The Development Law 2601/98, which replaced the Development Law 1892/90, provides for, inter alia, the subsidisation of industrial and tertiary sector activities concerning energy saving, exploitation of agricultural, industrial and municipal wastes and effluents, and the creation of mechanisms for energy saving. The law also provides subsidies to industries or companies for the production of electricity through the exploitation of indigenous renewable energy sources. Investment subsidies range from 15 to 40%, depending on the geographical location of the investment. An alternative scheme of loans at reduced interest rates and tax credits is also provided. Most of the 38 projects that had been approved up to 2001 were for renewable energy projects. Very few investments have been made in energy efficiency, because the subsidies are less generous than under the 1990 Law and investors find the subsidies through the operational programmes preferable.