This law is documented here for legacy purposes, as it has been superseded and no longer applies to new projects.
Update note: Development Law 3299/2004 applied exclusively to applications submitted up to 29 January 2010 and was already replaced in 2011 by Law 3908/2011; it was followed by Laws 4399/2016 and 4887/2022 (most recently amended by Law 5203/2025 – see our overview article “Funding – Subsidy Law”). Law 3299/2004 no longer has any relevance for new investment projects; photovoltaic installations were, moreover, already expressly excluded from funding under Law 3908/2011. We document the key points here only in condensed form, since individual legal questions can still arise regarding legacy funding already approved under this law.
According to Art. 1, the aim of Law 3299/2004 was to strengthen balanced economic development, increase employment, improve competitiveness, promote new technologies, protect the environment, save energy, and achieve regional balance. Depending on the type and scope of the investment, grants, leasing subsidies, tax exemptions, and cost grants for newly created jobs were awarded; for this purpose, the national territory was divided into five funding zones (A to D, with subzones D1-D3), whose funding rates increased with structural remoteness. The highest funding rates applied to investments in renewable energy (Category 4: wind, solar, and hydro power, geothermal energy, biomass).
Art. 37(9) of Law 3522/2006 and Art. 7(5) of Law 3631/2008 abolished the originally five-year blocking period on changes to the ownership structure of funded companies (Art. 10(1) of Law 3299/2004); since then, changes of shareholder only had to be notified to the authorities, not approved – subject to a proportionate reduction of the funding if this changed the SME status of the investment vehicle.
FAQ
For new projects, Law 3299/2004 is generally no longer the sole or typical basis; instead, the currently applicable – time-limited and officially published – investment and aid programs (including EU state aid law) are decisive.
In short:
- Law 3299/2004 is generally not the central point of reference for new projects, and now serves only as historical context.
- For your assessment, it must first be clarified which current program and which aid framework applies to your specific project.
A reliable initial assessment typically requires:
- Timing: when was an application filed / when does entitlement arise (depending on the program: cut-off date/approval/filing logic)?
- Subject of the funding: classic investment funding (e.g. business expansion, modernization, production), or an energy/RES project (PV/wind/heat, etc.).
- Location/funding area: regional/location data and any applicable delineations under the relevant program.
- Company profile: SME status, corporate group, new formation vs. existing company (program-dependent).
- Aid/cumulation questions: maximum intensities, combination with other public funds.
For new PV projects, as widely observed in practice, the “classic” investment funding model under Law 3299/2004 is typically no longer decisive; instead, the current energy-sector and aid-/feed-in-related framework conditions apply (e.g. remuneration/tender mechanisms, grid access, self-consumption logic, each depending on the program and time period).
Practical consequence for companies: PV should generally be treated in the initial review as an energy-related project, in which not only “investment costs” but also the energy/grid component must be assessed.
Transitional question / legacy regime: if a PV project falls within an earlier procedural/approval period, the historical legal regime (including the earlier funding logic) may be indirectly relevant – what matters then is the specific procedural status.
Depending on the program, the following may be available (always program-dependent):
- Investment grants (direct funding of recognized costs)
- Tax-related benefits (in certain aid constellations)
- Leasing/financing subsidies (where provided for in the program)
- Funding components related to jobs or SME surcharges
- Combinations/aid intensities under EU requirements
The cut-off date concerns (according to the source document) applications submitted up to and including 29 January 2010. For legacy and transitional questions, this means:
- Only where a case actually falls within this period/regime can the statements above serve as a direct historical basis.
- For later periods, more recent legal bases are generally decisive.
As a rule: no, not as a direct basis. The Law 3299/2004 section is primarily intended for legacy proceedings/transitions (historical context).
Depending on the project structure and energy framework, yes – but typically through current energy-/aid-law mechanisms, not through the Law 3299/2004 approach as a “standard route.”
As of June 2026. All information on these pages is provided without guarantee or liability.