Projects and privatisation in Greece

Bernitsas Law

Bernitsas Law is praised as one of ‘the most experienced teams in the Greek legal market’ which delivers ‘business-orientated, in-depth knowledge’. The group handles project finance work, PPPs and landmark privatisations, and has strong sector expertise across a range of industries including the insurance, automobile, technology, real estate, infrastructure, healthcare, pharmaceuticals and energy sectors. Yannis Seiradakis is an industry leader with notable experience serving as Special Secretary for Privitisations at the Ministry of Finance. Seiradakis leads the practice with Dimitris Roussis and Panayotis Bernitsas; the trio advised Gastrade on the development of the Alexandroupolis Independent Natural Gas System. Another name to note is associate Dionysis Flambouras, who is a specialist in financing arrangements.


Professionalism, value for money, in depth knowledge, availability and engagement solutions-oriented.’

‘Probably the most experienced team in Greek legal market business oriented efficient deep legal knowledge.’

Key clients

Alpha Bank SA

Archirodon Group NV

Credit Agricole

Ellaktor SA

European Bank for Reconstruction and Development (EBRD)

European Investment Bank (EIB)

Gastrade SA

Grant Thornton

Hellenic Petroleum SA

Hellenic Republic Asset Development Fund (HRADF)

Hochtief PPP Solutions GmbH


Intrakat Constructions SA

J&P Avax SA

Mytilineos Group

National Bank of Greece SA

Olympia Odos SA

The Hellenic Republic

Vinci Group

Work highlights

  • Advising a consortium led by Vinci on its participation in a tender procedure conducted by the Hellenic Republic Asset Development Fund for the awarding of a concession contract for the Egnatia Odos motorway and the upgrade of three vertical road axes.
  • Advised a consortium of international financing institutions including the EIB and EBRD on the project financing of TAP’s development of a gas pipeline connecting to the Trans-Anatolian Natural Gas Pipeline from the Greek-Turkish border and running through Greece and Albania to Italy.
  • Advised HRADF on the privatisation of the Rolling Stock Maintenance Company through the sale of shares representing 100% of the company’s share capital.

Dryllerakis & Associates

Praised for its ‘business-orientated and solution-driven approach’, Dryllerakis & Associates has extensive expertise in handling high-end privatisations for the Greek state, and also represents candidate investors in bid processes. Emmanuel Dryllerakis heads up the department, which includes the ‘distinguished and well-respectedJohn Dryllerakis and Cleomenis Yannikas, who is an expert in energy projects. In a recent highlight, the team represented a consortium including Deutsche Investment Equity Partners, Terminal Link and Belterra on its successful bid for a 67% share in Thessaloniki Port Authority from the Hellenic Republic Asset Development Fund.

Practice head(s):

Emmanuel Dryllerakis;


‘Their business orientation and solution-driven approach has made them recognizable with a solid reputation in the Greek legal market.’

‘John Dryllerakis is undoubtedly a distinguished and well-respected figure in the Greek legal market. However, there is also a full-force dynamic team of younger but very much experienced partners and associates, including Emmanuel Dryllerakis and Cleomenis Yannikas. Diligence and responsiveness are among their main qualities.’

Key clients

Consortium of DIEP/Terminal Link/Belterra

ENEL Green Power S.A.

Consortium of Strabag AG/Skytoll AS/J&P Avax SA

Zeus International Group

Work highlights

  • Advising a consortium of Strabag, Skytoll  and J&P Avax on the international tender for the installation and operation of the new electronic tolling system for the Greek motorways.
  • Advising Zeus International City Seasons on the auction and eventual purchase of a property located in Athens.
  • Advised a client on the acquisition of a company and management takeover of a five-star hotel owned by the target company.

Koutalidis Law Firm

Koutalidis Law Firm is highly-regarded for projects in the infrastructure sector and the related financing issues, particularly those with international elements. Ioannis Kaptanis and Nikos Koritsas lead the practice with Effie Papoutsi, and recently advised the National Bank of Greece and Piraeus Bank on the project finance, concession and corporate considerations for the €1.2bn extension of Athens International Airport. The team also advised the relevant bondholders, agent and hedging bank on the refinancing and development of the International Broadcasting Centre, one of the key assets built for the 2004 Olympic Games. Senior associate Yiannis Loizos is also a key member of the team with expertise in privatisations.

Key clients

Fraport AG and Fraport Greece

Copelouzos Group

Deutsche Telekom AG

Avialliance GmbH (member of the PSP Group)

Hellenic Republic Asset Development Fund (HRADF)

Aegean Motorway S.A. (AMSA)

Hellenic Petroleum S.A. (HELPE)

Lamda Development

National Bank of Greece

Piraeus Bank S.A.

Aktor Concessions S.A.

Marmara Turizm Tesisleri A.Ş.

Work highlights

  • Advised Fraport Greece, Fraport and Copelouzos Group on the transfer of a 10% stake in the 14 regional airports of Greece from the Copelouzos group company Slentel to Marguerite Fund.
  • Advised the concessionaire and purchasers (Hochtief, Vinci, Aktor and J&P) on the exit of Aegek and Athena from the Maliakos-Kleidi toll road concession project.
  • Advised Marmara Turizm Tesisleri and Aktor Concessions on the HRADF tender for the award of the €57.5m concession of the Alimos Marina.

Kyriakides Georgopoulos Law Firm

Kyriakides Georgopoulos Law Firm is noted for the ‘quality of its work, commercial knowledge and capacity for negotiation’. The department advises private sector companies and investors on all aspects of large-scale projects and privatisations, and is jointly headed up by Gus Papamichalopoulos, Elisabeth Eleftheriades and Evangelia Dimitropoulou. The group has notable expertise in energy sector mandates; the team recently represented a consortium of SNAM, Enagás Internacional and Fluxys on the acquisition of a majority stake in DESFA from Hellenic Petroleum and the Hellenic Republic Asset Development Fund. Counsel Kimon Tsakiris specialises in energy, utilities and infrastructure projects.


‘The quality of their work and capacity for negotiations due to their commercial knowledge of the sector are the main advantages of working with them.’

‘Evangelia Dimitropoulou has been very supportive during the whole transaction and stands out for her resolving ability.’

Key clients

SNAM S.p.A./Enagás Internacional S.L.U/Fluxys SA-NV (SENFLUGA S.A.)


Seven Energy A.G.

Windows International S.A.

Elia System Operator




Biomedical Research Foundation, Academy of Athens (“BRFAA”)

C&M Engineering S.A.



Golden Star Investments


Public Power Corporation Renewables (PPCR S.A.)


Alpiq Energy SE

Axpo Trading AG

Ibvogt GmbH

ALPHA BANK – European Investment Bank (EIB)

Work highlights

  • Advised SGEL as investor on all commercial, regulatory and legal issues pertaining to the implementation process of the acquisition of 24% of the Greek IPTO.
  • Advising Windows International as sponsor of an infrastructure project on the licensing and construction of a gas interconnector between Greece and North Macedonia.
  • Advising HRADF on the Hellinikon Project.

Norton Rose Fulbright

With ‘highly experienced team’, Norton Rose Fulbright is a market leader for infrastructure projects and privatisations, and advises commercial banks, multinational banks, government bodies and ECAs on PPP concessions, constrictions, financings and operation contracts. Group co-head Dimitris Assimakis is knowledgeable of the energy sector, particularly regarding project finance work and the development of power projects. He recently advised Alpha Bank on the limited recourse financing for the development, construction and operation of a greenfield wind power project under development in Karystros. Elena Tsohou also leads the department.

Practice head(s):

Dimitris Assimakis; Elena Tsohou;


Highly experienced team.

Key clients

Adriatic Marinas d.o.o.

Alpha Bank

Copelouzos Group

Damco Energy SA and International Constructional SA


Eurobank Ergasias

European Bank for Reconstruction and Development (EBRD)

European Investment Bank (EIB)

Hellenic Republic (Ministry of Finance, Ministry of Environment and Energy)

Hellenic Wind Energy Association (ELETAEN)


Modus Energy

National Bank of Greece

NKT Cables

Piraeus Bank

Public Power Corporation

Public Power Corporation Renewables


Shikun & Binui

Tokio Marine Kiln

Work highlights

  • Advising Shikun & Binui on its participation in the North Crete Axis highway project.
  • Advising Adriatic Marinas on its participation in the Alimos marina long-term concession tender.
  • Advising a consortium of banks on the refinancing of Agios Georgios wind farm.

PotamitisVekris Law Firm

Under the leadership of the ‘committed and solution-orientatedEuripides Ioannou, PotamitisVekris Law Firm handles projects in the energy and real estate industries. The team is engaged by domestic and international clients on all aspects of projects; Ioannou has in-depth expertise in environmental, regulatory and project finance matters, and the acquisition of energy and oil and gas projects. Recently, the group advised Euroasia Interconnector on its position as project promoter of the Israel-Cyprus-Greece electricity interconnection. On the real estate front, the team handles due diligence, search titles, zoning applications, construction and development agreements, and licence and management agreements. George Bersis is a standout name for finance matters, while associate Anthea Terlegas is recommended for PPP and energy projects.

Practice head(s):

Euripides Ioannou;


‘Euripides Ioannou – committed and solutions oriented, deal maker, can think of alternatives, as can the associates.

Key clients

Ferrovial S.A.

Alpha Bank

Piraeus Bank

TERNA ENERGY S.A. (a subsidiary of the GEK Construction Group)

Grivalia Properties

Hellenic Republic Asset Development Fund

National Bank of Greece

EuroAsia Interconnector Ltd

China Energy

Work highlights

  • Advising Alpha Bank on a project involving the concession of the right to use, operate, manage and exploit the Alimos Marina, the biggest marina in the Balkans.
  • Advised the National Bank of Greece on the provision of a €161m financing to Terna (a member of GEK Terna Group) to leverage its participation in a concession for the construction and operation of the new airport in Crete.
  • Advised Ferrovial on the sale of its minority stakes in Ionia Odos and Central Motorway, concessionaires of two large motorway concessions.

Alexiou & Kosmopoulos Law Firm

Alexiou & Kosmopoulos Law Firm is engaged on the full range of large privatisations, finance transactions and projects. Alexandros Kosmopoulos leads the practice, which handles matters with an international aspect and has recently been particularly active in transport infrastructure projects including major ports and airports. Notably, the team is acting for Lamda Development on various aspects of its involvement in the €7bn Hellinikon Project including advising on the proposed lease agreement for the Hellinikon integrated resort and casino.

Practice head(s):

Alexandros Kosmopoulos;

Key clients



Marguerite Fund


Piraeus Bank and Eurobank

Lamda Dogus

Eurobank Ergasias


Work highlights

  • Advised Alpha Bank as arranger, agent and lender on a number of loans (including a bond loan) to DPN SA.
  • Advised the Marguerite Fund on its joint expression of interest with J&P Avax on the €250m Northern Crete Motorway PPP project, which was tendered in 2018.
  • Advised Italian motorway operator Atlantia on its collaboration and joint bid with Aktor, Intrasoft and Intrakat for the Greek satellite tolling system tender, a project valued in excess of €300m.

Karatzas & Partners

Karatzas & Partners is noted for its expertise handling projects in the oil and gas, power and renewables sectors. The team handles projects from inception to construction and operation and is also highly regarded for project finance transactions.

Sagias and Partners Law Firm

Sagias and Partners Law Firm's practitioners are ‘project and client-orientated’ and have the ability to ‘think as businessmen’. The team, which is jointly led by Nikolas Sagias and Ifigenia Vourdouni, is distinctly focused on privatisations and regularly acts for the state and private entities. In a recent highlight, the group acted for Cosco Shipping on a matter, which saw the Hellenic Republic Assets Development Fund transfer its remaining 16% ownership of Piraeus Port Authority to the client.

Practice head(s):

Ifigenia Vourdouni; Nikolas Sagias;


They are project and client oriented. They identify the risks, and they address all the issues arising. They make you well aware of the whole project and they also have the ability to think as businessmen.’

‘The team is professional and experienced. They know very well the history and progress of the client and provide highly tailored service.’

‘Mr. Apostolos Giannakopoulos has a lot of knowledge about company law and always try to be helpful and positive. Ms. Ifigenia Vouldouni is a professional lawyer with courage and devotion to her job. Ms. Athena Papikinou responds quickly to client’s need and ensures everything goes smoothly.’

‘In addition to being excellent lawyers they have a sound understanding of various markets.’

Key clients

Piraeus Port Authority S.A.


Union Star

Auxiliary Fund of Insurance from Liability Arising out of Motor Accidents



Work highlights

  • Acting on the licensing procedure for Piraeus Port Authority’s construction works.
  • Advising a client on an investment plan in Greek Islands totalling €2.5bn.
  • Provided legal support to a client on the drafting of a presidential decree regarding the urbanisation of a large area of Attica.

Your Legal Partners

The ‘very effective, adaptive and excellent’ team at Your Legal Partners is acting for the Hellenic Republic Asset Development Fund on the Alimos Marina Concession. The marina, located South West of Athens, is one of the largest in Greece, with the team drafting all relevant tender documents in addition to the concession agreement. Katerina Politopoulou ‘proactively provides solutions’ and heads up the practice alongside Katerina Christodoulou, who is an expert in finance transactions and infrastructure projects.


‘Very effective team, adaptive and excellent at understanding the needs of the employer and delivering the most appropriate solution.’

‘Ms Katerina Politipoulou is excellent in understanding the needs of the transaction and the employer and proactively providing solutions.’

‘Excellent work in small teams. Each team member has solid knowledge in his field of expertise. Head of team is the point of reference for the client with very good knowledge of the overall project. Very flexible, always available. Able to deliver within very short deadlines. Very good value for money.’

‘We have been working closely with Katerina Christodoulou and Katerina Politopoulou for almost a decade. We value their devotion to our projects, their creative thinking and clear-cut advice. They do not try to multiply billable hours, but to help the client reach his objectives in the safest and most cost-effective way.’

‘They are hands-on and available with limited notice. They are well aware of issues and flexible to accommodate requests.’

Work highlights

  • Advising the Greek State privatisation fund HRADF on the sale of its 30% stake in Athens International Airport.
  • Acting for the National Bank of Greece of the project financing of two wind parks and the refinancing of the debt of eight companies owning 50 photovoltaic parks.
  • Acted for Eurobank Ergasias on the project finance development of a wind park to a major Greek RES player.

KLC Law Firm

KLC Law Firm handles all forms of privatisations including share deals for listed and non-listed companies, asset deals and strategic investor schemes. The team operates across a range of sectors including the energy and infrastructure industries.

Lambadarios Law Firm

The team at Lambadarios Law Firm is recommended for handling projects in the energy sector, namely mandates pertaining to electricity production and commerce, oil and gas issues, mining work and renewables projects.

Michailopoulos & Associates

Michailopoulos & Associates has ‘unique knowledge of several key legal sectors, especially public-private sector relationships, public procurements and energy issues’. Gregorios Michailopoulos, who is ‘a knowledgeable and reliable legal representative’, oversees the practice, which is well-versed in the preparation and implementation of investment plans and co-financed projects. In addition to the energy sector, the team also has specialist expertise in tourism, real estate and construction projects.

Practice head(s):

Gregorios Michailopoulos;


‘There is a unique, I could say, knowledge of several key legal sectors, especially public-private sector relationships, public procurements, energy issues. Also, in every case we have worked with, I felt quite confident. And in the end, I was right… and the companies I am working with never lost a single case. Also, having experience with other law firms, prices are much more reasonable.’

‘We have worked with Mr Michailopoulos for several years. His legal expertise in without match in the sectors we are working in. Also, we always get a straight answer, and that is the most important thing.’

‘The team has solid strength in various fields, from court representation to Company rules and procedures, ESPA and public procurement.’

‘Over the past 7 years, Mr. Michailopoulos has proven to be a knowledgeable and reliable legal consultant and representative.’

Work highlights

  • Assisting a real estate investment company with the award procedure of a concession contract for the upgrading and exploitation of a seaside resort on a Greek island in the Ionian Sea.
  • Assisting a major private company operating in the aquaculture sector with carrying out a large-scale investment project.
  • Advising the Municipal Development Company of Athens on the implementation of the Sustainable Urban Development Strategy (ISUDS) through the Integrated Territorial Investment (ITI) tool of the Municipality of Athens.

Papapolitis & Papapolitis

Key areas of strength for Papapolitis & Papapolitis span projects in the real estate, energy, hospitality and infrastructure sectors. The main contacts are John Papapolitis and George Gravias.

Politis & Partners

Politis & Partners has a proven track record in the privatisation of Greek public and public-interest entities; in a recent mandate, the team advised the Hellenic Republic on the contractual and regulatory considerations arising from the privatisation of Hellenic Petroleum. Evangelos Politis heads up the practice, which is experienced in project finance work and also acts for developers, investors, lenders and financial advisers in relation to the development, financing, construction and operation of capital intensive projects and facilities throughout Greece.

Practice head(s):

Evangelos Politis;

Key clients

Hellenic Republic

Eurobank Ergasias S.A.

SPI Energy Co. Ltd (SPI)

V+O Communication & Consulting S.A.

Work highlights

  • Acting for Eurobank Ergasias on the financing of the acquisition and renovation of a five-star hotel in Athens.
  • Acted for SPI Energy on the acquisition, sale and development of various photovoltaic projects throughout Greece.
  • Advised Eurobank on the restructuring of bond loans and securities provided by Andromeda Group, which recently acquired majority stakes in Nireus and Selonda.


Sarantitis’ team consists of ‘highly competent’ lawyers who ‘prove to be highly beneficial when working on the small details’. Practice head Dorotheos Samoladas is an ‘excellent attorney’, who is ‘very knowledgeable of US and Greek law’; he is advising EDL Hellas on a number of projects focused on renewable energy and environmental solutions.

Practice head(s):

Dorotheos Samoladas


The Sarantitis associates that we worked with were highly competent on the law but also had good knowledge of the Greek MoD and their inner workings. They proved to be highly beneficial in working with the small details of the contractual language required to get to a mutually agreeable contract. We would not have reached a contract resolution with the efficiency we did without the Sarantitis’ assistance.

Dorotheos Samoladas: excellent attorney with a soothing bedside manner. Very knowledgeable of US & Greek law. Often bridged the gap in relationship struggles between us and the government. Antonis Katsigiannis: Incredible attention to detail. Bedside manner as helpful as Dorotheos. Excellent knowledge of US and Greek law.

Key clients

UTC – Pratt & Whitney Division

Greek Atomic Energy Commission

EDL Hellas Ltd

Work highlights

  • Advising EDL Hellas on company and corporate matters.

Zepos & Yannopoulos

Zepos & Yannopoulos fields a ‘strong’ practice, which is rated for its ‘professionalism’ and ‘great team work’. Anastasia Makri and Stefanos Charaktiniotis jointly lead the department, which is particularly active in infrastructure and energy-related projects and also has project finance expertise. In a recent highlight, the group acted for the consortium of Vitol and Sonatrach on its bid to acquire Hellenic Petroleum.


‘Professionalism. Strong team. Ethos.’

‘Great team work and clear leadership scheme.’

Key clients



Copelouzos Group


Edp Renewables

Stavros Niarchos Foundation

Lamda Development

Mohegan Gaming & Entertainment

Work highlights

  • Acting for the consortium of Sichuan Communications Investment Group, Copelouzos Group and Zhejiang Expressway Co. on its bid for the concession of the Egnatia motorway project.
  • Assisting the Stavros Niarchos Foundation with a donation to the Greek State of a series of major infrastructure projects in the health public sector.
  • Assisting Mohegan Gaming & Entertainment with its participation in the tender for the concession of a 30-year licence for the construction, operation and maintenance of an integrated resort casino, which is part of Hellinicon, the largest urban regeneration project in Europe.