PPC Renewables Secures Major Financing for Solar Project
Deal News | Jan 10, 2025 | Reed Smith
Reed Smith has provided legal advisory services to PPC Renewables, a subsidiary of PPC Group, on securing €341.4 million in non-recourse financing. This investment supports the development of a 550 MWp photovoltaic project in Ptolemaida, Greece, as part of PPC's strategy to convert decommissioned lignite mines into renewable energy sources. The financing, partly sourced from the Recovery and Resilience Facility, was provided by Eurobank and Piraeus Bank. Reed Smith's Athens team, led by partner Dimitris Assimakis, facilitated the transaction. This project aligns with PPC's strategic plan to expand its renewable energy capacity to 11.8 GW by 2027, and marks a significant step in Greece's sustainability and resilience efforts.
Sectors
- Renewable Energy
- Financial Services
- Legal Services
Geography
- Greece – The article focuses on a solar photovoltaic project located in Ptolemaida, Western Macedonia, Greece, and involves Greek financial and legal services.
- Southeast Europe – PPC Group's strategic plan encompasses the wider Southeast Europe region, indicating a geographical expansion and focus.
Industry
- Renewable Energy – The article discusses a photovoltaic project and the strategic expansion of renewable energy projects by PPC Group, indicating a focus on the Renewable Energy industry.
- Financial Services – The article involves the securing of significant financing for a renewable energy project, highlighting the role of financial institutions and services.
- Legal Services – Reed Smith's involvement as a legal advisor in securing financing for a major infrastructure project underscores the role of the Legal Services industry.
Financials
- €341.4 million – The amount of non-recourse financing secured for the solar project.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| PPC Renewables | Target Company | Company | A wholly owned subsidiary of PPC Group, focusing on developing renewable energy projects. |
| PPC Group | Parent Company | Company | A leading Greek energy company expanding its renewable energy portfolio. |
| Reed Smith | Legal Advisor | Company | An international law firm that advised PPC Renewables on securing financing. |
| Eurobank | Financing Institution | Company | One of the banks providing financing for the solar project. |
| Piraeus Bank | Financing Institution | Company | Another bank involved in financing the solar project. |
| Dimitris Assimakis | Legal Advisor Lead | Person | Athens partner and head of Greek energy team at Reed Smith, leading the advisory on the deal. |