GREEN GUIDE EMEA 2023: Greece
Koutalidis Law Firm
Owing to the strong renewable energy sector focus within its energy and infrastructure practice, Koutalidis Law Firm is active in important renewable energy transactions and project developments, and advises clients on innovative green solutions.
In a matter led by energy practice head Evangelos Courakis, the firm advised Macquarie Asset Management on the Greek aspects of its €2.5bn acquisition of French solar power producer Re den Solar, consisting of eighteen operational and pipeline solar PV projects across Greece. Within the solar power sector, the firm also assisted renewable energy project developer FEN SOL with its sale of a 303 MW portfolio of PV projects to HELPE RES.
For renewable project developer Entricity, the firm advised on all aspects related to a 4 GW pipeline of PV and battery storage projects, assisting with permitting and regulatory procedures, investment agreements, and the negotiation of a financing transaction. In an ongoing matter, associate Dimitrios Andriopoulos is advising EPC contractor Göktekin Enerji on the acquisition of a 340 MW portfolio of PV projects.
The firm also acted for Enel Green Power in the negotiation of a tripartite grid sharing agreement with an international investor and a local developer in a deal which marks the first ultra-high voltage substation for renewable energy projects in Greece. The advice furthermore included the acquisition of a 96 MW portfolio of PV projects.
The team also has expertise in connection with the development of environmentally friendly technologies. It is advising hydroponic cultivation system provider Green Tech on corporate, civil, and regulatory matters; and AllOptimal on the Greek roll-out of its energy- and emissions-saving biodegradable organic waste management technology, BioBlox.
In a step toward reducing its own emissions and environmental impact, while demonstrating such commitments to its clients, the firm recently moved its Athens office to a LEED Platinum-certified building.
Kyriakides Georgopoulos Law Firm
Greek multi-business business law firm Kyriakides Georgopoulos Law Firm advises high-profile clients on transactions, project development, and regulatory frameworks within the renewable energy sector.
The firm has significant experience guiding major industry actors in their renewable energy sector transactions. A key client is Lightsource BP, which sought the firm’s transactional and due diligence advice in connection with its acquisition of pipeline and in-development solar PV portfolios, totalling 1160 MW. The firm’s advice helped the client – a major developer, financer, and operator of utility-scale solar projects – establish itself in Greece.
With notable expertise in the development of renewable energy projects, the firm is also advising renewable electricity producer Qair International on land, corporate, and tax matters in the development of a 410 MW solar PV portfolio.
In another current highlight, demonstrating its know-how within the wind power sector, the team is advising SSE on the Greek portion of a contemplated cross-border acquisition of a 668 MW wind power portfolio owned by Siemens Gamensa Renewable Energy, performing due diligence across licensing, real estate, and corporate law.
Another major client is Total Energies Renewables; the firm liaised with the Greek Ministry of Energy to perform a legal feasibility study which analyses the novel licensing regime for the installation and development of offshore wind parks. The study has been presented by the Greek state for industry consultation.
Within the firm’s energy, utilities and infrastructure practice, Gus Papamichalopoulos is a key contact. He has been certified by the Climate Bonds Standard Board as an approved verifier and serves as the legal counsel for the Institute of Energy for South East Europe.
In two recent internal initiatives, the firm removed 56kg of plastic waste in a beach clean-up with the All For Blue Organisation and has planted over 100 trees for environmental organisation We4all.
POTAMITISVEKRIS
Greek full-service firm POTAMITISVEKRIS’ work in connection with a green transition focuses predominantly on sustainable finance and renewable energy projects.
In the sustainable finance space, the firm assisted luxury resort provider Sani/Ikos Group with a €500m+ group refinancing which integrated a margin step-down mechanism tied to the achievement of sustainability targets aligned with UN Sustainable Development Goals, focusing on sustainable hotel operations and the protection and enhancement of local biodiversity. Another active client is real estate developer Lamda Development, which sought the firm’s advice on a €230m senior green bond issuance, one of the first such deals on the Greek market.
Head of project finance and energy Euripides Ioannou leads on major renewable energy transactions, with highlights including advising Motor Oil Renewable Energy on their acquisition of a majority stake in a 2 GW portfolio of operating and pipeline projects from Ellaktor Group; and assisting state-owned company China Energy with their transition to renewable investments through the acquisition of a 75% stake in a 133 MW wind project portfolio.
Frequently active in connection with the development of renewable energy projects, the firm acted for Piraeus Bank in the financing of National Energy’s construction of a 130 MW PV portfolio. Another key client is the National Bank of Greece regarding a financing to 547 Energy International for the construction of a 408 MW wind farm portfolio.
A pro bono client is the Hellenic Society for the Environment and Cultural Heritage, which works to protect the natural environment and biodiversity while raising public awareness of its value.
Demonstrating its thought leadership credentials, the firm was selected to provide Greek legal coverage within the second edition of the Primer on Climate Change, which advises board directors on how to integrate climate change initiatives into corporate governance.
Zepos & Yannopoulos
In 2022, Greek full-service firm Zepos & Yannopoulos published its first footprint report, detailing its sustainable policies and seeking to promote environmental awareness among clients and peers. Carrying its commitments to the green transition into its client work, the firm has demonstrable experience across sustainable finance, renewable power projects, and e-mobility.
The firm acted as Greek counsel to electricity provider Public Power Corporation (PPC) on its inaugural offering of €650m sustainability-linked senior notes and a further offering of €350m sustainability-linked senior notes. This offering, representing the first sustainability-linked instrument offered by a Greek company, will support PPC’s efforts to improve its environmental impact.
In an ongoing matter, the firm is advising Hellenic Petroleum on the implementation of a 204 MW PV park in Northern Greece, following its advice on the acquisition of the SPVs owning the park. The park, inaugurated by the Greek Prime Minister, is one of the leading renewable energy projects in the region and a landmark project in the country’s green transition. Also within the solar power sector, the firm has conducted due diligence for Unigreen in its acquisition of a 300 MW PV park.
Active in the development of wind power, the firm advised renewable energy corporation Enel Green Power on the financing, construction, and development of the 154 MW Kafireas wind park project.
The firm frequently shares its market knowledge via ESG-focused seminars: Christina Papanikolopoulou moderated a panel discussion on ESG financing and institutional investors at the 2022 Delphi Economic Forum; and Anastasia Makri, head of the firm’s energy group, participated in a panel discussion on the impact of ESG criteria on the Greek renewable energy sector market at the first Athens ESG & Climate Crisis Summit.