< Back to insights hub


WFW advises sponsors regarding Hersonissos–Neapoli section of Crete’s VOAK highway project  26 May 2023

Watson Farley & Williams (“WFW”) has successfully advised Greek companies GEK TERNA SA, Aktor Concessions SA and INTRAKAT (“the Sponsors”) and their special purpose company on all agreements related to the Public Private Partnership for the design, construction, financing, operation and maintenance of the Hersonissos-Neapoli section of the Northern Road Axis of Crete (“VOAK”) project. The project and financing agreements were signed on 21 April 2023.

VOAK is a planned highway which will form part of Crete’s national highway and run along the northern coast of the island, linking the cities of Chania, Rethymno, Heraklion and Agios Nikolaos. The Hersonissos-Neapoli section of the project is co-funded by the EU Recovery and Resilience Facility and a €225m project financing facility in the form of a syndicated bond loan from Alpha Bank SA and Eurobank SA, on which WFW advised on the negotiating, drafting and finalising of all relevant documents.

The WFW Athens Project and Structured Finance team that advised the sponsors was led by Partner Virginia Murray, supported by Counsel Stamatis Kotsiras, Senior Associates Georgia Mathiopoulou and Sofia Tyligada and Associates Dimitrianna Kolonia, Fanis Krystallis, Eva Makri and Eleni Stylianou.

Virginia commented: “We are delighted that the Sponsors entrusted WFW with this important project. Collectively, the team has decades of relevant experience which proved crucial in enabling the success of this complex and high-profile transaction which truly showcases WFW’s expertise in infrastructure, project financing, construction contracting and public agreements”.

< Back to insights hub

Media enquiries