Global law firm Norton Rose Fulbright has advised a consortium of banks on the financing of a 73.2MW wind power project developed by Terna Energy SA, the largest wind power producer in Greece. The consortium consisted of Eurobank Ergasias, Alpha Bank and National Bank of Greece.

The project entailed the development of two wind farms on the uninhabited islet of Agios Georgios, offshore Attica in the Athens metropolitan area. The area has remarkable wind potential and a dedicated subsea high voltage cable system, approximately 36 km in length, connecting the project to the mainland grid. The project is now operational and is anticipated to be able to power around 40,000 homes.

This is a flagship project for the Greek renewable sector as the largest wind project to date in the country and is the first offshore grid connection for a wind project.

Dimitris Assimakis, partner, Norton Rose Fulbright commented:

“We are delighted to have advised on this path finder project for the Greek renewables industry. It was a challenging and complex deal, particularly due to anticipated regulatory changes that needed to be taken into account, the construction challenges and the wider environmental considerations”

The Norton Rose Fulbright team in Athens was led by partners Dimitris Assimakis and Vassilis Koroxenidis, assisted by senior associates Minas Kitsilis and Alexandros Pavlopoulos with associate Dimitra Giannoula, and of counsel Theo Zafiropoulos.