Watson Farley & Williams (“WFW”) advised Aer Soléir and 547 Energy (the “Sponsors”) and their Greek wind project subsidiaries on the acquisition, financing, development and construction of three new utility-scale wind farms in Greece. All three projects have signed power purchase agreements (“PPAs”) with Amazon, representing its largest renewable energy deal in Greece to date.
The PPAs cover three large wind projects: the 293 MW Vermio cluster of wind farms in the Western and Central Macedonia regions of northern Greece and the Mesokorfi and Koukouras wind farms in the Peloponnese.
Investment costs for the development of these projects is expected to reach €1bn, which have been co-financed by the National Bank of Greece (“NBG”) and the European Recovery & Resilience Fund (“RRF”) for a total amount of €496m.
WFW has acted for 547 Energy since 2019 on the acquisition of the projects, as well as for both the Sponsors and project companies on their complex and novel financing structure with NBG and the RRF.
WFW’s work included ongoing, extensive due diligence reporting to the Sponsors and NBG on permitting, regulatory, land and corporate issues, as well as providing the Sponsors and project companies with regulatory advice and the drafting and negotiation of land right agreements, project construction and supply agreements and other corporate support. WFW also provided Greek-law advice and English law expertise regarding interest rate pre-hedging and finance-linked interest rate hedging transactions.
Aer Soléir is an Irish developer of utility scale onshore wind, solar PV and battery storage projects in select European markets, which provides material, long-lasting economic benefits to local communities.
547 Energy is a Houston-based energy investment company which invests in and partners with innovative companies and development platforms around the globe that focus on cleantech, renewable power, energy efficiency, grid resilience and the digitalisation of the energy sector.
The WFW Athens team that advised on the acquisition and project construction and supply agreements was led by Partner Virginia Murray, supported by Counsel Maira Galani and members of the projects and construction teams in London and Athens. Athens Partner Marisetta Marcopoulou led on the financing from NBG and the RRF, supported by Counsel Valina Giouzelaki, Senior Associate Georgia Mathiopoulou, and Associates Anthi Antonakou, Fotini Nassou and Iliana Tsetsa. They were supported by London Partner Rob McBride and Associate Kristina Buckberry on interest hedging transactions. Athens Counsel Maira Galani led on the regulatory, land and corporate issues arising during the development, financing and construction of the projects, supported throughout by Senior Associates Katerina Stringari and Vasso Koumpli, Senior Knowledge Lawyer Maria Charontaki, and Associates Eleni Stylianou, Asimina Papakosta, Christianna Papageorgiou, Katerina Maria and Iliana Tsetsa.
Virginia commented: “This is one of the largest portfolios of wind farms currently under construction in Greece, and it is a particular pleasure to work with Gabriel Alonso, Andy Kinsella and all the expert team members at Aer Soleir and 547 Energy on these complex projects. Many more lawyers at WFW have played vital roles in this long-running and wide-ranging transaction than we can list here; the project’s success is a testament to our breadth of specialisations and services to clients in the Greek energy sector, as well as our commitment to helping Greece meet its renewable energy goals”.
