The completion of all formalities for the formation of the joint venture is expected to take place later this year.
The Reed Smith team that advised PPC Renewables S.A. was led in Athens by Global Corporate Group partner Dimitris Assimakis, supported by senior associate Minas Kitsilis. In addition, Brussels based antitrust and competition partner, Christian Filippitsch, advised on EU law related issues, alongside counsel Max Seuster.
Assimakis said: “We are excited to have advised PPC Group on the formation of this strategic partnership with a global leader in the renewable sector. This is definitely a landmark transaction for PPC Group and the Greek renewable market. It was a challenging and complex transaction, given the scale of the assets involved and the fact that the legislative and policy initiatives for the formulation of the national just transition plan for the so called “delignitisation areas” were rolling out in parallel with the transaction.
“This transaction demonstrates PPC Group’s strategic objective to become the forefront runner in the transition of the Greek power sector towards a greener and more sustainable future. Moreover, this project exemplifies the transition of certain environmentally degraded regions of the country, such as the Amyntaio region, in which a significant portion of the joint venture’s assets are developed, towards a free fossil fuels era and, consequently, the important role these regions can play in the achievement of the country’s ambitious goals for a more sustainable and resilient economy in the years to come.
“Ultimately, with this transaction, PPC Group underlines its continuous commitment towards the achievement of EU’s Green Deal objectives and the transition to a greener and sustainable Europe.”