Law 3299/04 on Private Investment Incentives for Economic Development and Regional Convergence

This law provides financial support for energy efficiency and renewable energy investments in the industry and service sectors. Specifically, financial support will be given to biofuels production (listed under category 1 in the law text), and electricity generation from wind power, geothermal, biomass and hydropower projects (listed under category 4 in the law text). Biofuels production projects will receive financial support between 0% and 40% of the total cost of leasing, depending on the geographical region the project will take place in (under this law Greece has been divided in four regions). Similarly, category 1 projects will receive financial support between 30% and 40%. Energy saving projects should achieve at least 10% reduction in energy consumption in order to be entitled for financing. Tax breaks will be given as follows: category 1 projects between 0% and 100% depending on the geographical region while category 4 projects will be totally tax exempt. Category 1 projects will receive financial support between 0% and 48.1% of the total cost, depending on the geographical region while for category 4 projects the financial support range is 35%-48.1% of the total cost.

The law equally includes economic policies to stimulate energy efficiency in industry not covered by the EU?ETS.