Norton Rose Fulbright Athens Team advises on PPCR solar project financing

Greece Press release - Business May 2021

Global law firm Norton Rose Fulbright has advised PPC Renewables S.A. (PPCR), and its subsidiary Iliaka Parka Dytikis Makedonias 1 S.A., on the financing of a EUR8.7m project for the construction of a 15MW photovoltaic park in Ptolemaida, Greece.
 
PPCR is the renewables subsidiary of Public Power Corporation S.A., the largest listed vertically-integrated energy company in the Athens Exchange. It has an aspiring development plan to reach 1.5GW of renewable installed capacity by 2023. This financing is the first leg of a broader financing arrangement to PPCR, which has plans to construct a nexus of photovoltaic parks totaling a 230MV installed capacity in the region of Kozani where a number of decommissioned lignite mines are located. 
 
Alongside primary financiers National Bank of Greece and Eurobank, the European Investment Bank has also been provided with the right to participate in the financings.
 
An Athens-based Norton Rose Fulbright team led by senior associate John Koukoulakis and counsel Dimitris Rampos negotiated on PPCR's behalf, with assistance from energy lawyers Vaia Karathodorou and Vicky Zambaza.
 
Vassilis Koroxenidis, partner and head of Norton Rose Fulbright’s Greek banking & finance team and co-head of the firm’s Greek energy team, commented:
 
“We are delighted to advise the PPCR team on their first non-recourse project financing and to help them secure the required funds to reach their aspirational goals on installed renewable capacity. The area of the decommissioned lignite mines in Ptolemaida is set to become a landmark example of the energy transition in Greece in its shift from mining to renewables, and we are very pleased to be part of this effort as part of a continuing mandate.”

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