Structured Finance, Projects & Energy

POTAMITISVEKRIS acted as lender’s legal advisor to NATIONAL BANK OF GREECE S.A. (NBG) on a landmark project financing spanning over the past two years in relation to a wind park portfolio exceeding 400MW sponsored by Aer Soléir (a subsidiary of US multinationals Quantum Capital Group and 547 Energy). With a total investment cost expected to reach €1 billion, the project will be co-financed by funds from the Recovery and Resilience Fund (RRF) and is expected to be fully operational by 2026. The clean electricity that will be produced by the project is sufficient to supply 200,000 households annually.

Our dedicated project finance team, led by partners Euripides Ioannou and Anthea Terlegas and supported by senior associates Nikolaos Kampantais and Sophia Thanou, advised NBG on all aspects of this complex transaction, which included the design and implementation of an innovative contractual mechanism addressing the uncertain timing of the deployment of RRF funds and the subsequent incorporation into the transaction structure of power purchase agreements concluded with Amazon as offtaker.

The significance of the collaboration of Aer Soléir, NBG and Amazon on this emblematic investment, which in the long term is expected to create substantial economic benefits for Greece, was emphasised during Amazon’s “AWS Day powered by Logicom” conference, held in Athens, on Tuesday 19 November, at the “Hellenic World” Cultural Center, in the presence of the Minister of Environment and Energy, Mr. Theodore Skylakakis

https://www.aboutamazon.eu/news/sustainability/amazon-invests-in-first-utility-scale-wind-energy-projects-in-greece

POTAMITISVEKRIS is honoured to have contributed to the accomplishment of this major achievement and warmly congratulates all parties involved in this process.

We are delighted to announce that we successfully advised Alpha Bank, Eurobank, National Bank of Greece and Piraeus Bank on the €2.76 billion financing to Nea Attiki Odos Parachorisi S.A., a member of GEK Terna Group, in connection with the new 25-year concession of Attica Motorway. Financial close occurred on 4 October 2024 and the new concession commenced at 00:00 on 6 October. This is a landmark transaction for the Greek infrastructure sector and the largest financing ever arranged for a road project in Greece. The project involves the operation, maintenance, and improvement of the 70 km Attica Motorway, which is the main ring road of the greater Athens metropolitan area and a vital link for the national road network.
Our team, led by Euripides Ioannou (Partner) and Vassilis Tsintavis (Senior Associate), supported by associates Theodore Fostieris and Erato Zeliou, provided comprehensive legal advice to the four Greek systemic banks, covering all aspects of the financing, including the analysis of the concession agreement, the project agreements, the security package, the intercreditor agreement, and the loan documentation. We congratulate the amazing teams of GEK Terna and each lender on the accomplishment of this feat and thank them for their trust and cooperation. We are honored to have been part of this successful project and look forward to continuing our collaboration in the future.

We advised Jasper Wind, a leading developer and sponsor of renewable energy projects, on the development, financing and construction of three wind farm projects in the Peloponnese Region of a total capacity of 41MW. POTAMITISVEKRIS supported Jasper on negotiating project documents, including corporate power purchase agreements (PPAs), as well as on the €63 million bank debt financing arranged by Attica Bank and structured by Deutsche Bank. The transaction was led by Euripides Ioannou (Head of Project Finance & Energy) and Nikolaos Kampantais supported by Efstathia Yperifanou and Erato Zeliou.

Our Energy Law team, led by Euripides Ioannou (Partner) and assisted by Dimitra Rachouti (Senior Associate), advised a wind power producer on a 10-year corporate PPA with a leading industrial group in relation to the electricity generated from a 39.6MW wind project. In the same context, the team advised on the exit of the project from the operating aid regime and its direct participation in the electricity market.

Partner Alexander Metallinos is advising a consortium of Sponsors on the Financing of the construction of a gas-fired combined cycle gas turbine (CCGT) power plant of a nominal capacity of 840 MW in Alexandroupolis.

Euripides Ioannou and Vasilis Tsintavis advised a syndicate of Greek banks on the c. 280m EUR financing for the construction of the 49 km Southwest Peloponnese Road Axis-Section Kalamata-Rizomylos-Pylos-Methoni. The project is one of few motorway PPPs in Greece and was sponsored by a consortium of Ellaktor and Intrakat.

Partner Euripides Ioannou and Associate Nikolaos Kampantais advised the Greek Government on the direct agreement with the lenders in connection with a €680 million project financing facility for the development of a gold and copper asset located in the Halkidiki region. The project is the first project finance mining deal in Greece and is expected to provide significant social and economic benefits to Greece and the local communities.

Euripides Ioannou and Anthea Terlegas, supported by associates Dimitra Rachouti, Vasilis Tsintavis, Efstathia Yperifanou, Panagiotis Pougouras and Alexandros Vaisidis, represented a syndicate of Greek systemic banks on the project financing of a 330MW cluster of wind farms on the island of Evia sponsored by one of Greece’s largest renewable energy companies. With a construction budget reaching €530 million and the intricacy of a connection to Greece’s mainland grid through a submarine high-voltage cable system, the project will, upon completion, be the largest wind farm project in Greece.

Partner Euripides Ioannou and Associate Vasilis Tsintavis advised a major international bank on the Greek law aspects of a c. 83,000,000 € buyer facility agreement in respect of an 826 MW Combined Cycle Gas Turbine (CCGT) plant being developed in Central Greece

We are delighted to announce that the sale of Depa Infrastructure SA by the Hellenic Republic Asset Development Fund (HRADF) and Hellenic Petroleum SA to Italgas, one of the leading gas distributors in Italy and the third largest market player in Europe, has been successfully completed. This is a landmark transaction for the Greek energy sector and our economy in general, in a very crucial and sensitive period for the entire European energy market. Maria Perifanou, Senior Associate of our M&A team, with the guidance of our Managing Partner Stathis Potamitis and the assistance of Associate Palmyra Chantzara, successfully led the effort. The team was also valuably assisted by Partner Dimitris Loukas and Associate Kostas Manikas on competition law & regulatory matters, Senior Associate Alexia Tzouni on corporate law matters, and Senior Associate Dimitra Rachouti on energy law matters.

We advised the incumbent water and sewerage company in Greece on its agreement with the Greek State for the exclusive right to provide water and sewerage services until 31.12.2040 to over 4 million consumers in the area of Attica and on an operation and maintenance services agreement for the national water infrastructure system. Euripides Ioannou, Head of Project Finance, and Nikolaos Kampantais, Associate, advised on the transaction.

We advised a Greek bank on a circa 221 million financing to the sponsors of the new International Airport in Heraklion Crete in order to fund their committed investment obligations under a 35-year concession agreement for the construction and operation of the airport. The overall project cost is expected to cost €1.5 billion and is sponsored by one of Greece’s largest infrastructure groups and one of the top five airport developers globally. The transaction was led by Euripides Ioannou, Head of Project Finance, and Nikolaos Kampantais, Associate.

Project financing of a cluster of photovoltaic projects located in Greece We advised a Greek financial institution in relation to a circa €60 million bond loan facility granted to a Greek subsidiary of an international renewable energy corporate group for the purposes of financing the construction of seven (7) solar PV projects in Greece with a total generating capacity of 60.3 MWp. Euripides Ioannou, Head of Project Finance & Energy and Anthea Terlegas, Senior Associate, lead the transaction supported by Nikolaos Kampantais.

We advised an international renewable energy corporate group on its investment in a 2.2GW portfolio of under development PV projects. Euripides Ioannou, Head of Energy, and Dimitra Rachouti, Senior Associate lead the transaction, supported by Efstathia Yperifanou and Panagiotis Pougouras.

POTAMITISVEKRIS acts as legal advisor in one of the most significant privatizations in the Greek energy market. Stathis Potamitis, Head of our Corporate and M&A team, Dimitrios Loukas Head of our EU, Competition & Antitrust team, and Maria Perifanou, Senior Associate of our Corporate and M&A team, assisted by Palmyra Chantzara (Associate) and Konstantinos Manikas (Associate) as well as by Alexia Tzouni (Senior Associate) and Dimitra Rachouti (Senior Associate), advise the majority shareholder of a leading public gas distribution company in the sale of its shareholding through an international public tender process. The recent announcement of the preferred bidder in the tender process marks a significant milestone towards the successful completion of the privatization.

Euripides Ioannou and team advised the lenders on the €88,5 million project financing of the development of one of the largest marinas in the Eastern Mediterranean. The project involves a forty-year concession agreement with the Greek State with a total consideration of €177 million and is sponsored by one of Greece’s largest infrastructure groups.

Euripides Ioannou and team advised one of Greece’s leading financial institutions on the acquisition by a global leader in renewable energy investments, of a ~35MW portfolio of 4 operational wind farms. Following the acquisition, they also advised on the portfolio’s refinancing with a combined value exceeding €45 million.

George Bersis and team acted as legal advisor to the joint coordinators and bookrunners for the public offering of €150m bonds listed on ATHEX, certified by the Climate Bond Initiative.

Euripides Ioannou and team advised a Greek bank on a €13,7m debt refinancing for an 11,05MW wind farm located on the island of Evia.

Euripides Ioannou and team advised a Greek bank on a leveraged financing relating to the acquisition by an Egyptian publicly listed company of 64MW of wind and hydro assets from a Greek energy company.

Euripides Ioannou and his team advised an Argentinean fund on the sale of four companies to a listed REIC. The four companies own office buildings located in Athens, Marousi, Kifissia, and Argyroupoli, with a total surface area of approximately 21,700 square meters. The total value of the assets of the four companies amounts to €27.800.000.

Euripides Ioannou and his team advised a Spanish construction company on an €85 million divestiture of its participations in two Greek motorways concessions.

Euripides Ioannou and team advised a Greek Bank on a €44m debt refinancing for a 48 MW wind farm located in the Region of Western Greece.

Euripides Ioannou and team advised a Greek Bank on a €40 million financing for the development of two hotels in Greece sponsored by a joint venture between a multinational leisure travel group and a Swiss hotel development group.

Euripides Ioannou and his team advised one of Greece’s systemic banks on a €21m debt refinancing for a Greek listed company with global activities in the inks and paints sector.

Euripides Ioannou and team represented a Greek financial institution in relation to an €8.7 million financing of a 15 MW wind farm located in the administrative region of Central Macedonia, developed and operated by one Greece’s largest industrial companies.

Euripides Ioannou and team advised a major Chinese energy group on its joint venture with a leading Greek energy group with a view to acquire a controlling interest in 78MW wind projects in various locations in Greece.

Euripides Ioannou and team advised two Greek financial institutions on all aspects of a €47 million financing of two wind farms with a total capacity of 38,7 ΜW located in the Regional Unit of Aetolia-Acarnania that are currently being constructed by a Greek venture capital & private equity management firm.

Euripides Ioannou and team advised the lenders on the €37 million financing of the project “Implementation of the Epirus Region waste management system via a PPP”. The project involves the design, financing, construction and facility management of the Epirus Region Solid Urban Waste Management System for tenure of twenty-seven (27) years and the waste management facility also produces electricity from burning biomass.

Euripides Ioannou and team advised one of Greece’s largest energy groups in relation to a €60 million mezzanine facility for the financing of the development and construction of a 155,4MW wind farm in Texas, USA.

Euripides Ioannou and team represented one of Greece’s systemic banks in the context of a €30m debt refinancing for the further development of one of the country’s landmark luxury hotel resorts located in Argolida.

Euripides Ioannou and team advised a local bank in connection with the financing of several photovoltaic projects owned by three Greek entities with a total cost of c.€18m.

Euripides Ioannou and team advised sponsors in connection with the financing of an integrated solid waste management system in the region of Western Macedonia through a Public Private Partnership (PPP), with a total cost of approximately €50m.

Euripides Ioannou and team advised a local bank in connection with the financing of a wind farm project with a total cost of €22m.

Euripides Ioannou and team advised a local bank in connection with a €73m project financing of hotel in the island of Rhodes.

Vicky Psaltis and team advised a foreign multinational in the documentation and due diligence involved in the acquisition of a Greek company operating in the digital advertising industry.

Euripides Ioannou and team advised a consortium of one Greek and two international oil companies in the bid, negotiations, award and signing of a lease agreement for the exploration and exploitation of petroleum in offshore blocks at the Western Patraikos Gulf.

Euripides Ioannou and team advised a Greek Bank in connection with a €17,450,000 project financing for the construction and development of five photovoltaic stations of total (approx.) 15MW in northern Greece.