Athens office advises IPTO on participation in €2bn project to build world’s longest HVDC cable
Greece | Press release - Business | July 2023
Global law firm Norton Rose Fulbright has advised the Greek Electricity Transmission System Operator (IPTO) on its participation in a €2bn major energy project to build the first transcontinental subsea electricity interconnection linking Greece with Cyprus and Israel.
The project will involve the laying of a 1,208-kilometer high voltage direct current (HVDC) cable which, upon completion, is expected to be the longest in the world
The transaction sees IPTO acquire up to 25 percent of the share capital of the project promoter, Cypriot based company EuroAsia Interconnector Holdings Limited (EuroAsia).
Norton Rose Fulbright advised IPTO on all elements of the deal, including the due diligence of EuroAsia and the negotiation and drafting of the agreement governing IPTO’s participation
The Norton Rose Fulbright team advising on the transaction was led by Partner Vassilis Koroxenidis and included Senior Associate Sergios Karotsieris and Consultant Vicky Zampaza, all from the firm’s Athens office.
The firm’s Athens office is one of Greece’s leading legal practices in banking and finance, including shipping finance, project finance, and structured finance, as well as corporate, M&A and securities, financial regulation, energy, and litigation and disputes. Its clients include Greek and multinational corporations, particularly in the financial institutions, insurance, shipping, renewable energy and real estate sectors, as well as governmental organizations and the Hellenic Republic.