Norton Rose Fulbright advises National Bank of Greece on €450m financing of major gas project

Global law firm Norton Rose Fulbright advised the National Bank of Greece S.A. on the financing of a floating storage and regasification terminal off the coast of Alexandroupolis in Northern Greece.

The project, which is of great geopolitical importance, will see the creation of a new energy gateway in the region of Greece and southeastern and central Europe through existing and new export routes to Bulgaria and North Macedonia.

The financing, which was completed on 17th June, includes a €283 million bond loan and a €166 million state grant. It covers the construction of the floating storage and regasification terminal, which will regasify natural gas and transfer it onto Greece and other areas of southeastern Europe. 

Norton Rose Fulbright carried out due diligence on all aspects of the business and negotiated, and prepared, essential project documents and the full suite of finance documents. 

The firm also managed complex negotiations on matters of both English law and Greek law, engaged with counsels from multiple jurisdictions to address cross-border aspects - including Bulgaria, Singapore, North Macedonia, Cyprus, the Netherlands and Italy - and provided expert advice across energy, energy infrastructure, shipping, project finance and corporate law.

Norton Rose Fulbright partner Yianni Cheilas said: “This strategically important project will increase Greece's exports to the markets of southeastern and central Europe, and also enhance the country’s role as an energy hub in the region. The terminal is also expected to strengthen the security of gas supply, while enabling the further diversification of supply sources and the energy transition of Greece, and the wider region.” 

“It is a time of great uncertainty and high volatility in the geopolitical and energy landscape, but this deal sends a strong signal on the future of energy transition in Europe and the geostrategic collaboration between stakeholders in the region.”

Norton Rose Fulbright’s multi-practice team was led by London and Athens-based partner Yianni Cheilas. He was joined by partner Vassilis Koroxenidis, counsel Dimitrios Rampos, senior associate George Palogos, counsel Niki Alexandrou, consultant Vicky Zampaza, senior associate Eliana Miliou, associate Manos Chamilothoris and trainee Konstantina Matzari from the Athens office, and partner Richard Howley, partner Charles Whitney and consultant Nick Prowse from the London office.