Norton Rose Fulbright advises Piraeus Bank and Optima bank on financing of four PV parks in Greece

Global law firm Norton Rose Fulbright has advised Piraeus Bank and Optima bank on the financing of the development of four photovoltaic (PV) solar parks with a total nominal capacity of 83 MWp in the regional unit of Kozani, Greece.

Piraeus Bank acted also as coordinator, account bank, bondholder agent and facility agent to the financing.

The project is being developed by an SPV which is majority owned by Luxcara, a leading independent German asset manager for energy transition infrastructure projects.

The investment is in the mid double-digit million-euro range. The financing includes contributions from Greece's Recovery and Resilience Fund "Greece 2.0" (RRF), funded by the European Union - NextGenerationEU - under Greece's national plan 'Greece 2.0', as well as from Piraeus Bank and Optima bank.

The project will consist of four solar parks, covering approximately 1,290,000 sq.m., with approximately 130,000 PV modules installed. Construction is already underway.

The cross-border Norton Rose Fulbright team advising on the deal included Athens-based counsel Dimitris Rampos, associates Georgia Koutrika, Asimina Papakosta and Michalis Kallianis, and consultant Vicky Zampaza, who advised the lenders on Greek law aspects, project contracts, and energy regulatory issues.

Additional support was provided by London-based partner Robert Marsh, senior associate Claudia Dorbez, and associates Charles Winch and Georgia Foulkes-Hartley, who advised on English law aspects.

Dimitris Rampos said:

"This financing marks a significant step forward for renewable energy development in Greece and also sets a positive precedent for the wider solar industry. The scale and ambition of the project demonstrates the market's continued strength and the country's broader commitment to a sustainable future.

"I want to give special thanks to the teams at Piraeus Bank - Yiannis Kardasis, Galateia Tsakanika and Dimitris Tsiaousis - and Optima bank - Christos Kalliantasis - as well as Luxcara, Lux North Greece S.A. and Watson Farley Williams for their cooperation and support in achieving a successful closing."