal and hydroelectric installations with large tanks;
(xii) heat production/ combined cooling, heat & power generation and supply (CCHP, CHP), with the exception of:
(a) heat production using renewable fuels or eligible combined generation;
(b) replacement of existing small and medium gas boilers with a capacity of up to 20 MWth unless it meets the minimum energy efficiency criteria, defined as A rated boilers in the EU (applicable to <400kWth) or boilers with efficiency > 90%;
(c) restoration or expansion of existing district heating networks, which is eligible if CO2 emissions do not increase as a result of burning coal, peat, oil, gas or inorganic waste on an annual basis,
(d) new district heating networks or significant extensions of existing district heating networks, which are eligible if the network uses renewable energy sources at least by 50% or waste heat by 50% or heat cogeneration by 75% or CHP by 50%;
(xiii) construction of new buildings and significant restoration of existing buildings (more than 25% of the surface or 25% of the value of the building excluding land), which do not comply with the national energy standards set out in Directive (EU) 2018/844 on the energy performance of buildings (EPBD). For projects related to energy/ heat generation using biomass, the following sustainability conditions for biomass products should be fulfilled:
(a) raw materials should come from non-contaminated biofuels within the EU or be certified for sustainability when originating from outside the EU;
(b) forest raw materials should be certified in line with international standards of sustainable forest certification;
(c) the use of palm oil products or raw materials from tropical forests/ protected areas is prohibited. Protected habitats include Natura 2000 sites as designated under EU law, habitats recognized under the Ramsar, Bern (Emerald Network) and Bonn Conventions, as well as areas defined or designated as protected areas by national governments.
Note that the above conditions for energy/heat/cooling generation apply also to primary projects not relating to energy, e.g. the production of flowers.