The Greek Investment Incentives Law and the Recovery and Resilience Facility (RRF) support investments in the agricultural sector by offering grants and low interest rate loans for the green transition of agricultural facilities.
The subsidy for investments in photovoltaic systems that will be used in agriculture facilities varies from 30% to 50% (according to the Greek Investment Law) significantly shortens the repayment period of such an investment.
It is worth noting that in 2021, the market for self-generating energy systems more than doubled compared to the previous year. More specifically, 38 MWp of new energy-offset or virtual-energy offset systems were installed in Greece, bringing the total capacity of this category to 89 MWp.
“Net-metering” method allows a company to generate, using a photovoltaic system, the electricity it consumes, while remaining connected to the grid, which it uses as a “storage” of energy. Thus, when production is greater than consumption, the surplus is “stored” in the grid and used when production is insufficient. The final clearing takes place every three years and therefore the photovoltaic system must be practically designed based on the annual consumption.
1. Loans from Recovery and Resilience Facility (RRF)
For investors who already have a medical cannabis unit and they are looking for financial tools to reduce their energy consumption by investing in photovoltaic systems, RRF is the best choice.
RRF offers loans with a minimum interest rate of 0.35% and they cover from 30% to 50% of the investment budget.
Basic financial principles of the RRF
The financial program of the Recovery and Resilience Facility (RRF) supports sustainable business development, and its basic principles are the following:
– Financing only eligible projects based on strategic pillars.
– Maximum funding 50%.
– Participation of banks and investors (at least 30% and 20% respectively).
– Without state guarantees.
– The loans will be given through RRF and the domestic banking system.
– Exclusively for private investments.
Green transition is one of the five investment pillars of the RRF loans. Secure significant funds from the Recovery and Resilience Facility that contribute to the energy efficiency of business operations.
Costs for energy efficiency measures, high-efficiency cogeneration from renewable energy sources, for energy production from renewable sources are eligible.
Indicative eligible projects
2. Grants for medical cannabis processing facility
Up to 70%* aid intensity for the investments in vertical facilities for the cultivation and processing of medical cannabis in Greece.
Maximum amount of aid: € 10,000,000.
Costs that can be subsidized
Greenhouse Construction costs
Net Metering Systems
Type of aid:
* The maximum percentage varies depending on the Region where the investment will be implemented and the size of the company, as defined by the EU.
VK PREMIUM offers a comprehensive range of consulting services to facilitate cannabis investments in Greece, including strategy and design, product portfolio in line with current and future market trends, licensing, grants using investment law, construction and design according to EU GMP & GACP standards and distribution strategies in foreign markets.
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