Norton Rose Fulbright advises Lightsource bp on financing of 560MWp solar project in Greece

Global law firm Norton Rose Fulbright has advised Lightsource bp on the development of one of the largest solar projects in Europe, with a nominal capacity of 560MWp, in the regional units of Larissa and Fthiotida in Greece.

The €395.15 million project will be developed by Enipeas Single Member S.A., a subsidiary of Lightsource bp, with long-term debt financing amounting to €315.34 million, including €170 million from the Greek State with resources from the Recovery and Resilience Fund ‘Greece 2.0’. (RRF funds) and €145.34 million from Eurobank S.A.

The Enipeas solar project will be developed in the regional units of Larissa and Fthiotida and will consist of two different sub-areas, a 400MWp southern cluster and a 160MWp northern cluster, covering a total area of approximately 6,926 acres, where 968,630 PV modules will be installed. The project, expected to be completed and connected to the grid in 2026, will be a substantial contribution to supporting Greece’s energy transition and decarbonisation efforts.

Norton Rose Fulbright’s Athens team, consisting of counsel Dimitris Rampos and associates Georgia Koutrika and Konstantina Mantzari, advised Lightsource bp on Greek law aspects of the financing, as well as on the project contracts and certain energy regulatory issues related to the construction and operation of the project. Partner Robert Marsh, senior associate Claudia Dorbez and associate Georgia Foulkes-Hartley from the firm's London office advised on English law aspects of the financing, with partner Colin Rice and senior associate Francesca North providing English law advice on hedging.