International law firm Watson Farley & Williams (“WFW”) advised the European Bank for Reconstruction and Development (“EBRD”) on a €10 million English-law, cross-border financing for the construction, development and operation of five solar photovoltaic parks in Cyprus, with a total capacity of 11.9MW. The parks are located across the island at Frenaros, Nisou, Dhali, Paliometocho and Malounta.

The EBRD started investing in Cyprus during the fourth quarter of 2014 for a temporary period envisaged to last until 2020. The bank is focusing on investments in the financial sector, supporting privatisations and private concessions and providing finance to projects of individual private companies. Its goal is to support the recovery of the country’s economy following the deep financial crisis of recent years.

In a statement issued on 1st July 2017, the bank stated: “Addressing global challenges is one of the key strategic priorities for the EBRD and the investment will strengthen efforts in Cyprus to reduce climate change emissions and dependency on important fuels”.

The WFW team was led by project and structured finance partner Virginia Murray. She was supported by partner Marisetta Marcopoulou, London-based partner Joe Levin and associate Matina Kanellopoulou.

Virginia commented: “We are pleased to have advised EBRD on this significant transaction; our extensive experience in the project financing of Greek renewables helped us to work with the local Cypriot counsel on energy-related licensing, construction and other contractual issues in order to ensure the best result for our client”.

Leading Cypriot law firm Antis Triantafyllides & Sons acted as Cypriot law counsel.