PPC Renewables is a pilar of growth for the PPC Group green portfolio and a wholly owned PPC subsidiary. PPC Group is dynamically moving forward with the development of RES projects and has already reached an installed capacity of approximately 5.5 GW. According to its three-year strategic plan, by 2027 PPC Group will develop an additional 6.3 GW of RES in Greece and the wider region of Southeast Europe, with the aim of reaching 11.8 GW of installed RES capacity in 2027.

A Reed Smith Athens team advised Phoebe Energy, a wholly owned subsidiary of PPC Renewables, on securing €341.4 million in non-recourse financing for the construction of a major 550 MWp photovoltaic project in Ptolemaida, Western Macedonia, Greece. This project, part of PPC’s strategy to repurpose decommissioned lignite mines, will generate 1 TWh, enough for 200,000 households. The financing, supported by Eurobank and Piraeus Bank, also uses funds from the Recovery and Resilience Facility (RRF).

The Reed Smith team that advised on the deal was led by Athens partner Dimitris Assimakis, supported by counsel Minas Kitsilis, senior associate George Fountas, and associate Zissis Papazissis.

Assimakis, head of Reed Smith’s Greek energy team, commented: “We are excited to have advised PPC group on this significant financing and to support the progress towards the repurposing of the group’s lignite mines and the transformation of the Western Macedonia region into one of Europe’s largest green energy hubs. What was once considered an unfeasible shift just a few years ago is now becoming a growing reality. This project underscores PPC’s pivotal role in advancing Greece’s ambitious sustainability and resilience objectives. It has been a genuine pleasure and honor to contribute to this success story.”