Irrigation of the Copais plain (Presentation of the maintenance and operational needs of the Irrigation Pumps, upgrading or replacing existing ones with new modern technology and optimized energy efficiency, installation of remote control systems for pumping stations, installation of Renewable Energy Sources (RES) systems for the energy autonomy of pumping stations) WW&E

Purpose of this study: The energy upgrading - automation and the "smart management" of the Kopais Irrigation Pumps, which are the responsibility of the Region of Central Greece (RU of Viotia), combined with the creation of economies of scale in the maintenance and the implementation of RES systems for their energy autonomy, is a complex co- or self-funded action (leverage of private sector funds). Τhe choice of method and process will be determined precisely by the Financial Model and the results of available financial data. The repayment of the cost of the overall service (energy upgrade / automation / maintenance with the contractor's liability) will come from the benefit of the overall savings that will ultimately be achieved, it will be a percentage (%) of the current expenditure reference basis) over a period of time (Multiannual Service Agreement) to be calculated on the basis of available financial data and their processing. WW&E

Upgrading / automation of the Kopais Field irrigation infrastructure: Renovation of existing irrigation pumping stations or their replacement with new modern technology and optimal energy efficiency, where required, in the entire irrigated area of ​​the Region of Central Greece (RU Viotias), and undertaking the necessary maintenance services. The installation and operation of a "Remote Control System" for pumping stations. The installation of Renewable Energy Sources (RES) systems for the energy autonomy of pumping stations. The implementation of a Preventive Maintenance System via PC. WW&E

Strategic Purpose: Reduce energy consumption and total operating costs by upgrading the overall system. In order to achieve this objective, the provisions of Law 3855/2010 and the participation of the Energy Services Companies (ESCOs Co) are utilized as a whole. Law 3855/2010 defines Energy Services Enterprises (EVS) as well as the Energy Upgrade Agreements (SAR) framework. The model is applied abroad for years and has produced significant results in the public sector of other countries (Germany, Australia, USA, etc.). WW&E

Current situation According to the article 13 of Law 4250/2014, "Administrative Simplifications - Abolitions, Mergers of Legal Entities and Services of the Public Sector - Amendment of PD. 318/1992 (Α '161) and other regulations ", the Organization of Kopais was abolished and the aims of the abolished Organization were transferred and exercised by the Region of Sterea Ellada (R.U of Viotia). The existing situation in the Copais Field can be described by the following numbers : 240,000 acres of land, (400,000 if we also calculate the surroundings of Kopais). 13,500 heirs are the members of the abolished Organization 900 km of canals of various cross sections and 1,500 km of rural roads belong to its jurisdiction 46 pumping stations are located in the area of ​​Copais 850,000 euros is the average annual electricity cost 250,000 Euro is the average annual maintenance cost of the pumping stations

Map showing the pumping stations in the Copais plain according to their energy consumption *(το πλωτό αντλιοστάσιο της Υλίκης είναι ανενεργό από το 2011) WW&E

Pumps for inspection: Τhere are a total of 46 pumping stations. Some of the above pumping stations were selected for more detailed recording. Their choice was based on the size of their energy consumption. In particular, the most energy-intensive pumping stations in the irrigation network, which consume around 80% of total energy consumption, were selected. More detailed information is given in the following tables: Name of pump station Coordinates Number of Counter ΗΡ KW Deployment Depth Cubic / Year KWh Mornos X: 383402,Ψ : 4251412 48460046 3000 2238 Surface 7.000.000 2.188.932 Yliki Bouka X: 433390,Ψ :4253428 84700068 4760 3550 50,000,000 4.239.601 Ploto Ylikis (*inactive since 2011) X: 433714,Ψ :4251784 84700130 4320 3222,72 30,000,000 Sum 6.428.533 WW&E

Conclusions Ι: There are significant losses in irrigation water, when transported through the channels due to exhausting, splashing and overflowing phenomena.. The percentage of losses can not be estimated with precision (in theory, it may approach 60% in total), since there is no balance of pumped - transported and consumed water. The applicable pricing policy is not related to consumer consumption but to the type of crop and the extent of the irrigated land each time. This does not control users' consumption, resulting in two speeds in dealing with them, since, according to testimonials, there are users who are wasting more water than they need by not paying the corresponding price. So they deprive water from other users who can not irrigate due to lack of water and who are forced to pay irrigation charges without having managed to pump the quantities of water they need. WW&E

Conclusions ΙΙ: The unfair pricing described above, coupled with the decades-long introduction of "free-of-charge" policy for farmers, has led to a very low collection rate, close to 40% of the established debts. Thus, although the examination of revenue and expenditure, from an accounting point of view, shows sustainable management, it creates a financial burden on the Region in the cash management. Examination of operating costs shows that energy expenditure is the most important of them, since it exceeds 50% of total expenditure (51%). Adding to these costs also those relating to the maintenance and operation of the networks (costs that can also be rationalized) are close to 85% of total expenditure. Regarding to energy consumption expenditure, there is a certain degree of room for improvement given the age of the pumps and thus their poor performance, but also the serious shortcomings in the automation and remote management of the irrigation pumping stations (a reduction of 20 -25% is considered a safe target in advance). WW&E

Conclusions ΙΙΙ: In order to have a reliable theoretical approach to the potential of their energy upgrading, it is necessary to find the exact elements of the existing irrigation pumping stations, both in terms of technical characteristics (supply, manometric, efficiency, absorbed power) and in terms of functional characteristics (pump operating hours, transported cubic, pump scenarios). These data, unfortunately and despite the persistent efforts made, could not be gathered for all pumping stations. The energy consumption of pumping stations for the year 2016 amounted to 8,374,819 KWh corresponding to 75,000,000 m3 pumped and transported to irrigate water. The energy costs for pumping and transporting this water amounted to around € 850,000. That is, an approximate energy consumption of 0,11 KWh / M3 and an average cost of 0,10 € / KWh is obtained. An average energy cost per pumped / transported cubic meter of water is 0,11 x 0,10 = 0.011 € / M3. This index is very important as any energy savings debate should be take place in comparing the price each time this indicator gets. For this reason, it is very important to further investigate and secure the data on the exact number of cubic units pumped / transported, as well as to establish a minimum number of cubic meters of water required to meet the needs of the Kopais irrigation. WW&E

Conclusions ΙV: Considering the composition of the total energy consumption of the irrigation pumping stations, a small number of pumping stations (5) is responsible for 86.2% of the energy consumption. Two of them (Bouka and Mornos) account for 76.7% of total consumption. If, together with the fact that we can not fully calculate the energy consumed due to lack of data, we also take into account the fact that the actual energy consumption diverges from the theoretical - because of the expected drop in pump performance - we are led to the conclusion that a calculation based on actual measurements of pump performance will certainly be more secure.. However, because it is not possible at this stage to measure the pumps of all pumping stations (due to the high cost of this), it is proposed to measure the efficiency of the pumps in the five most energy-intensive pumping stations. and the resulting conclusion to be applied to the remaining pump stations of similar age and pump type. The cost to actually measure pump performance using a specialized instrument is estimated at € 600 / pump, so at a cost of € 3,000-5,000 a much safer conclusion can be drawn, both in terms of the current energy efficiency of the pumps and the improvement margins there are.. WW&E

FINANCIAL MODEL CONCESSIONS (1) Funding Parameters Funding Scheme % € Subsidized loan (EIB) 4 0% 327.111 Commercial loan 30% 245.333 Own involvement 1 Total 100% 817.777 Interest rate Interest Rate Subsidized Loan (EIB) 5 Commercial Loan Interest Rate 7 Years of Repayment of Subsidized Loan (EIB) έτη 10 Years of Merchant Loan Redemption 12 WW&E

FINANCIAL MODEL – PARAMETERS (2) Base year 2017 Startup 2018 Analysis Period 12 Base year for costing Inflation 2 .50% Tax rate 24.00% Cost of Energy - (€ /kWh) 0.08065 Discount rate for calculation NPV 7% Sensitivity Analysis Parameters Energy saving Upgrade Cost Operating expenses Net metering Cost of PVs € / Wp € 1.0 Required area in acres. /100 KWp 2.5 PVs Operating Expenses (% Capex ) 3 .00% Total Energy Efficiency Coverage Rate 37.5

Basic Senario Aggregated results Measurement unit Total Required Total Investment for Year 0 (which is the sum of the replacement along with the net metering) € 817.777 Budget plus VAT 5.062.348 Project IRR % 14,40% Equity IRR 26,90% Average DSCR # 3,35 MIRR 7,60% post financing years 9 Total Loan Facility 221.835 Existing State of Energy Consumption kWh 155.977.767 Recommended Status of Energy Consumption 93.208.423 Energy Decrease 40,24%

Scenario A: Increase Investment Cost(+20%) Aggregated results Measurement unit Total Required Total Investment for Year 0 (which is the sum of the replacement along with the net metering) € 981.332 Budget plus VAT 5.062.348 Project IRR % 11,01% Equity IRR 21,02% Average DSCR # 2,79 MIRR 4,30% post financing years 11 Total Loan Facility 266.202 Existing State of Energy Consumption kWh 155.977.767 Recommended Status of Energy Consumption 93.208.423 Energy Decrease 40,24%

Scenario B: Saving (20% reduction) Aggregated results Measurement unit Total Required Total Investment for Year 0 (which is the sum of the replacement along with the net metering) € 817.777 Budget plus VAT 3.558.896 Project IRR % 7,43% Equity IRR 15,18% Average DSCR # 2,23 MIRR -0,41% post financing years 13 Total Loan Facility 221.835 Existing State of Energy Consumption kWh 155.977.767 Recommended Status of Energy Consumption 111.850.108 Energy Decrease 28,29%

Scenario C: Implementation Net Metering Aggregated results Measurement unit Total Required Total Investment for Year 0 (which is the sum of the replacement along with the net metering) € 1.947.659 Budget plus VAT 8.367.463 Project IRR % 8,73% Equity IRR 22,10% Average DSCR # 2,44 MIRR 1,62% post financing years 12 Total Loan Facility 528.333 Existing State of Energy Consumption kWh 155.977.767 Recommended Status of Energy Consumption 52.227.454 Energy Decrease 66,52%

CONCENTRATIONAL - ANALYSIS CONCLUSIONS : As we can see from the table the financial model and hence the investment is sensitive to changes in critical sizes. The project's Bankability expressed in the average Debt Service Cover Ratio is for all scenarios greater than 2 which is satisfactory. The most attractive solution for potential investors in such a project, from a financial point of view, is the implementation of the baseline scenario, without involving the construction of photovoltaic plants. On the other hand, the most beneficial solution from the environmental point of view is the implementation of the C scenario which shows the greatest energy savings. The baseline scenario is more sensitive in the case of a reduced effect in terms of energy savings than the increase in investment cost.