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Reed Smith and Karatzas & Partners Advise on PPC Renewables EUR 294.4 Million PV Project Financing

Reed Smith and Karatzas & Partners Advise on PPC Renewables EUR 294.4 Million PV Project Financing

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Reed Smith has advised PPC Renewables subsidiary Phoebe Energy on a EUR 294.4 million financing from the EU, Eurobank, and Piraeus Bank for the construction and operation of a 550-megawatt solar photovoltaic project in Western Macedonia. Karatzas & Partners advised Eurobank and Piraeus Bank.

PPC Renewables, a wholly owned subsidiary of Greece's Public Power Corporation, is a power utility company operating in Southeast Europe.

According to Reed Smith, "EUR 184 million has been sourced from European Union - NextGenerationEU funds via the Recovery and Resilience Facility plan 'Greece 2.0' and an amount of EUR 110.40 million will be co-financed by Eurobank and Piraeus Bank. The project aims to generate 1 terawatt of electricity annually, powering 200,000 homes."

Earlier this month, Karatzas & Partners also advised Eurobank, Alpha Bank, and the National Bank of Greece on financing a 940-megawatt portfolio of solar farms in Amyntaio, Western Macedonia, owned by RWE Renewables and PPC Renewables (as reported by CEE Legal Matters on March 8, 2024).

The Reed Smith team included Partner Dimitris Assimakis, Counsel Minas Kitsilis, Senior Associate George Fountas, and Associate Zissis Papazissis.

The Karatzas & Partners team included Partner Valia Apostolopoulou, Senior Associate Aikaterini Toumpanou, Associates Anastasia Petta, Konstantina Meletiadou, Sophia Papasimakopoulou, Eleni Ioannidou, Mara Skiada, and Nikos Kazantzidis, and Trainee Lawyer Tina Sofianou.

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