Greece’s New Fund Eyes €1 Billion Investment in Tech, Renewables
By Sotiris Nikas
(Bloomberg) — Greece’s new innovation and infrastructure fund wants to join with private partners to carry out €1 billion ($1.2 billion) in fresh investments in the next three to four years, said the top official overseeing the state’s assets. The new vehicle was designed to help with the country’s push as it continues recovering from a devastating decade-long debt crisis. It will be part of Greece’s Growthfund, which oversees privatizations and whose portfolio already includes state-owned enterprises and stakes in private companies in areas such as real estate, energy and infrastructure, and banks.
“The Growthfund is transforming into a sovereign wealth fund,” Chief Executive Officer Yannis Papachristou said in an interview in Athens. The ultimate goal is to attract foreign direct investment, mainly in high value-added sectors and in what the CEO calls “new economy,” and to create jobs.
The recently created Hellenic Innovation and Infrastructure Fund started with just over €300 million. Together with private investors it aims to deploy about €1 billion in the coming three to four years, and will focus on sectors like renewable energy, digital infrastructure technology such as data centers, the blue economy, agricultural technology, water management and biotechnology.
The fund’s €300 million “is the starting point, not the ending point,” Papachristou said. The Growthfund along with the HIIF have already scouted projects which can reach or exceed €20 billion of investment and are expected to be deployed in the Greek economy “in the coming years,” according to the CEO. They already have a shortlist of 10 projects and in the next few months may be ready to announce “the first placement,” he said.
Rewards the Believers
Greece is among the economies with higher growth rates in Europe. Investment in the country is rising and exceeded 15% of output in 2024 from 11% in 2019 but still falls short of the European Union’s average of about 21% last year, according to Eurostat.
“The Growthfund can be the one-stop shop for foreign investors,” Papachristou said, so they know that there’s an organization in Greece that “can really help and accelerate projects.”
Ports, Airports
Growthfund is also responsible for the country’s privatization program. It’s currently running a number of tenders, including one for the sale of a 51% stake in the port of Lavrio. So far five binding offers were submitted and by the end of the year there will be a preferred bidder for that port, according to Papachristou.
The CEO also signaled that the time has come “to step up in maritime infrastructure.” In 2026 there will be a decision on how best to use the ports of Alexandroupolis and Volos, while “in the foreseeable future” there’ll also be a winner of the tender for the ports of Katakolon, Patra and Kavala that will facilitate cruises.
Besides ports, the Growthfund is looking into ways to use 22 of the country’s regional airports, including those in Alexandroupolis, Ioannina, Kalamata and in many touristic
islands like Paros, Milos and Chios. In 2017, the country granted a Fraport AG-led consortium the operation and development of 14 regional airports during 40 years in exchange for €1.23 billion.
“The plan for the 22 regional airports is to group them all together, so the potential investor will be able to have a portfolio of assets,” Papachristou said. The tender for those airports could be this year or at the beginning of 2026, he added.
By the end of the year, Growthfund also has to pick the company that will run the State Lotteries for a period of at least 10 years. Brightstar Global Solutions Corporation and OPAP Investment submitted their interest for this contract in July. At the moment, only Opap has made it to the final stage of the process, Papachristou said.
Πηγή: Bloomberg