Greentop Energy Systems

What Greentop Energy Systems does

Greentop Energy Systems S.A. is a privately-owned Greek renewable energy developer incorporated in April 2009 and headquartered in Maroussi, Athens. The company develops wind and solar projects from greenfield through a network of 15 project-specific Special Purpose Vehicles (SPVs), with a total portfolio of approximately 533.65 MW across Central, North, Peloponnese, West Greece, and the Cyclades. Of this portfolio, only 11.35 MW (8.65 MW solar + 2.7 MW wind) is currently in commercial operation under 20-year Power Purchase Agreements, while the remainder is in various stages of regulatory and development progression.

The company operates four revenue streams: (1) project development and ownership with long-term PPAs, (2) EPC turnkey solutions for third-party medium-to-large scale solar projects, (3) operation and maintenance services for renewable installations, and (4) energy consultancy and equipment supply. Its core technology is conventional wind and solar generation, with a new grid-scale battery energy storage line (180MW/566MWh lithium LiFePO4) under development in Kilkis. The business is sales-led, relying on direct B2B engagement with energy companies, utilities, and infrastructure investors.

Greentop is controlled by John Pistiolis (81%) and Bulganeco Holdings Co. Ltd (19%) and has a small team of 11-50 employees. The company differentiates through vertical integration from greenfield development through EPC to O&M, secured regulatory assets (production licenses, environmental licenses, EIA approvals, and HTSO/ADMHE grid connection terms), and a strategic joint venture with EDF Renewables for the ~305 MW MEGA Kilkis project. Revenue is not publicly disclosed.

Name

Greentop Energy Systems

Legal name

Greentop Energy Systems S.A.

Website

https://greentop.gr

Company type

Private

Founded year

2009

Operating status

Operating

Headcount range

11–50 employees

Short description

Greentop Energy Systems is a privately-owned Greek renewable energy developer that builds and operates wind, solar, and grid-scale battery storage projects from greenfield through 15 project SPVs, selling long-term PPAs and EPC, O&M, and consultancy services to utilities and infrastructure investors.

Ownership category

akta.pro rank

Product category

Renewable Energy Development

NAICS

Wind Electric Power Generation (221115), Solar Electric Power Generation (221114), Electric Power Generation (22111), Electric Bulk Power Transmission and Control (221121)

akta.pro primary industry

Wind Power Plant EPC (Onshore/Offshore) (EUAEAAAF)

akta.pro secondary industries

Solar PV Power Plant EPC (Utility-Scale) (EUAEAAAG), Solar EPC & Construction (Utility-Scale, Rooftop, Balance of System) (EUAMABAB), Transmission Interconnection & Line Works (Gen-Tie Lines, Overhead/Underground Lines) (EUAMAFAF), Commissioning, Testing & Energization Services (Pre-Commissioning, Grid Code Compliance) (EUAMAFAK)

Keywords

• Wind energy development
• Solar project development
• Renewable energy EPC
• Energy storage systems
• Power purchase agreements

Headquarters

HQ city

Athens

HQ country

Greece

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Infrastructure, Supply Chain, Personnel, Technology or R&D, Operations, Marketing or Sales

Revenue model

1. Project Development & Ownership: Developing wind and solar projects from greenfield through to commercial operation. Projects hold 20-year Power Purchase Agreements (PPAs). Revenue generated from energy production sales.
2. EPC Turnkey Solutions: Acting as EPC contractor, Greentop designs, constructs and delivers turn-key medium to large scale solar projects for third parties.
3. Operation & Maintenance Services: O&M services for medium to large scale renewable energy projects.
4. Energy Consultancy & Equipment Supply: Energy consultancy, troubleshooting, and equipment supply (panels, inverters, accessories) for third-party renewable projects.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels5 records

Core offering

Greentop Energy Systems develops wind and solar renewable energy projects from greenfield through a portfolio of Special Purpose Vehicles (SPVs), covering site assessment, licensing, grid connection, and construction through to commercial operation under long-term Power Purchase Agreements (PPAs). The company also acts as an EPC turnkey contractor for third parties, delivers Operation & Maintenance (O&M) services, supplies renewable energy equipment, and develops grid-connected battery energy storage projects.

Product overview

Greentop Energy Systems is a privately-owned Greek renewable energy company established in 2009, developing wind and solar projects from greenfield through its portfolio of Special Purpose Vehicles (SPVs). The company operates 14 rigid solar projects totaling 7MW in Giannitsa (North Greece), has 2.7MW of wind projects operational on Andros, and develops approximately 533MW across multiple SPVs including wind projects (Tria Synora 30.8MW, Spanos 36.3MW, Gavraina 23.1MW, Kokkala 24MW, Kokkinovrysi 36MW, Eiriniko 122.1MW, Aitolia 18MW) and solar projects (Anthofyto 12.2MW, Eiriniko cluster 39.78MW, Sphinx Helios 0.65MW). The company also develops a 180MW/566MWh battery energy storage system in Kilkis. Services include EPC turnkey solutions, energy consultancy, equipment supply, and operation & maintenance for third-party renewable projects.

Differentiator

Problem solved

Functional benefit

Products and services

• Wind Energy Projects Portfolio Greentop develops, constructs, and operates wind energy projects through various Special Purpose Vehicles (SPVs), including wind parks in Evrytania, Peloponnese, Andros, and other Greek locations with capacities ranging from 2.7MW to 105.6MW.
• Solar Energy Projects Portfolio Greentop develops, constructs, and operates solar energy projects including rigid and tracking solar installations across Greece, with projects in Giannitsa, Kilkis, Viotia, and Evia ranging from 0.15MW to 22MW.
• Energy Storage Systems Greentop develops grid-connected battery energy storage stations using lithium LiFePO4 technology, including a 180MW/566MWh storage project in Kilkis designed to operate in charge, discharge, and standby modes.
• EPC Turnkey Solutions Engineering, Procurement, and Construction services for medium to large scale renewable energy projects, including design, construction, and delivery of turn-key solar installations for third parties.
• Energy Consultancy Services Third-party support for renewable energy project development including wind/solar potential assessments, installation license issuance, permitting and regulatory compliance with the Hellenic Energy Regulator (RAE).
• Operation & Maintenance Services O&M services for medium to large scale renewable energy projects ensuring optimal performance and reliability of wind and solar installations.
• Equipment Supply Supply of renewable energy equipment including solar panels, inverters, and other accessories for medium to large scale projects.

Quantifiable outcome

• Contributes to EU targets: 360K t of CO2 and 4,750t of SO2 reduction per year from Eiriniko cluster projects
• +3 more outcomes

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Three partnerships are on record, tiered minor and core.

• Kaliviotis Bros S.A.minorStrategic or Co-development Partner · 14 April 2013Kaliviotis Bros S.A. holds 17% ownership in Sphinx Helios PC, with Greentop Energy Systems holding 83%. The SPV developed two solar projects (0.65MW total) in Central Greece.
• ENTEKA Wind Parks S.A.minorStrategic or Co-development Partner · 30 July 2003ENTEKA Wind Parks S.A. holds 60% ownership in Andros Wind Park SA, with Greentop Energy Systems holding the remaining 40%. The SPV operates a 2.7MW wind project on Andros island.
• EDF Renewables (EDFR Hellas)coreStrategic or Co-development PartnerGreentop and EDFR Hellas have formed a joint venture (MEGA PROJECT KILKIS RENEWABLES SA) combining wind and solar projects totaling approximately 305MW in the Prefecture of Kilkis, Northern Greece. Both projects share the same 400kV UHV grid connection point.

Scale indicators5 records

Recent moves6 records

Expansion highlights5 records

Broad incumbents

• Iberdrola Renewables: Global utility-scale renewable developer with active operations in Greece. Comparable as a competitor for Greek onshore wind sites and grid connection rights, though operating across a far broader European and global portfolio.
• Enel Green Power: Global renewable IPP with established Greek footprint through Enel Green Power Hellas. Comparable to Greentop as a developer of utility-scale wind and solar projects in Greece, but with materially larger balance sheet, EPC capability, and pipeline.
• Acciona Energía: Global renewable energy developer with significant European wind and solar operations. Comparable as an integrated developer, EPC contractor, and O&M provider, though at much larger scale and across multiple geographies.
• RWE Renewables: European utility-scale renewable developer active across Southern Europe including Greece. Comparable as an onshore wind and solar IPP competing for similar project sites and PPAs, with far larger portfolio and development capabilities.
• EDP Renováveis: Global renewable energy developer with European operations including Southern Europe. Comparable as a wind/solar IPP and O&M provider with similar business model, though operating at materially greater scale across multiple geographies.

Direct peers

• Motor Oil Renewables: Renewables arm of Greek refining major Motor Oil, developing utility-scale wind and solar projects in Greece. Comparable to Greentop in target market (Greek grid), project type (wind/solar greenfield), and customer base (utilities and offtakers).
• HelleniQ Energy (formerly Hellenic Petroleum) - RES segment: Greek integrated energy major with a growing renewable energy portfolio (wind, solar). Competes with Greentop for Greek renewable development opportunities and grid connection rights, with significantly larger balance sheet and execution capacity.
• Terna Energy: Greek renewable energy IPP and developer, the largest domestic pure-play renewable operator. Directly comparable to Greentop as a Greek onshore wind and solar developer with a multi-hundred-MW pipeline and operational fleet, competing for the same Greek sites and PPAs.
• EDF Renewables Hellas: Greek arm of EDF Renewables and Greentop's JV partner on the ~305MW MEGA Kilkis project. Comparable as both a co-developer and competitor across Greek wind and solar, with access to EDF group's balance sheet, EPC capability, and O&M scale.

Emerging players

• Lightsource bp: European utility-scale solar developer and EPC contractor with focus on Southern Europe. Comparable to Greentop's solar EPC turnkey and project development activities, though with deeper capital backing from bp and a broader European footprint.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/greentop-energy-systems-s-a

Compliance5 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Subsidiaries11 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Greentop Energy Systems