Attica Ventures' new investment in green energy

25 November 2010

Procedures which will allow Attica Ventures to make its second investment in a renewable energy source project have been completed. This investment relates to the development of a 3 MW photovoltaic park in the Eleia region of Greece in collaboration with the company Solar Cells. The total level of investment is expected to exceed € 10 million and financing will be jointly provided by Attica Ventures and Attica Bank.

Solar Cells Hellas is the first vertically integrated unit manufacturing photovoltaic cells in Southeastern Europe, operating to the highest international industrial standards to produce pyrite disks, photovoltaic elements and frames. It should be noted that all necessary licenses and permits for this project have been obtained including the installation license and planning permission, and construction work is expected to commence immediately. This photovoltaic park is expected to be completed in the first half of 2011.

Mr. Giannis Papadopoulos, Attica Ventures’ CEO stressed that "Since we started making investments, renewable energy sources have been an investment priority. Having already made one investment in this sector, and given the general conditions prevailing in the market, we consider that this market is a top priority for us. The excellent features of this project aside, major factors which prompted us to make this choice are that our partner is both reliable and solvent, and that there is a one-stop-shop licensing procedure in place".

Mr. Dimitrios Panagakos, Solar Cells Hellas’ CEO stressed that "This project is the start of a series of projects for our company involving many MW of power. Our industrial know-how, our top spec products and proven experience in constructing photovoltaic parks ensure that similar investments can be profitably run. Our aim is to improve Solar Cells Hellas' leading position in the photovoltaic market. For us, Attica Ventures is the ideal partner in this endeavour".

Attica Ventures was established in 2003 by Attica Bank (the first Greek bank to set up a venture capital management company) and since 2004 it has been managing the Zaitech Fund, a € 40 million venture capital fund whose investors are Attica Bank and TANEO. Over the last 2 years Attica Venture has made 6 new investments worth more than € 20 million, participating in the development of investment plans worth a total of more than € 135 million. This particular project brings the total for fully licensed, renewable energy source projects currently being developed by Attica Ventures to around 20 MW, with total invested capital of over € 35 million.

Today Attica Ventures is considered to be one of the most successful venture capital management companies in Greece, having made 11 investments to date in Greek SMEs thereby supporting their growth and development and the creation of more than 1,000 new jobs. Four of those investments have already been admitted to trading on the Athens Exchange (mastihashop, Doppler, Performance Technologies, Foodlink).

FROM THE ATTICA VENTURES PRESS OFFICE