Waterfall Capital Investors, through its subsidiary Bellamia Farms, plans to revive its €30 million greenhouse investment in Greece, following Prime Minister Kyriakos Mitsotakis' recent announcement of a €600 million support program for greenhouse cultivation.
"The investment had been on hold due to two major issues: the initial plan involved co-production and sale of electricity using natural gas, and complications arose over the lease of land between Lamia and Stylida from the Public Properties Company (ETAD). Additionally, the land required substantial leveling and preparation for greenhouse use, which added to the delays", Stavros Tambaoglou with Bellamia shares.
Bellamia had previously developed a business plan, aiming for funding from the Recovery Fund and Piraeus Bank. "However, the war in Ukraine caused a surge in natural gas prices, making the plan financially unviable, leading to the investment's suspension."
Now, the company is shifting its focus towards geothermal energy and photovoltaic systems for powering the greenhouses, searching for a suitable flat plot of land. Despite previous difficulties, the investor remains interested in the project, particularly after the government's renewed support for greenhouse investments.
"An earlier agreement to lease 255 acres from ETAD for a hydroponic tomato production facility was hindered by the illegal occupation of the land by another user, preventing Bellamia from proceeding with the investment, which had aimed to create 170 permanent jobs."
For more information:
Bellamia Farms S.A.
Stavros Tambaoglou
Tel.# +30 6946 333 833
http://www.waterfallcinvestors.com/