Financing of Wind Farms in Greece backed by the European Investment Bank (EIB)
July 23rd, 2018
Kyriakides Georgopoulos Law Firm is pleased to announce that it acted as a joint Greek legal advisor to European Investment Bank and to Alpha Bank A.E. for the financing of two wind parks in northern Greece.
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 (operating capacity 36MW) and Lefkes-Kerasia (operating capacity of 8.4MW). Combined, they will host 22 wind turbines installed on complex high altitude terrain (exceeding 1.400m), and will be connected to the transmission grid via a new MV/HV Substation and respectively 8.5 km and 16km of MV underground cable
This is one out of the 6 ongoing RES projects that KG project finance team is currently involved with and it was an opportunity to assist once again in a highly demanding project for the energy sector in Greece.