Watson Farley & Williams (“WFW”) advised Lux North Greece S.A (“Lux North Greece”), a special purpose vehicle majority owned by Luxcara, on the financing of a portfolio of four solar PV projects with a combined installed capacity of 83 MW, in Kozani, Northern Greece. The lenders include Piraeus Bank and Optima bank, and additional support from the Recovery and Resilience Facility (“RRF”), funded by the European Union – NextGenerationEU, under Greece’s national recovery plan “Greece 2.0”.
The solar plants will feature approximately 130,000 PV modules installed on single‑axis trackers to optimise energy output.
The project, constructed by Ameresco Sunel Energy S.A., contributes to Greece’s renewable energy transition and reinforces sustained investor confidence in high‑quality energy infrastructure assets.
The project is a large‑scale, fully integrated renewable energy investment combining advanced solar technology, structured financing and strategic partnerships.
Luxcara is a Hamburg‑based asset manager specialising in long‑term investments in energy transition infrastructure, including renewable energy generation, battery storage, EV charging infrastructure and green hydrogen projects across multiple European markets.
WFW Athens was also involved in Luxcara’s acquisition of the majority stake of Lux North Greece in 2024, advising the sellers.
The cross-border WFW Energy team that advised Lux North Greece was led by Athens Counsel Valina Giouzelaki, supported by Senior Associate Dimitrianna Kolonia and Associate Fotini Nassou. Athens Partner Marsila Karpida and Senior Associate Haris Kazantzis provided English law advice, whilst London Associate Kristina Buckberry provided hedging expertise.
Valina commented: “We are delighted to have advised Lux North Greece on the financing of Luxcara’s first solar photovoltaic projects in Greece. This transaction highlights the continued maturation of the Greek renewables market and demonstrates how structured project finance can successfully enable large‑scale energy transition investments”.
Lorenz Hahn, Investment Manager at Luxcara, said: “WFW delivered strong execution and was a dependable partner throughout the process. Their deep project finance expertise helped keep a complex financing process on track”.
