Norton Rose Fulbright advises on the refinancing of the largest Greek wind farm

Global law firm Norton Rose Fulbright has advised Alpha Bank, Eurobank Ergasias and National Bank of Greece on the approximately €117 million non-recourse refinancing of Agios Georgios wind farm, a 73.2 MW wind farm operated by a subsidiary of Terna Energy, on the uninhabited islet of Agios Georgios offshore Attica in the Athens metropolitan area.

This remains a flagship project for the Greek renewable sector as the largest wind farm to date in the country and the only one connected through a dedicated subsea high voltage cable system, approximately 36 km in length, to the mainland grid.

Dimitris Assimakis, who leads the Greek energy practice and led on the deal, commented:

“We are excited to have advised Alpha Bank, Eurobank Ergasias and National Bank of Greece on the refinancing of the largest wind farm in the country and especially, after our initial advice to same lenders back in 2016 on the financing for the construction of this landmark project. This transaction demonstrates banks’ strong dedication to the wind power sector, Terna Energy’s market-leading position and ability to implement and operate complex projects like this and the continuous improving conditions of the banking sector and overall economy in Greece.”

The Norton Rose Fulbright team also included of counsel Dimitris Rampos, senior associates Minas Kitsilis and George Palogos and associates Sylvia Betrosian and Christina Korinthios. The team also included lawyers from the firm’s London office led by London-based partner Daniel Franks.