In Tune with the Local Connected to the World

JUNE 2010 The Online Executive News for Corporate Leaders

Regional Newsletter for Southeast Europe and Middle East

Contents p1 Editorial

p2,3 The Green Energy Jobs Parity

p4 Right people, Right place, Right time, Right product. A Lean Management philosophy leading to Global Success

p5 Würth Solar. Plentiful, Renewable and Hard to Maintain. A Case Study

p6 Renewable Energy investment Opportunities in Greece

p7 Green Energy Investment Outlook

p8,9 Commitment to sustainable development for a successful future

p10 The changing Energy Sector in Romania & SEE Europe

p11 Serbia, a land of great Wind Potentia

p12,13 Stanton Chase News

p14 Going Green to Become Greener in Consumer Sector

p15 Sowing the seeds of a competitive workforce

p16 Face To Face … with Konstantinos Lafkas

“Green Economy and Sustainable Development”

Special Edition

Welcome to the 9th issue of our Executive Newswire

dedicated to the hot issues of “Green Economy

and Sustainable Development”. Two concepts

that have become the new hype and receive

a growing attention in business headlines. Al-

though Green Economy is understood by most

people, Sustainability is not so clear. There are

various standard definitions that can be quoted,

however none is generally accepted. One of the

definitions we found describes, in very simple

words, sustainability “as meeting the needs of

today without sacrificing future generations’ abil-

ity to meet needs”. We like this definition because

it emphasizes not only the economic but also

the social impact of the term.

Accordingly, the business implications of sus-

tainability will be much deeper affecting eco-

nomic, social and personal issues in the business

landscape, despite the fact that today, the most

novice approach to sustainability refers only to

environmental and regulatory terms, with any

benefits stemming mainly from brand or im-

age enhancement. It is important to notice that

during the current recession, companies and

governments did not abandon their green in-

vestments, but on the contrary persisted, hoping

that these initiatives will trigger the next eco-

nomic growth cycle.

Some of you may wonder of what is the impact

of Green Economy and Sustainable Development

to the Talent equation. Let’s look at some interest-

ing facts. Green Economy is supposed to create

numerous jobs in the future as you will see in the

article “The Green Energy Jobs Parity” which sum-

marizes recent surveys in the EU and the USA; this

claim remains to be proven. Secondly, according

to a recent survey by MIT, 57% of private sector

companies expect employee interest in sustain-

ability to impact their organizations and 37%

already highlight sustainability initiatives in re-

cruiting; therefore, companies that invest in sus-

tainability may have an advantage on hiring and

retaining talent. A new “War for Talent”? Finally,

business titles like Chief Sustainability Officer, Di-

rector of Climate & Energy Strategy, VP of Environ-

mental Affairs that did not exist a few years ago,

become more and more common in top corpora-

tions regardless of their specific sector.

Our world is changing. The dimensions of Green

Economy and Sustainable Development are

much greater and affect all market sectors; not

only the AES (Alternative Energy Sources) pro-

ducers like Wind and Photovoltaic companies

(see the articles “Renewable Energy Investment

Opportunities in Greece” by Thanassis Tsantilas,

Energy General Director at Rokas Renewables

and “Sowing the Seeds of a Competitive Work-

force” by Ilias Garidis COO at Heliosphera). The

investment world is highly focusing on the AES

sector as Mr Orestis Millas, the Investment Direc-

tor of the Private Equity Arm of National Bank of

Greece confirms in his article “Green Energy In-

vestment Outlook”. Less obvious to the novice, is

that sustainability is of top priority to traditional

industrial firms like Lafarge as you will read in the

“Commitment to sustainable development for a

successful future” by Pierre Deleplanque, Heracles

Managing Director. Finally, consumers become

green-conscious and their support for sustain-

able products and company practices is growing

worldwide according to “Going Green to become

Greener in Consumer Sector” by Nancy Mathiou-

dakis, Partner – Consumer Sector in Stanton

Chase International.

We are certain that you will enjoy reading and

more importantly that you will get a clearer un-

derstanding of Green Economy and Sustainable

Development.

“Many thanks to all the contributors of this issue...”

Demand vs. Supply Some recent studies on the economic effects of RES

and their reflection on Green Energy careers and op-

portunities help us clarify both the issue of “demand”, as

well as of “supply” of executives:

The Employ-RES study, which was conducted on

behalf of the European Commission’s Directorate-

General Energy and Transport, is the first study to

assess the economic effects of supporting RES, looking

not only at jobs in the RES sector itself, but taking into

account its impact on all sec-

tors of the economy. Based on

this study, policies that support

renewable energy sources (RES)

give a significant boost to the

economy and the number of

jobs in the EU. Improving cur-

rent policies so that the target of 20% RES in final energy

consumption in 2020 can be achieved will deliver 2.8

million jobs in the RES sector in total and will provide a

net effect of about 410,000 additional jobs and 0.24%

additional gross domestic product (GDP).

According to the Survey of the Energy Industry on

Green Jobs (2009) of the AEE (Association of Energy

Engineers), there is a growing demand for energy effi-

ciency, green collar and renewable energy professionals

in light of the following trends:

(41%) of the energy professionals plan to retire in the

next ten years.

(72%) indicate a heightened shortage of qualified

professionals in the energy efficiency and renewable

energy fields in the next five years.

(70%) indicate a need for national and state train-

ing of “Green Jobs” to address job shortages that are

impairing growth in green industries, such as energy

efficient buildings and construction, renewables,

electric power, smart grid, energy efficient vehicles

and biofuels development.

Based on the report “Renewable Energy and Energy

Efficiency: Economic Drivers for the 21st Century”

released by the American Solar Energy Society, the

renewable energy and energy efficiency industries could

yield up to 40 million jobs by 2030. These include engi-

neering positions as well as new jobs in manufacturing,

construction, accounting and management. The report

also states that these industries

have already produced 8.5 mil-

lion jobs in the U.S.

The Hellenic Association of

Photovoltaic Companies

(HELAPCO) has created a com-

prehensive report regarding new job opportunities in the

field of RES in Greece. Based on this study, geothermal

power, photovoltaics and biomass create more work-

ing years per unit of installed capacity. However when

the main criteria for assessing job trends is “produced

capacity” then photovoltaic is by far the best choice, with

hydroelectric and thermo-solar taking the second place.

Regarding working years per invested capital, geothermal

power, biomass and wind energy are proved best choices.

The talent shortage

As clearly indicated from the surveys, there’s a recent

rise and a foreseen dramatic escalation in the demand

for Energy sector executives in the coming decade. An

example is revealing: Due to shortage of skillful and ex-

perienced blue and white collars, most of the new 70,000

job positions in local wind parks in Great Britain, where

actually created though not exactly where someone

The Green Energy Jobs Parity

The never – ending need

for energy/utilities solu-

tions services, along with a

renewed interest to make

such services better and

more efficient through

alternative sources, have

combined to open up a

wealth of potential job op-

portunities for executives.

As demand for Energy/RES

Executives arises dramati-

cally, the question of the

size and quality of the

talent pool also comes in

the limelight.

A total of 119,000 jobs over the next two years

will be created for solar panel installation,

manufacturing components and solar power plant

construction in the US market.

(Solar Energy Industries Association, www.seia.org)

By Vana Mehleri Associate Consultant, Industrial and Energy Practice Groups, Stanton Chase Athens & Konstantinos Zafiropoulos Partner, Stanton Chase Athens

would expect, despite all commitments made

by the government. In fact, the positions

were created in Denmark where the shift to

Green Energy has started 30 years ago, while

the country holds today the leading position

both in Clean Technology innovation and de-

velopment, as well as in the construction of

Wind Parks. As a consequence, in Great Brit-

ain it has been realized that the Green Econ-

omy and especially Wind Energy have started

late compared to the rest of the Europe.

It is evident, therefore, that a global strategy

for talent will be as important to many com-

panies –even countries- as a global strategy

for sourcing or manufacturing is today. The

growth of knowledge-intensive industries

underscores the importance and scarcity

of well trained employees. The investment

boom throughout most resource industries

has driven a huge demand for engineers

and other technical employees. Although

the number of students enrolling in techni-

cal programs is increasing and the suitability

of engineers from developing countries is

improving, gaps in quality and experience

persist. The challenge of energy and materials

companies will be to seed the next genera-

tion of engineers while, finding clever ways to

make up for today’s shortages.

Importing Talent: evaluating the transferable skill set

While one of the benefits of working in the

Energy industry is its relative stability since

there will undoubtedly always be a need for

electricity, another is that it is at the forefront

of emerging “green” initiatives. Executives

leading such companies will be faced with

the opportunity to make an impact on so-

ciety as well as on their company’s bottom

line. While being a part of such change may

sound intriguing, it can be challenging for

executives to communicate to energy/utili-

ties company management that they’re the

right person for the job. Making the transi-

tion from one industry into the energy/utili-

ties field has been a tough task, and contin-

ues to be, for a variety of reasons:

Energy/utility companies traditionally

view skills and knowledge as non-trans-

ferable. The business tends to view exper-

tise as something gained from working

in the exact industry segment you are

transitioning to, “Oil experience is valued

by oil people; electric experience by elec-

trical people; water experience by water

people.” But that is changing, as energy/

utility companies recognize the value

executives with strong overall leadership

skills can bring to the table. “Although

historically most major utilities had a ten-

dency to promote from within their own

ranks, more and more they are reaching

to both utility and non-utility executives”.

Having the ability to balance the need

to adapt to the culture and, at the same

time, know how hard to push for needed

change is critical for success. Along those

same lines, the ability to assess the orga-

nization and its people in relation to the

business challenges would be a priority

for a new executive.

Executives really need all of these leader-

ship skills, from flexibility to consensus-

building and engagement, regardless of

which area within energy/utilities they

choose to transition. If someone is con-

fident in working and integrating deci-

sion-making across different functions, a

transition to the utility/energy business

won’t be a shock.

Executives able to transfer ideas across

this divide will be valued contributors

and should expect successful careers.

These days, such opportunities are abun-

dant; and they can provide an executive

with a life-long career.

The years ahead will be rather demanding

for companies in the energy and materi-

als sectors as the forces of change shift the

fundamental circumstances of competition.

Executives who wish to exploit these trends

must keep a watchful eye on them and be

ready to respond swiftly to their implications.

The growth in the RES arena will continue for

many years and will carry an executive for

the whole of his career.

Assessing accurately the existing talent

pool and evaluating correctly the

transferable skill set required in order

to be effective in importing new talent,

are the major challenges and the

foundation of business success for every

Energy sector company; both today and

in the near future.

According to the Alliance to Save Energy, the

energy efficiency measures will create 100,000 or

more new energy jobs in the next two years in the

US market. (www.ase.org)

3ExecutiveNewswire 06/10

Yannis Nakopoulos: What was Canadian Solar’s initial product concept? Gregory Spanoudakis: We started with a so-lar automotive battery maintenance product, also very specialized engineering application products using solar technology.

YN: What led you in choosing that specificmarket segment to start with?GS: Both Shawn Qu and I have come out of the solar and semi conductor industries. We identified a market niche and we were at theright place at the right time to benefit froma need that was apparent. We also devel-oped the right product, as it was specificallydesigned with automotive specifications inmind, realizing an almost zero failure rate on batteries and cars using this solar charger. Today, we continue to produce and sell the car battery charger. Along with this we also produced GPS Tracking Systems, Street Lights, Garden Lights, Marine Lights, TrafficLights and Solar Home Systems for various clients. All these products along with our Grid connect and off-grid products makefor a deep and wide product offering, eachunique in its own way and each contributing to our overall business.

YN: What was the key to unlocking the grid and off-grid module market?GS: We started swimming among sharks in 2004 (laughs). In the beginning, a key for CSI was its local presence in many countries, as without it, warranty service and claims service were very difficult. The model of doing busi-

ness, though, has changed as interest in solar power has begun to reach industrial scale. A lot more is going into the project channel, with Project developers buying directly from module manufacturers anywhere on the globe. It was a very localised business in the past, now, it’s a lot more globalised. It’s not just national markets with a boom. With a more comprehensive understanding of our custom-ers’ markets, we are better suited to align our activities to meet the projected demand and

requests, no matter where it may occur. You need to maintain your flexibility and pace inorder to respond to the ever evolving market; and you need to think globally, yet be pre-pared at all times to act locally.

YN: Canadian Solar is one of the fastest growing companies in the industry – what’s the most important attribute of your unprec-edented success?GS: A lot of hard work by a very dedicated team of professionals who are committed to excellence and customer service. You need to have the right people. Every team member contributes in their own way and collectively we are able to meet the expectations of our customers. It really is all about teamwork and a very strong desire to make a difference andwin. Remember that there is no ‘I’ in ‘we’.

YN: How do you ensure growth?GS: The foundation of any good organiza-tion is people, training, education, facilities. It’s a place for the promotion of people who develop along with the company. In our

newly built facilities, we brought in people from the surrounding areas, gave them tools, and helped them to develop their skill set; it was an opportunity for them and they took it. Additionally, Canadian Solar adheres to the highest manufacturing and quality standards in the industry. We have more than 100 scien-tists and engineers who have been involved in the solar industry for years; a ISO17025 qualified manufacturer-owned testing lab;and a long-term strategic R&D partnership with DuPont, ECN, and the University of Toronto. We have invested heavily in our R&D and quality systems, which has paid us back ‘in spades’ in terms of customer satisfaction and repeat customers. We also have a policy of using the most environmentally friendly products in our processes and maintain a recycling program on all materials (where possible). This not only helps in cost-cutting but more importantly lessens our environ-mental impact footprint. It is everyone’s social responsibility to do their part in the company to help and suggest ideas and ways that we can reduce, recycle and reuse wherever possi-ble. What else do you need? (laughs).

YN: How much competition do you face and do you have any strategy in place to hold on to your market position?GS: Competition is what keeps you sharp and non-complacent and is necessary for future growth, and we welcome it in some ways. Es-pecially when others try to emulate or imitate you, which we all know is the most ‘sincere form of flattery’. Our strategy? Try to lead thepack with continued, excellent product qual-ity, incomparable sales and after-sales service from a strong team committed to excellence in all our dedicated markets. Every one of my European team members speaks at least three languages and can back-up at least one other team member in his market. Every-body knows about what members of his or her team are doing at any one time through internal communication and weekly internal team meetings. Knowledge is power and we believe in empowering our people. Market intelligence is also an important factor and who better to supply this but your dealers and partners through close contact and relations built over a long time. We need to continue to do what we do best and listen to the needs of our customers and the marketplace.

Right people, Right place, Right time, Right productA Lean Management philosophy leading to Global Success

Who is Mr. Gregory Spanoudakis? President of European Operations for Canadian Solar Inc.

How do you create a startup and steer it into a successful $700 million solar industry empire

within 8 years? We talk to Mr. Grigoris Spanoudakis European President of Canadian Solar

(NASDAQ: CSIQ), a vertically-integrated manufacturer of ingots, wafers, cells, solar modules and

custom-designed solar power applications, delivering solar power products of uncompromising

quality to customers worldwide.

Mr. Gregory Spanoudakis is the President of European Operations for Canadian Solar Inc. Prior to that, he had been

the Vice President for International Sales and Marketing. Mr. Spanoudakis has been involved in the semiconductor

and solar power industries for the past 21 years. He was a Senior Executive with Future Electronics, one of the world’s

largest distributors of semiconductor components, where he headed the International Division and the Export

Development program from November 1988 to May 1999. Mr. Spanoudakis attended The University of Essex, in Colchester, England and the Sir

George William University (now Concordia University) in Montreal, Canada graduating with a bachelor’s degree in business in 1981. In 1987, he

received his MBA degree with a focus on International Business Development from Concordia University in Montreal, Canada.

Plentiful, Renewableand Hard to MaintainA Case Study

By Yannis Nakopoulos Principal Consultant, Stanton Chase Athens

& Vana Mehleri Associate Consultant, Industrial and Energy Practice Groups, Stanton Chase Athens

Würth Solar is the world’s leading full-range supplier of

solar installations based on CIS technology. Würth So-

lar (a part of the international Würth Group) has been

producing CIS modules for more than 10 years now

and has been working intensively on the integration

of components to yield tailored overall systems. Würth

Solar covers the entire spectrum ranging from roof

mounted systems for residential buildings and com-

mercial facilities, architecturally sophisticated facade

solutions and other custom solutions, right through to

turnkey solar power plants.

Würth Group employs 58.000 persons in 84 countries

and has a yearly turnover of over 7.5 Billion Euros

(2009). Würth Solar has constructed over 30 MW of

PV projects only in Spain. Also, many MW of rooftop

projects are installed every year in Germany and all

over Europe. The company also has operations in Italy,

France, Spain an Greece.

In Greece, the company has been operating for nearly

two years and is currently in the position to negoti-

ate the undertaking the EPC contract for a number of

important PV project portfolios whose owners’ have

appreciated the high standard of technical expertise

and the healthy economic profile of the company as

well as the comprehensive service portfolio Würth

Solar is offering.

Würth Solar By Vassillis Zorbas,

Country Manager, Greece

Who is Vassilis ZorbasVassilis Zorbas was born in Athens in 1974, he studied Mechanical Engineering in

the National Technical University of Athens and holds an MBA from Cardiff Business

School. Currently he holds the Country Manager position for Würth Solar Greece,

responsible for PV Power Plant projects. Vassilis started his career holding various

managerial positions in Unisys and Procter & Gamble Greece. Since 2006 he has been

actively involved in the renewable energy sector doing project devel-

opment and project management for Greek and foreign investors.

Though his specialization is in PV, he has also been involved in

project development for Wind and CSP projects in Greece

and in the Balkan region.

5ExecutiveNewswire 06/10

Our client, a global leader in Power Generation with presence in 63 countries, has

managed to gain a leading position in the Greek energy market. Having stat-ed its emphatic presence in the larger and most important Energy develop-ment projects and having succeeded a local market share greater than 50%, the company seeks to create a con-siderably more efficient maintenanceand operation network in Greece able to support its aggressive business growth plans and secure its position in a dynamically evolving and highly competitive RES market.

In order to realize this business strategy, the company assigned us with the task of identifying a new Operations Director able to respond to the aforementioned challenge. After careful examination of the client’s organization specific needs,current situation and dynamics, our Search was focused on multina-tional Vendors of Power Generating equipment, with a track record of successfully running large Customer

Service, After Sales and Mainte-nance Departments.

Our successful quest and leadership assessment resulted in attracting those Executives who were not only techni-cally competent, but who were also in position to be quickly acknowledged by the large team of subordinates as undisputed leaders, thus acting as catalysts of change: updating the performance mindset, changing the working processes and methods, oper-ating effectively in a matrix environ-ment handling multiple stakeholder relationships and maintaining efficientmanagement control in a geographi-cally dispersed environment.

Furthermore, we thoroughly assessed those executives who were able to handle effectively high stress levels, set clear priorities and be in position to enable team performance. Fore mostly, they should possess a highly developed health & safety mentality and at the same time be in position to effectively control costs, thus bringing significant bottom line impact.

the environmental problem is undeni-able and preserving the planet has become a priority worldwide. Although

EU leaders failed to conclude on a binding agreement to reduce emissions during the Copenhagen Summit last December, small or large scale efforts to promote environmentalawareness and lifestyle so as to avoid waste of energy take place on a daily basis. The citizens of the world seem to be waking up realizing that the conditions and the quality of living is far from developed. On the other hand, the energy needs of modern societies would be difficult to be reduced. We, therefore, needto provide a comprehensive and workable solution to the dual problem of modern civilization that would ensure better life but not to the disadvantage of the environment. Nature seems to give us the real solution to this through the development of Renewable Energy Sources (RES).

The importance of balancing between envi-ronmental viability and energy sustainability has been understood in our country as well. Greece is a geographical location, natural and climate conditions, grace exploitation of renewable energy, perhaps, more than in any other EU country. For example, the strong and constant winds, especially on the islands, accessibility to the ridges and the absence of extreme weather condi-

tions (such as storms or hurricanes) make the Greek landscape ideal for installation and operation of wind parks. Furthermore, Greece is the country with the most sun-shine hours/days in Europe, registering an average annual return between 1200-1900 kWh per square meter.

Rokas Renewables has long presence in the Greek market and its main activity is electricity generation using RES, mainly wind power. In 1998, the company installed and operated the first private wind farm andcurrently operates 17 wind farms with total installed capacity of 217,3 MW occupying the first position in the ranking of installedcapacity in the market for Renewable Energy Sources in Greece. Rokas functions under the umbrella of Iberdrola Renovables since 2004; Iberdrola Renovables, the world’s largest Wind Power Company by installed capacity, is an international benchmark for renewable energies, with nearly 11.000MW of installed capacity in 23 countries. Rokas’ investment plan includes significant cleanpower generation projects, among which the “Aegean Link” which contemplates the interconnection of Chios, Lesvos and Limnos islands with the mainland.

At the end of 2009, Greece had installed 1.087MW while the country target is to reach

close to 10.000MW of installed capacity us-ing renewable energy by 2020. The target set for the next decade seems ambitious since the progress in the sector for our country over the last three years is extremely low. Bureaucracy, lack of political will and reac-tions of local communities have been the key factors resulting in country delaying its green growth. We therefore need to accelerate ef-forts towards sustainable development.

Energy production is also the only sector of the economy that Greece have placed € 2,5 billion in direct investment led by renew-able energies. The promotion of the new Bill regarding RES in order to shorten licensing procedures for projects and the coordination of actions for the upgrade and expansion of the grid are the undeniable proof of the intentions of the state to effectively lead the«Green Development» in Greece. Priority is also given to the development of private productive investments, thus the forthcom-ing review of the Development Law.

Furthermore, the development of renewable energy sources is also the solution to the dual problem of Economy – Environment, since it ensures the output from the financial crisiswith the prospect of continued investment growth, creating and securing jobs, while maintaining and improving environment.

Renewable EnergyINVESTMENT Opportunities in Greeceby Thanasis Tsantilas, Energy General Director at Rokas Renewables

Who is Mr. Thanasis Tsantilas?Mr. Thanasis Tsantilas was born in 1963 in Athens, he is a Mechanical Engineer and he holds an MBA from Henley University. He has been working in ROKAS RENEWA-

BLES since 1989 holding various top management positions and he is exceptionally experienced in Energy and Electromechanical activities. On 2006 he became

Energy General Director while he is the Chairman of all the subsidiary companies of the Wind Energy division. In his role as Energy General Director he is coordinating

development, construction and operation of RES plants. He is also Deputy Chairman of the Hellenic Electricity Association (H.EL.AS.) and the Development Association

of Electricity Producers (D.A.E.P.).

Global commitments to reducing car-bon emissions and climate change have opened up a series of invest-

ment opportunities in Southeast Europe. Several countries in the Balkan Peninsula, both members and non-members of the EU, have introduced support frameworks to encourage the development of renewable energy. The support frameworks usually take the form of either direct feed-in-tariffswhere green energy producers (typically using wind, solar or hydro power) receive a preferential guaranteed electricity price for their production or receive a market-based price for the power produced, coupled with some other form of “green” bonus such as green certificates that electricity suppliersare required to purchase.

This commitment to a low-carbon develop-ment has created a range of opportunities for investors with different risk-returns profiles.On the high-risk side, there is ab-initio green-field development of potential sites suitablefor wind, solar or hydro power plants. This has been so far a mainly low cost activity as the main effort involved entails identifyingsuitable locations, securing land access to such sites (either through land purchases or long-term leases) and securing all the neces-sary permits in order to be ready to install a

power plant on that location. While as men-tioned previously this is a low cost activity, it is also one that can be time-consuming, fairly bureaucratic and also high risk since there are a number of issues that can come up during the permitting process, quite often related to environmental issues and also access to the national electrical grid.

Once a site is fully permitted and ready to build, the risk-return profile is reduced andreflects mostly that of an infrastructure project.The construction risk can be mitigated with careful pre-construction analysis and tight EPC contracts. Nevertheless, some risk remains, especially on the small hydro power plants which can often be more difficult civil engi-neering projects.

Once the power plant is constructed, risk is even further reduced. The expected produc-tion of the plant should have been reasonably estimated in energy yield assessments con-ducted prior to construction, leading to overall stable revenues, always subject to seasonal and yearly variations which can vary signifi-cantly before reverting to long-term means.

Given the early nature of the renewable indus-try in Southeast Europe, there are presently fairly limited opportunities for acquisitions

of operating power plants. However there is good scope for both greenfield developmentand construction of new power plants and significant interest from a number of insti-tutional investors. The main limiting factors presently for increased development of the sector are (i) financial; support regimes quiteoften leave investors exposed to foreign exchange risk and regulatory changes which also hinders debt finance, and (ii) technical;across the region grids are usually in need of modernization and strengthening in order to cope with the intermittent nature of renew-able energy. With the above issues addressed, we would expect significant and continuedinvestment interest in renewable energy in the region.

The NBGI Private Equity Group is a leading European private equity and venture capital investment firm founded in 2000, currently

managing approximately €900 million across a number of different funds. The NBGI Private Equity Group’s funds invest in a range of

different private equity sectors including lower mid-market buy-outs, growth capital for small and medium-sized companies, venture

capital for technology businesses, real estate and energy.

Green Energy Investment Outlook

* Orestis is an Investment Director in NBGI Private Equity,

responsible for its Energy Fund. Prior to joining NBGI Private

Equity in July 2008, Orestis held senior positions at Citigroup

and BNP Paribas where he originated, structured and closed

more than EUR 7 billion in structured financings across a range

of asset classes. In his last position at Citigroup Orestis was

also involved in the risk management of a loan book of over

EUR 2 billion. Orestis is an Economics graduate with an MSc

from the London School of Economics.

Orestis Millas,

Investment Director at NBGI Private Equity*

7ExecutiveNewswire 06/10

business success for the long term is not possible without

respect towards the environment and corporate

responsibility. Social progress, environmental protection

and respect for the local communities are basic priorities for the

successful operation of a modern business and a more sustainable

future. As a leading industrial company and cement producer, our

operations are directly linked to some of the major challenges that

need to be faced for the future of the planet, especially climate

change. In this area, but also in other important areas such as

biodiversity, Heracles, a member of the Lafarge Group can and has

to play an important role.

Sustainability Ambitions 2012: Our roadmapThe Sustainability Ambitions 2012 are our response to those

challenges and the company’s roadmap for sustainable

development. They constitute specific targets which cover

crucial issues of sustainable development and are connected

with the company’s performance on management, social and

environmental level. They are a program of improvement for the

medium term and include measurable targets and action plans for:

employee Health & Safety, competition, stakeholder relationships,

customer orientation, diversity, and as regards to the environment,

environmental audits of facilities, quarry management and

rehabilitation and reduction of emissions.

Health and Safety is an absolute priorityHealth and Safety for the employees is a core value and top priority

in all activities. Safe operation requires more than implementing

measures, procedures and standards. Taking a step forward, it

needs continuous effort in order to foster and establish a shared

safety culture within the organization. The best companies in terms

of Health and Safety are the best performers in their sector. Our

vision is to be among the best companies in terms of safety through

the visible and strong commitment of our leaders, the permanent

development of our employees’ awareness and competencies, the

operational discipline and implementation of common standards

and advisories and best practices and experience sharing.

In 2006, Heracles employees signed the Lafarge Group Health

and Safety policy, confirming their personal and collective

commitment. In applying this policy, which tolerates zero accidents,

Heracles has taken measures relating to the necessary personal

protective equipment, infrastructure works for a safe workplace,

implementation of standards and procedures for every work

performed as well as training and behavioral programs fostering

and establishing a shared safety culture within the organization.

The results of this collective effort undertaken by all employees of

Heracles for the improvement of safety are significant, as in 2007-9

the number of lost time injuries decreased by 42%.

Managing our environmental impactHaving developed a systematic way of managing our environmental

impact, Heracles has a permanent target of conducting

environmental audits to the 100% of its sites by skilled and

expert teams, within the last four years. The relevant program for

environmental audits of our plants, including limestone quarries and

the port facilities is of major importance since it provides account for

our performance and the progress made.

Cement production may generate dust emissions. Heracles has set

the target of reducing the dust emissions of cement plants by 40%

over the period 2005-2012, as part of our Sustainability Ambitions

2012. Achieving this goal requires significant investment. Since

2006, Heracles is implementing an environmental upgrade program

of 11 million Euro installing new hybrid technology filters to reduce

dust emissions at all three of its plants. The results have been

extremely positive, since our dust emissions in 2008 reduced by

75% compared with 2007.

The cement making process necessarily entails the release of

carbon dioxide. Within the framework of Lafarge’s strategy for

fighting climate change, we have been implementing actions in

three different directions in order to reduce the contribution of

our activity to this global problem: first through the optimization

of the production process, in order to minimise the energy

consumption per ton of product; then through the substitution

of fossil fuels by alternative fuels such as biomass that is carbon-

neutral; and finally, through the optimization of the cement

recipes, maximising the use of cementitious materials that are low

in CO2 emissions.

Being a good neighbourAll over the world our local stakeholders have increasing

expectations about the way we operate our business. We are

engaged in improving our practices in local stakeholder relationship

management. Besides training and action planning for improving

dialogue and setting-up a pro-active process for listening to and

informing stakeholders, all Heracles sites maintain their long-

established practices for community engagement and partnerships

for local development, delivering on the ground for them.

Commitment to sustainable development for a successful future

Heracles Managing Director, Pierre Deleplanque (born in 1964) graduate of Ecole Superieure de Commune de Grenoble started his career in Lafarge in 1989.

He has held several management positions both centrally and as Chief Financial Officer in Lafarge`s operations inVenezuela and the Philippines.

In January 2005, he was appointed CEO of the newly acquired Ecuador business unit where he successfully integrated the company into Lafarge and achieved major improvements in both safety and profitability, whilepiloting a doubling of production capacity, which was commissioned in early 2009.

His most recent position was that of Project Manager for the Orascom integration, supervising the process of Orascom business units entering Lafarge, as a result of the €10 Billion transaction announced in December 2007, for the leading cement player in the Middle East and Mediterranean Basin,.

In October 2008, Pierre Deleplanque was appointed Managing Director of Heracles GCCo.

Pierre Deleplanque, Heracles Managing Director

8ExecutiveNewswire 05/10

2006 was a breakthrough year for

the Green Energy sector in Romania

and the wider SEE Region, since scien-

tists, investors; business and politi-

cal leaders re-shaped the agenda and

proposed solutions that would delay

the negative effects of climate change

and global warming scenarios. There

is now a distinct change in direction

towards Green Energy technologies by

both corporate and political leaders in

Romania and the rest SEE Region.

The most promising RES Development

efforts in Romania will focus on wind,

biomass and hydro-electric power.

There are well-documented wind

resources, including a large off-shore

potential. There are also challenging

development opportunities for biomass

energy, utilizing the significant existing

capacity of over 4,000 MWth. The

western region of Romania seems to

be the most promising for geothermal

heat applications. There are also chal-

lenging opportunities to develop small

hydro-power projects, since over 2,600

MW of Romania’s electric capacity is

generated from small hydro plants.

It is now more than evident that all

major players are considering the

South-Eastern European countries as a

new promising ground for investments

in the renewable energy market. It is

also clear that the future of the energy

sector in Romania will be nothing

but demanding and challenging. The

geopolitical environment will continue

to squeeze access, forcing the inter-

national oil companies into ever more

difficult resource plays. Competition

will arise from unexpected sources.

Technology will play an exponentially

greater role, and operating norms that

prevailed for the last 50 years will be

rendered obsolete.

Even the best rising executives must

grow substantially to succeed in this

demanding new arena. They must

be prepared to forge innovative new

working relationships, rapidly lever-

age the best emerging technologies and

navigate through unprecedented risks.

In short, all companies – including

your company – will need a new breed

of senior energy leaders in the Roma-

nian market.

When Stanton Chase is conducting CEO

and C-level executive searches for its

energy clients, we find that the candidate

pool is thin. Indeed, energy’s top-level

talent challenge is compounded on the

supply side of the equation as during

the ‘90s, when cheap prices prevailed,

energy scaled back hiring and executive

development. As a result, the rising class

of experienced senior energy lead-

ers is thin nowadays at a global level.

Energy sector faces a demographic

dip in experienced executives, right

when the demands on energy leaders

are rising dramatically. Energy compa-

nies must identify, from a diminished

pool of experienced candidates, future

executives who can do more. For these

reasons building the executive talent

portfolio is a strategic imperative for

all energy Romanian CEOs. You must

steward executive talent with the same

forethought and diligence you already

apply to shaping your company’s asset

portfolio. After all, even companies with

superior assets will underperform if their

top executives are ill-prepared for new

marketplace realities and for increasing

competition.

Athena Tavoulari

Regional Manager SEE & Managing

Director Bucharest – Stanton Chase

International

The changing Energy Sector in Romania & SEE Europe

9ExecutiveNewswire 06/10

Serbia, a land of great Wind Potential

T here is considerable potential for the development

of renewable energy sources (RES) in the countries

of the Balkan region. Capitalizing on this potential

could significantly contribute to security of energy supply

within the region and its wider neighborhood. After all, the

European Commission has set a target of doubling the use of

renewable energy to 12% of total consumption by 2010.

Balanced energy mix and balanced technology options are

the basis to meet the goals of the sustainability triangle:

Competitiveness, environmental friendliness and security

of energy supply. Energy is a key factor for ensuring sustain-

able development. At the same time, if the EU wants to meet

its Lisbon objective to become the world most competitive

economy, it needs reliable, affordable and environmentally

friendly energy supplies.

Renewable energies can help diversify energy supply with

little adverse environmental impact. They also tap naturally

occurring energy flows to produce electricity, heat and fuel.

Such resources are often produced on a stand-

alone use close to their point of consumption.

These renewable sources are:

Wind - harnessing the naturally occurring

energy of the wind to generate electricity, both

onshore and offshore.

PV projects in FP6 - using semi-conductor

materials to capture the energy in sunlight and

to convert it directly into electricity.

Biomass - converting organic matter such as

wood, plants and agricultural waste to provide

heat, produce fuel and generate electricity.

Concentrated Solar Power - concentrating the

energy of the sun to generate electricity or pro-

vide heat.

Ocean Energy Systems - exploiting energy from

the ocean such as tidal currents and waves to

generate electricity.

Geothermal - using steam and hot water generated by

heat from the earth’s crust to produce electricity and

provide heating.

Hydropower - harnessing the energy available in flow-

ing water to generate electricity.

The current conditions of the electricity market in Serbia al-

low for the prospect of both the importing and exporting of

power. After careful analysis, the trading industry for Serbia

is assessed at 10 TW (terawatts = billion kilowatts), with 70%

for imports and 30% available for exports. The method for

participating in the provision of this commodity is through

a bid process conducted by the state owned utility Elektro-

privreda Srbije, EPS. EPS will issue a public tender for the

desired quantity of electricity to be purchased or sold, and

licensed entities will then submit their proposals. This proc-

ess is straightforward and precise.

There are great regional differences in the availability

of wind energy in Serbia and significant differences are

present even at small distances. The availability of wind en-

ergy in Serbia is greater in lower areas than in higher ones.

The Northern part of Serbia is characterized by a strong

local southeast wind – kosava. One region in Serbia – is Vo-

jvodina AP, with almost two-thirds of its area having wind

speed that exceeds 4 m/s. The Pannonian Plain, north of

the Danube, covers approximately 2000 square kilometres

and is suitable for the construction of wind generators

because the basic infrastructure, from roads to the elec-

tricity grid, already exists. The prerequisite constant

level of 5 m/s can be found in several locations:

enjanin.

By Milos Petrovic, Principal Consultant, Stanton Chase Belgrade

Stanton Chase Athens >>The Athens Office of Stanton Chase International was awarded the First Prize for the Best Officeamong the 70 offices of StantonChase International in 43 countries worldwide, during the global annual conference held in San Francisco. The performance of all offices ismonitored throughout the year based on specific criteria and at theend of each year the winners are announced. This contest enhances competition among the offices, mul-ticulturalism and highlights the best practices, which are the foundation of progress. A total grade of 9.05/10 –one of the highest ever- was given

to the Greek Office.

Stanton Chase announces >>

that Athena Tavoulari has recently undertaken the role of the Managing Director of the Bucharest office of Stanton Chase, one of the

most dynamic offices of Stanton Chase in the South-East European region. Ms Tavoulari will also keep her role as the Regional Manager

of SEE Region. After her appointment, she commented “I feel very proud and challenged to undertake also the Managing Director role

of the Stanton Chase Bucharest office in combination to my regional role in the South-Eastern part of Europe. Romania is a land full of

opportunities and challenges and I feel quite motivated to work in close collaboration with our talented Romanian team in order to

expand and develop business for Stanton Chase Bucharest”.

S t a n t o n C h a s e N e w s

I just came back from San Francisco

where Stanton Chase held its 40th Global

Annual Conference and had a chance to

visit CALIFORNIA ACADEMY OF

SCIENCE MUSEUM, the largest Green

Museum in the world.

It’s as if the Academy brings the whole

universe under one roof - an aquarium,

a planetarium, a natural history

museum and more! The 412,000 square

foot structure is not only physically

impressive, but it just may be the

greenest museum on the planet, with a 2

½ acre Living Roof, an expansive solar

canopy, an extensive water reclamation

system, and walls insulated with recycled

blue jeans.

The mission of the

museum in our modern

era is to educate

the public about the

challenges currently facing

our planet’s environment.

A Last Word: Back from San Francisco >> By Nancy Mathioudaki, Partner – EMEA Consumer Practice Leader

“If everyone adopted a western lifestyle, we could need

5 earths to support us“

James Bruges, author of the “Little Earth” book

that Milos Petrovic has recently undertaken the role of

Principal Consultant of Stanton Chase Belgrade Office

responsible for the Industrial and Consumer Products &

Services Practice Groups. Milos Petrovic held managerial

positions in the automotive industry for almost twenty

years. In the last few years Milos was CEO of Delta

Auto, the largest car import company in the region. In the

meantime Milos has enhanced his vocational expertise

by attending all Mercedes and BMW seminars, as well

as Toyota trainings at Toyota Academy. Milos is the

President of the Car Importers Association in Serbia. He is

currently preparing his PhD at the Faculty of Mechanical

Engineering at Belgrade University.

Stanton Chase announces >>

Stanton ChaseBucharest >>in cooperation with the Romanian HR

Club has recently organized an event

focusing on the presentation of the results

of the Romanian Women in Management

Survey that was implemented by our

Bucharest office in November 2009. Well

known HR Directors attended our event

and the participation of all guests during

our discussion was very encouraging and

interesting. Issues that were addressed

included: why is that a great majority of

management positions in companies

around the world are held by men? Is it

harder for a woman to fulfill her career

goals? Are women in Romania and to

what extent hindered by the traditional

image of their role in society and is this

image impacting their careers? The

focus of the discussion was also on equal

rewards between men & women senior

executives in Romania, promising market

sectors for career development for a

woman, work – life balance, etc. The main

conclusions of the Romanian Women in

Management survey included the facts

that:

Women in Management roles in

Romania feel less competitive than

their male colleagues in terms of career

development, opportunities for career

advancement and also rewards.

Women in Management roles in

Romania feel that they would need

more time in order to be able to

balance in the best possible way their

obligations in private & personal life.

Hindering factors of women career

development still include gender & age

biases. However, during our discussion,

we identified some indicative female

leadership capabilities, such as

emotional intelligence, empathy and

flexibility, impact & influence, decision

making, enthusiasm & team motivation

as well as assertiveness.

Today, companies increasingly appreciate

the objective, insightful assessment of

senior management at critical stages in their

organization’s life cycle including:

Management Due Diligence

Strategic Repositioning

Organizational Restructuring

Mergers and Acquisitions

Building on the experience and insights of our

industry sector Partners, we have developed

our Executive Assessment Service to bring the

highest precision and accuracy to executive

assessment, based on a proven and consistent

process. By assessing an organization’s

leadership talent, we determine how their

executives compare with the market’s available

talent and measure internal capabilities and

future potential.

SC Athens announces new Executive Assessment Services >>

11ExecutiveNewswire 05/10

Going Green to Become Greener in Consumer Sector

Nancy Mathioudaki

Partner

EMEA Consumer Practice Leader

T hink about 1990s: Everybody knew that the Internet was coming … here we are 20 years later and the Internet

is literally pervasive. I think “GREEN” will be-come as pervasive as the Internet is today. It will become a part of the way we live, the way we do business and how we func-tion as a society. The impulse to go ‘green’ is spreading faster than morning glories and organizations of all types are launching green campaigns. In almost every opinion poll on the subject, customers say that are very concerned about climate change, and they connect the dots back to their own purchases. Consumers are no longer just shopping, they are voting for change.

The polls show that 87% of the customers worry about the environmental & social im-pact of the products they buy. However, no more of 33% of the customers say that they are ready to buy green products or have done that.

To realize the green market’s true potential, businesses must help customers by remov-ing the hurdles between intentions and ac-tions. When customers reach the cash reg-ister, they often forget their eco – friendly attitudes. Private industry has enormous purchasing power and is easier to educate. Wal Mart for example has been eager to spread its environmental Know How as it works with its suppliers to trim packaging. To increase sales of environmentally sensi-ble products, companies must also remove five ‘green’ product’s consumption barriers– lack of awareness, negative perceptions, distrust, high prices and low availability. In other words, companies have to move cus-tomers through every stage of the purchase

process – from being aware of eco-friendly products to finding them. A business thatsells green products must see itself as an educator not a sales machine.

Going green while staying competitive can be challenging and companies may rightly ask whether cultivating green customers is worth all the trouble. I believe that it is more than just worthwhile. It is the imperative for success. Once obstacles that now make it hard for customers to act in their environ-mental beliefs will be removed, sales will ex-plode, companies will built a reputation for eco friendliness, more talented employees will be attracted, more inspired and loyal will the customers be and higher prices can be charged for these green products.

Overall, companies refresh their brand, enhance their reputation and protect their market share from new green competitors.

Carbon Labelling, can be discussed as a more advanced & specific practice of Retail-ers and Consumer companies (suppliers), for the achievement of major customers’ impact and their longevity in the marketplace. Car-bon labels show consumers the “carbon content” of an individual product; its total amount of carbon dioxide emitted from eve-ry stage of its production and distribution, from source to store. By this, products try to

build their green credentials and to this effortcompanies and retailers are united.

A good parallel here is calories. “Twenty years ago if you asked somebody what number of calories was high and what was low they would not have known. The same thing could happen here.” The portion of the popu-lation that is most interested in sustainability and the early adopters of sustainable prod-ucts, are significantly more likely to indicatethat these logos have a high level of pur-chase impact and that a certification / a sealmark indicating a product is environmentally friendly raises the likelihood that it will be bought. Thus, carbon labels could transform the behavior of companies and consumers.

Carbon Reduction Label was officiallylaunched last year (2008) in the UK with high street retailer Boots, Tesco, Walkers and Innocent Drinks agreeing to pilot the scheme and moreover the EU Commission under its eco-label plan, sets individual crite-ria for each product group before awarding the Community flower label. Currently, over3,000 products including detergents, paper and shoes have received the recognition. Food products will not only be assessed ac-cording to their production processes, but also a lifecycle approach, including the en-vironmental impact of transport, the agree-ment states. I agree that the more regula-tions we have, actually the easier it will be to market green products to consumers.

Tesco has already become the first CarbonTrust pilot brand to let consumers compare the different carbon footprints of similarproducts, such as washing detergents, by including the information on packaging. Giving customers comparable data will improve their understanding of carbon footprints, says the Carbon Trust’s Euan Murray. “This is the next revolution that needs to take place,” he says.

“If everyone adopted a westernlifestyle, we could need 5 earths

to support us“James Bruges, author of the “Little Earth” book

in the capital of Peloponnese, the small rural city of Tripolis, 200 scientists and special-ized technicians working for HELIOSPHERA

have great enthusiasm, hopes and targets. Indeed, HELIOSPHERA is the largest, most significant and ambitious of four considerableSolar manufacturing investments that took place during the last 5 years in the otherwise rapidly declining Greek industrial sector. The company has attracted talent from Greece and abroad, as scientists and engineers who have worked in the semi-conductor industry or in leading R&D centers, now industrialize one of the latest and most efficient photovoltaictechnologies.

“As this is one of the very first plants to producethe micromorph thin-film technology worldwide,it enables Greek professionals not only to copy and execute, but to participate, create and own know-how at the absolute high end of the photo-voltaic industry”, says Ilias Garidis, the compa-ny’s Chief Operating Officer.

One should note that even the operator level jobs have very high requirements and can only be fulfilled after specialized education andtraining. Thus, besides the evident benefits tothe local community and national economy, what’s taking place in Tripolis right now cannot but help sow the seeds for a competitive work-force in today’s high requirement manufactur-ing reality and economy. The COO position of HELIOSPHERA offered Ilias the opportunity toexercise to the maximum degree all operating lessons learnt in perhaps the most efficient in-dustry overall, the steel industry.

“I used to say that the metal industry is more high-tech than any other and now, here I am, running a Plant featuring absolute state of the art automation, microelectronics and robotics technologies. I am lucky to be surrounded by truly competent colleagues, too, although the mixture of young, vibrant physicists, experienced volume production professionals and electronic, robotics or micromechanics engineers needs a fair amount of fine feeling to steer to the mostefficient co-operation”.

Ilias studied Metallurgical Engineering in the National Technical University of Athens and acquired a Licentiate of Technology from

the Helsinki University of Technology. He has over 20 years of experience in the international metals industry, having headed

metallurgical plants, operations, engineering projects, logistics, quality and R&D functions. Prior to joining HelioSphera he managed

large, capital intensive projects in S. Africa and the USA. He has worked within the leading metal industries in Greece and within the

ArcelorMittal Group in Germany.

“Our roadmap is set to achieve 125Wp in less than twelve months and the first milestones havealready been reached or even exceeded as in the case of process stability, which exceeds 6σ stand-ards”, sais Ilias. “Volume and efficiency increasesdrive costs down day by day, the plant having started operating on a 24x7 basis. A rigorous qual-ity testing scheme ensures a tight adherence to the specifications of both process and product. Thecertification of factory and product took place lateOctober 2009 by TÜV Rheinland, the world leading institute in solar module manufacture, achieving the best result hitherto for comparable company. Except for developing the tandem micromorph cell, high level R&D work has already begun on even more efficient triple junction”.

Up to last year the photovoltaic industry has lived an Eldorado of high demand and high prices. This has changed; to be a credible envi-ronmental alternative, solar or any renewable energy must also achieve grid parity (i.e. same cost of generation to the conventional forms of energy generation), thus putting the weight on Operations to achieve higher module efficiencyat lower production cost.

“The micromorph thin-film technology has thecredentials to become the winning recipe in the solar industry. It combines higher yield than the conventional technologies in the real world of high temperatures, low light and shadows cast. With the integral electrical connection of the cells through layers of conductive Zn-oxides it exhibits exemplary reliability and then it is also really green containing nothing more exotic than nearly 100 times less sili-con -pure mother earth- than conventional modules hence paying back the energy needed for its produc-tion in record time. The efficiency in the use of rawmaterials, the cost effective production process andthe beneficial power generation characteristics al-low this technology to offer high IRR to the investorand make a decisive step towards grid parity”.

One shouldn’t forget that this is a young technol-ogy, less than three years in the industrialization phase; and HELIOSPHERA is privileged to be ac-tively taking part in one of the most exciting jour-neys in the photovoltaic module industry today.

Founded in 2008 by American and Greek in-vestors experienced in renewable energy and poised to be established in the first tier of thinfilm producers, the company has already startedits shipping first 25,000 micromorph modulesof 110Wp for a solar park of 2.77MWp near Saarbrücken in Germany, as well as to other customers around Europe, as it develops com-mercial activities mainly in international markets of interest such as Germany, France, Spain, and Italy, as well as the Middle East. Ilias has in the meantime realized that the race to the top will be much harder than initially anticipated.

“Development in the photovoltaic industry is so rapid that we need to be ahead in order to keep pace. Losing a small step can make a big differ-ence. We pursue the technological and scientificsteps to continuously increase efficiency of thephotovoltaic cell, while relentlessly working on the fabrication front to safely produce an ever higher number of unquestionable quality modules. A dif-ficult but exciting act, which requires the best outof all involved. Continuous improvement par excel-lence, commitment, much hard work and a great feeling seeing targets being achieved”.

The production of Efficient micromorph thin-film modules started in November 2009 with anaverage module power of 110Wp. The modules are manufactured according to the highest quality standards in the new production plant, which includes a clean room of over 1500 m² and constant climate control. The micromorph production lines with a total capacity of 60 MW came from Oerlikon Solar in Switzerland. The plant can deliver more than 500,000 modules yearly. This high technology investment enjoys significant R&D potential in cooperation withGreek universities and European technology institutions. After all, the long term sustain-ability of the company depends largely on the intensity, quality and results of the ongoing intensive R&D efforts.

Sowing the seeds of a competitive workforce By Yannis Nakopoulos

13ExecutiveNewswire 05/10

ATHENS Harris Pezoulas, President & Managing Director BELGRADE Milos Tucakovic, Managing Director BUCHAREST Athena Tavoulari, Managing Director DUBAI Panos Manolopoulos, Managing Director SOFIA Darina Peneva, Managing Director

Vana Mehleri: Can you outline SUNLIGHT’s main activities and justify its position as a leader in the energy sector? Konstantinos Lafkas: SYSTEMS SUNLIGHT S.A. is active in the design, production and distribution of industrial batteries and energy production systems. It covers the en-ergy needs of sectors with particularly high demands, including Industry, Transportation, Telecommunications, Defense, Construc-tion and Infrastructure. Our company ranks among the world’s top producers of energy products and systems in Greece as well as abroad due to its high end products, expert employees and strategic synergies. The in-dustrial plant is situated in Northern Greece and regardless of the current deindustrializa-tion tendencies and the global recession, we have chosen to support the local economy and operate as a hub for development.

VM: Can you give me more details on your company’s product range and services?KL: SYSTEMS SUNLIGHT provides a wide range of specialized products and services. From industrial and consumer batteries to scalable renewable energy applications and power electronics, covering even the most demanding needs. One of the main areas of expertise is the Industrial Battery sector. The broad range of industrial batteries meets, in the most com-prehensive way, the energy needs of users in every economy sector, through various applications. In addition, SUNLIGHT is a pio-neer in defense application having been in-ternationally renowned, since an important number of countries around the world have selected our company to equip their Navy. In the consumer battery sector, the com-pany boasts its highly successful partnership with TOSHIBA, as its sole distributor in Eu-rope. Our record sales have placed us at the top of TOSHIBA’s distributors. In line with contemporary international tendencies and energy saving policies, our company adapts its strategy and systemati-

cally invests in renewable energy sources, by using solar energy.

VM: Besides the local market, is SUNLIGHT active abroad? KL: SYSTEMS SUNLIGHT S.A. is headquar-tered in Greece but also retains subsidiar-ies in Romania, Bulgaria, Ukraine, Poland, Serbia, France, Germany and Spain, as well as sales offices in the Middle East. With as-sociates in many European, African, Asian and American countries, the company has access to a distribution network that ensures the presence of its products in more than 100 countries in the world. Today, 70% of its turnover is in the area of exports.

VM: Given the fast growth of the RES market in Greece, what is your position?KL: Companies and organizations are in-creasingly turning to Renewable Energy Sources (R.E.S.), recognizing the significantbenefits offered. Greece, due to its geo-graphical location and temperate climate, with over 3,000 hours of sunshine per year, is an ideal country for strategically investing on solar energy. As a result, there is a nota-ble turn to solutions that combine energy efficiency with environmental sustainability,using R.E.S. and, more particularly, Photo-voltaic Systems. Photovoltaic Systems offer considerablebenefits not only for the protection of theenvironment, but, also, for the preservation of energy sources. At the same time, they provide substantial Return on Investment and contribute to the viable operation of various organizations and companies.

VM: How does your company assert its share in the Greek RES market?KL: SYSTEMS SUNLIGHT S.A. is considered a pioneer in R.E.S., especially in the design, de-velopment and installation of Photovoltaic Systems. Its activity in the R.E.S. field beganin 1998, when the company was commis-sioned to deliver small projects that involved

Autonomous Photovoltaic Systems. Since 2000, a privately owned grid-con-nected PV system (168kWp) is in operation in the island of Crete, while up to this day SUNLIGHT has implemented projects of vari-ous sizes (large-medium-small scale), differ-ent technologies and level of difficulty, thatamount to a total of 6MW. In addition, 240 hybrid Autonomous Photo-voltaic Systems of approximately 2,55ΜW, have been installed in remote mobile teleph-ony stations in Greece and in over fifteen (15)countries abroad, like Albania, Romania, Ser-bia, Bulgaria, Uganda, Nigeria, Kenya, Congo and countries of the Middle East.

In the 2nd half of 2010 it is expected that a total of 3MW grid-connected PV systems will be completed by SUNLIGHT in diverse loca-tions such as parks, roofs, buildings etc. SYSTEMS SUNLIGHT S.A. reinforces sustain-able development and promotes R.E.S. in Greece by turning solar energy into a safe and efficient investment for its customers.

Mr. Konstantinos Lafkas is the General Manager of SYSTEMS

SUNLIGHT S.A.

He started his career in 1994 as a sales engineer for SHELL GAS.

He then moved to M.J. MAILLIS GROUP where he first served as

a country manager of the Bulgarian affiliate in Sofia. During

the period 1996-2000 he travelled extensively in Eastern Europe

developing the business either through establishing branches or

through acquisitions. He has lived in Barcelona, Prague, Warsaw,

Bucharest and Budapest.

His next career step was BITROS S.A., where

he worked as a sales and marketing director.

In 2002, he joined the Natural Gas

distribution Company in Attica.

In 2004 he moved to ALFA LAVAL Greece,

as a country manager for Greece and Cyprus.

He has graduated from the National

Technical University of Athens

(Mechanical Engineering) and continued

with post graduate studies in

Business Administration (AUEB,

IMD, INSEAD).

K. Lafkas Profile

Regional Newsletter for Southeast Europe and Middle East

Affiliated Offices

www.stantonchase.com

Face To Face …with Konstantinos Lafkas by Vana Mehleri, Associate Consultant, Industrial and Energy Practice Groups, Stanton Chase Athens