Reed Smith has advised PPC Renewables on a joint venture with RWE Renewables towards the joint development, construction, and operation of an up to 2 gigawatt-peak solar photovoltaic projects portfolio in Greece.
According to the firm, the completion of all formalities for the formation of the joint venture is expected to take place later this year.
PPC Renewables is the renewables arm of the Public Power Corporation which, according to Reed Smith, is Greece’s largest power producer and supplier. RWE Renewables is the renewables subsidiary of the German energy company RWE AG.
"We are excited to have advised PPC Group on the formation of this strategic partnership with a global leader in the renewable sector," commented Athens-based Partner Dimitris Assimakis. "This is definitely a landmark transaction for PPC Group and the Greek renewable market. It was a challenging and complex transaction, given the scale of the assets involved and the fact that the legislative and policy initiatives for the formulation of the national just transition plan for the so-called 'delignitization areas' were rolling out in parallel with the transaction."
The Reed Smith team was led by Assimakis and included Athens-based Senior Associate Minas Kitsilis and Brussels-based Partner Christian Filippitsch and Counsel Max Seuster.
Reed Smith did not reply to our inquiry for additional details.