Papaemmanouel S.A. funded for green growth through Produc-e Green
How OPUS helped a historic Greek solar systems manufacturer put €311.787 of Recovery Fund financing to work, strengthening its production capacity in the green energy sector.
The company and the challenge
Papaemmanouel S.A. (trading as Iliotechniki) was founded in 1984 by Christos Papaemmanouel and is based in the Inofyta Industrial Area of Boeotia. The company manufactures and markets solar collectors, solar water heaters and solar thermal system components, with modern production facilities, certified products and an active export business.
Rising demand for solar thermal products, driven by national subsidy programmes for home energy efficiency and water heater replacement, called for an upgrade and modernisation of the company’s production base. At the same time, the EU’s green transition targets made strengthening domestic industrial capacity a pressing priority.
The challenge was twofold: to design a complete, fundable investment plan, and to secure the banking support and technical documentation required within tight deadlines.
The OPUS solution
The Produc-e Green programme, run by the Ministry of Environment and Energy with a €199,7 million budget financed by the Recovery and Resilience Facility, aims to support industrial units that manufacture products for the green industry sector. Papaemmanouel S.A. met the eligibility criteria, and its location in the Region of Central Greece secured favourable aid intensity rates.
OPUS took on the complete design and management of the application file from start to finish. We began by developing the full submission file and filing it electronically on the producegreen.gov.gr platform within the deadline, having first prepared the business plan and viability study that substantiated the investment. In parallel, we assembled the supporting materials and worked with Eurobank to secure the pre approval letter for the e-Green loan, while also managing a Law 4887/2022 file alongside it to maximise the financing mix.
As the project moved forward, we prepared the interim payment request with full expense documentation and invoice tracking, offering continuous technical and advisory support at every stage of implementation, from submission through to completion.
How the project unfolded
The way the project unfolded reflects that continuous support. In March 2024, Eurobank issued the pre approval letter for the e-Green loan, covering an investment plan with a total budget of €311.787,50 under the Produc-e Green programme, while we submitted a summary business plan to the bank to substantiate the financing plan. Two months later, in May, we sent Eurobank the full techno economic study, the same one that had accompanied the programme application.
When the Produc-e Green platform reopened in November 2024, we began preparing the interim payment request, with €131.547 in expense invoices ready for submission. Over the course of 2024 into 2025, the Development Law 4887/2022 file was also approved, following a regional decision to increase the budget, which strengthened the financing mix still further.
Key figures
Approved investment plan under the Produc-e Green programme
Documented expenses ready for the first payment request
EU contribution of €191.072,47 towards the total investment budget
The results
Through the full advisory support of OPUS, Papaemmanouel S.A. was successfully admitted to the Produc-e Green programme while securing bank financing through Eurobank’s dedicated e-Green product. Drawing on Development Law 4887/2022 in parallel created a strong financing mix that maximised the benefit to the business.
The company is now in the implementation phase of the investment, expanding its production capacity for solar collectors and water heaters, contributing directly to Greece’s national goals for green industry and energy autonomy.
This project reflects the holistic approach of OPUS: we coordinate bank financing, draw on complementary funding instruments, produce well documented techno economic studies and provide full management of the process, from the strategic conception of an investment plan to its completion. If your organisation is planning an investment that could benefit from similar funding, our team is here to turn it into reality.