International legal practice Norton Rose LLP has advised on the sale of two solar projects in northern Greece, a deal which marks the first ever Chinese acquisition of a Greek renewable power project.
Norton Rose LLP advised the sellers, Renewable Energy Technology and Development Group S.A. and EDF EN Greece S.A.. Both are entities of EDF Energies Nouvelles Group.
The two solar photovoltaic projects total 4.4MW and are situated in northern Greece, with construction set to begin in November 2011. They were bought by Solar Power Inc., which is part of Chinese-owned LDK Solar Group. Solar Power Inc is a leading vertically integrated photovoltaic solar developer and engineering, procurement and construction services provider.
The Norton Rose LLP team was led in Athens by partner Dimitris Assimakis, assisted by Alexandros Pavlopoulos and Minas Kitsilis.
Dimitris Assimakis, partner in Norton Rose LLP’s Athens office, commented:
“The Greek renewable energy sector is flourishing, encouraged by recent legislative changes and relatively resilient to wider economic pressures. It’s a sector that is attracting a lot of attention from international investors at the moment.
“This is the first completion we’ve seen by a Chinese group acquiring a Greek renewable power project, and so it was incredibly satisfying to help in getting it across the line.”
Solar Power Inc. was advised by Politis and Partners, with technical advice from SDL Solar.
For further information please contact:
Christina Nomikou, business development manager, Norton Rose LLP
Tel: +30 210 94 75 430; Mob: +30 6949984704