Norton Rose Fulbright advises Piraeus Bank on financing of major solar PV project in Greece
Global | Business | September 2022
Global law firm Norton Rose Fulbright has advised Piraeus Bank S.A. on the development of a major solar PV project with a total capacity of 100MW in Prosotsani Drama, northern Greece, known as Project Delfini.
The project will be run under a power purchase agreement (PPA) with Swiss renewable power producer Axpo Solutions AG and is the first deal of its kind in Greece with a private PPA.
The project company is a Greek subsidiary of Cero Generation Limited, a leading solar energy developer in Europe and an independent portfolio company of Macquarie’s Green Investment Group (GIG). The project is one of Cero Generation’s first large scale investments in Greece and represents a significant investment supporting Greece’s green energy transition.
The financing, which was completed in August 2022, includes a bond loan to cover the construction of ten solar farms. Construction began in August 2022 and is anticipated to be completed by Autumn 2023. The project is expected to generate 142 GWh of electricity per year and deliver renewable energy across the country.
The Athens team, led by partner Vassilis Koroxenidis and including Dimitris Rampos, Georgia Koutrika, Vaia Karathodorou, Dimitra Papayiannopoulou and Konstandina Mantzari, advised on Greek law matters. Partner Yianni Cheilas, counsel Niki Alexandrou, partner Nigel Dickinson and associate Olivia McDonnell provided English law advice on hedging, with partner Robert Marsh and senior associate Melusi Dlamini from the firm’s London office advising on due diligence issues.
The project will be run under a power purchase agreement (PPA) with Swiss renewable power producer Axpo Solutions AG and is the first deal of its kind in Greece with a private PPA.
The project company is a Greek subsidiary of Cero Generation Limited, a leading solar energy developer in Europe and an independent portfolio company of Macquarie’s Green Investment Group (GIG). The project is one of Cero Generation’s first large scale investments in Greece and represents a significant investment supporting Greece’s green energy transition.
The financing, which was completed in August 2022, includes a bond loan to cover the construction of ten solar farms. Construction began in August 2022 and is anticipated to be completed by Autumn 2023. The project is expected to generate 142 GWh of electricity per year and deliver renewable energy across the country.
The Athens team, led by partner Vassilis Koroxenidis and including Dimitris Rampos, Georgia Koutrika, Vaia Karathodorou, Dimitra Papayiannopoulou and Konstandina Mantzari, advised on Greek law matters. Partner Yianni Cheilas, counsel Niki Alexandrou, partner Nigel Dickinson and associate Olivia McDonnell provided English law advice on hedging, with partner Robert Marsh and senior associate Melusi Dlamini from the firm’s London office advising on due diligence issues.
