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KG Advises EIB and Alpha Bank on Financing Wind Farms in Greece

KG Advises EIB and Alpha Bank on Financing Wind Farms in Greece

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Kyriakides Georgopoulos has advised the European Investment Bank and Alpha Bank A.E. on the financing of two wind parks in northern Greece.

According to KG Law, the financing was structured on a limited recourse project finance basis by means of a long term facility in the form of a hybrid bond loan governed by Greek bond law 3156/2003 and German law, along with relevant Greek law security documents for each project company. The European Investment Bank's (EIB) loan is backed by the EU budget guarantee of the European Fund for Strategic Investments (EFSI), the financial instrument of the Investment Plan for Europe.

The two wind parks will have a combined operating capacity of 44.4 MW, divided between Eressou Ipsoma-Fourka, with operating capacity of 36MW, and Lefkes-Kerasia, with operating capacity of 8.4MW. In total, the parks will host 22 wind turbines installed on complex high altitude terrain (exceeding 1400 meters), and will be connected to the transmission grid via a new MV/HV Substation and respectively 8.5 km and 16 km of MV underground cable.

The KG team was led by Partners Ioanna Antonopoulou and Elisabeth Eleftheriades and included Counsel Elia Iconomidou, Senior Associates Aristotelis Katranis, Christina Chini, and Chrysoula Giannopoulou, Associates Angeliki Chalikia and Zaphirenia Theodoraki, and Junior Associate Maria-Thomais Epeoglou.