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WFW advises Eurobank on €315m 560 MW Greek solar project financing13 May 2024

Watson Farley & Williams (“WFW”) advised Eurobank S.A. (“Eurobank”) as mandated lead arranger and finance provider on a €315.34m project finance agreement with Enipeas Single-Member SA, a subsidiary of Lightsource bp, for the development of the Enipeas project, one of the largest solar projects in Europe with a nominal capacity of 560 MW. The financing includes €170m from the Greek government’s Recovery and Resilience Fund ‘Greece 2.0’. along with €145.34m from Eurobank.

The project will be located across Larissa and Fthiotida in central Greece and is expected to power almost 2% of Greece’s domestic electricity production once operational.

WFW also recently advised the lenders on the €75m project financing of Lightsource bp’s portfolio of PV parks in Kozani, Greece.

Lightsource bp is a global leader in the development and management of solar energy projects which has developed over 8.4 GW of solar power to date and is active in 19 countries.

The WFW Projects team that advised Eurobank was led by Global Energy Sector Co-Head and Head of the London Projects Group Henry Stewart working with Partner Emmanuel Ninos, Counsel Marianne Anton, Senior Associates Jenny Burns and James Fryer, Associates Ben Harvey and Rachel Lee and Trainee Georgina Somers. A WFW Athens Projects team led by Partner Marisetta Marcopoulou and comprising Counsel Maira Galani, Senior Associate Katerina Stringari and Associates Dimitrianna Kolonia, Fotini Nassou, Alexia Zeriti and Iliana Tsetsa advised on matters of Greek law.

Henry also led the team advising the lenders on the Kozani project, working with London Counsel Marianne Anton, Senior Associates Jenny Burns and James Fryer and Associates Tara Goalen and Esteira Hiwaizi. The Athens team was led by Partners Virginia Murray and Marisetta Marcopoulou, supported by Counsel Maira Galani and Valina Giouzelaki, Senior Associates Georgia Mathiopoulou and Katerina Stringari and Associates Dimitrianna Kolonia, Anthi Antonakou, Fotini Nassou and Iliana Tsetsa.

Henry commented: “We are pleased to have advised lenders on these two important project financings that help promote a sustainable future for Greece and contribute towards its decarbonisation and energy independence goals. These deals highlight WFW’s cross-border expertise advising on high-value energy transactions as well as our market leading project finance expertise”.

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