Supply of very low-cost electricity in the heavy industry of Greece

Supply of very low-cost electricity in the heavy industry of Greece

Survey Digital Photovoltaics SA

Objective Action

The price of electricity since October 2021, has risen to unimaginable heights (+ €250/MWh when it was back to €60/MWh a year ago), due to the reduced supply of gas mainly from Russia, in combination with the very high cost of carbon dioxide (CO2) rights due to the climate crisis. Therefore, the energy cost of the heavy Greek industry creates a very high risk for sustainability. With the negative development of the war imposed by Russia on a European country (Ukraine) a few days ago, it is now a given that there will be a further reduction in gas supply and an even greater increase in energy costs across Europe.

Utilizing the target model, Survey Digital aims to provide clean (green) and very cheap energy to large-industry consumers. As a result, it has already signed private power agreements for the sale of electricity from its photovoltaic parks, directly to large electricity consumers of heavy industry. It is essentially the first corporate PPA in Greece, signed between 3rd parties companies (and not subsidiaries of the same Group), which is financed by Greek Banks.


Target Audience

The action is aimed directly at companies that are industrial energy consumers. However, it is also indirectly addressed to the final consumer, because with the very low cost of energy, an industry can offer the final consumer a very competitive product, facilitating his family planning.



The action has started the permitting process in 2019, the projects will start construction within 2022 and will be completed by the end of 2024, while the operation of the projects will be for 25 + 25 years.


Survey Digital implements a very large portfolio of utility scale photovoltaic parks (+400MW - investments over €200 million), with the logic of one-stop shop service. That includes all the necessary actions for the development, financing, construction and operation, are provided under the same roof. The idea was initially to find the necessary funds and financial tools, so that the development-licensing of projects can be successfully completed, a process with a particularly high business risk and implementation schedule. Once the projects are fully licensed, they are funded and constructed, and then transferred to strategic energy investors with the Build-Operate-Transfer (BOT) model. And with the start of energy production, energy will be traded through the Energy Exchange for the needs of an industrial consumer. This model substantially reduces the risk of both the final energy investor and the industrial consumer, making the investment extremely sustainable and of high-yield.


Impact on Society

The forecast of electricity costs for the period 2022 - 2032, is estimated at an average of €80/MWh (by reliable energy consultants). With this action, the energy cost will be provided close to €40/MWh, giving 50% savings to the consumed electricity of an industry.

Along with the benefit of the industry itself, the country will create CO2 emission rights that it can exploit internationally, making the overall investment landscape even more attractive.

Initiative Location


Working with Organization

The whole action is done in cooperation with funds from abroad (for the required liquidity of the development-licensing), with energy investors also from abroad (for the required equity of the investment in the construction stage) and with Greek Banks (for the necessary debt financing of the investment and achieving a satisfactory internal rate of return).


Workers Participation

The working team that is supporting the action concerns a wide range of professionals of several specialties. It is estimated that a total of 50 people will be employed in the licensing stage, 1.500 people for the construction and 50 people for the operation and maintenance of the projects) in depth of 5 years (licensing), 2 years (construction) and 25 + 25 years (operation and maintenance).


Benefits for Οrganization

With such big discounts on an industry's electricity bill, competitiveness is strengthened both domestically and internationally, growth is maximized, jobs are multiplied, while at the same time a benefit is created for the final consumer of the final product.

Connection with Global Goals

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