Reed Smith advised the National Bank of Greece on a €436.10 non-recourse financing provided to Alexandroupolis Electricity Production S.A., for the development of a new 840 MW gas-fired combined-cycle gas turbine.
National Bank of Greece is the largest financier of energy projects in Greece, with a special focus on new major energy infrastructure projects assisting the country to achieve its ambitious energy transition objectives and create a resilient and sustainable national energy sector.
The location of the new power plant, close to the port of Alexandroupolis and other critical energy infrastructure, such as the Alexandroupolis FSRU LNG import terminal and the Greee-Bulgaria gas interconnector, marks its importance not only for the Greek power system but also for the systems of neighbouring countries. The state-of-the-art power plant will have a capacity of 840 MW, replacing much of the capacity from lignite-fired power plants that are due to be withdrawn. It will be initially fuelled with natural gas, but it has an existing capacity for hydrogen combustion of at least up to 50%, making it fully compliant with national and EU gradual energy transition policies. The power plant is expected to become operational by autumn 2025.
The Athens-based Reed Smith team that advised National Bank of Greece was led by partner Dimitris Assimakis, supported by counsel Minas Kitsilis, senior associates George Fountas and Zissis Papazissis, and associates Georgia Koui and Eleni Alexiou. Advice on English law issues was provided by Reed Smith partner Claude Brown, supported by associate Toby Hinchcliffe, in London.
Dimitris Assimakis, head of Reed Smith’s Greek energy team, commented: “We are delighted to be shortlisted for our work with the National Bank of Greece on this landmark transaction. It is a significant deal not only for the Greek power market but also for the power markets in the wider region, with the addition of the most efficient and environment friendly gas-fired power plant in the country’s power generation mix.”
The CEE Legal Matters awards celebrate the lawyers and law firms working on the largest and most important deals in Central and Eastern Europe. The winners will be announced on the annual CEE Deals of the Year Banquet scheduled for April 25 in Warsaw.