Crete's EUR 1.3 Billion Road Project Secures Financing
Deal News | Jun 03, 2025 | CEE Legal Matters
Lambadarios and Marinos Petroulias have played key advisory roles in the EUR 1.3 billion financing of Crete's Northern Road Axis project. This financial package involves Greece's four systemic banks - Alpha Bank, Eurobank, Piraeus Bank, and the National Bank of Greece - and developer GEK Terna who was awarded the project via a concession agreement with the Hellenic Republic. The entire project, valued at approximately EUR 2 billion, is partially funded by the EU's Recovery and Resilience Facility and once completed, will enhance road safety, connectivity, and economic growth on Crete. The advisory teams from both firms were composed of partners and associates from various legal backgrounds.
Sectors
- Infrastructure & Construction
- Financial Services
- Legal Services
Geography
- Greece – The project involves Greek banks, companies, and is situated in Crete, Greece.
- European Union – The project receives partial funding from the EU's Recovery and Resilience Facility.
Industry
- Infrastructure & Construction – The article deals with the financing of a major infrastructure project, the Northern Road Axis of Crete.
- Financial Services – Involvement of major Greek banks in financing the infrastructure project.
- Legal Services – The advisory roles of law firms Lambadarios and Marinos Petroulias highlight the legal services industry.
Financials
- EUR 1.3 Billion – Amount financed by Greek banks for the infrastructure project.
- EUR 2 Billion – Total project value, partially funded by the Recovery and Resilience Facility.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Alpha Bank | Financier | Company | One of the four systemic Greek banks providing financing for the project. |
| Eurobank | Financier | Company | One of the four systemic Greek banks providing financing for the project. |
| Piraeus Bank | Financier | Company | One of the four systemic Greek banks providing financing for the project. |
| National Bank of Greece | Financier | Company | One of the four systemic Greek banks providing financing for the project. |
| GEK Terna | Developer | Company | The developer awarded the infrastructure project through a concession agreement with the Hellenic Republic. |
| Hellenic Republic | Government | Government | Awarded the concession agreement for developing the Northern Road Axis of Crete. |
| Lambadarios | Legal Advisor | Company | Provided legal advisory services to the Greek banks for the financing of the project. |
| Marinos Petroulias | Legal Advisor | Company | Advised the developer, GEK Terna, for the financing of the project. |