Watson Farley & Williams Greece (“WFW”) has advised Cero Generation (“Cero”) on the financing of Project Delfini, a 100 MW solar PV project in Prosotsani Drama, Greece.
The project will be underpinned by a long-term power purchase agreement (PPA) with Axpo, making it one of the first solar projects in Greece with a private PPA and at the forefront of helping the Greek renewables market mature to a subsidy-free future. Construction began in August 2022, with the project expected to be operational by autumn 2023.
Supporting Greece’s green energy transition, the project will help to deliver renewable power to communities and businesses across the country. Once constructed, it will generate 142 GWh of electricity per year, equivalent to powering 34,000 homes and the avoidance of 63,000 tonnes of CO2 emissions. By delivering cheaper energy onto the grid, it will also help bring down costs for consumers at a time when Europe is grappling with sharp rises in power bills.
This is important deal marks Cero’s expansion into Greece, part of a current pipeline of over 3 GW of solar, battery and onshore wind projects in development in the country.
Cero specialises in the development of utility-scale solar PV projects, onsite generation and integrated storage. With 9+ GW under development across 150 utility-scale projects, they have one of the largest solar development portfolios in Europe and work across the entire project lifecycle, from development, through construction and into operation.
The WFW Athens Project and Structured Finance team that advised Cero was led by Partner Marisetta Marcopoulou, supported by Senior Associate Matina Kanellopoulou and Trainee Fotini Nassou.
Marisetta commented: “We are very delighted to have advised Cero on such a significant project which will facilitate Greece’s energy transition and reduce carbon emissions, in in line with our firm’s values”.
Herbert Smith Freehills advised Cero on the construction law aspects of the transaction.
Norton Rose Fulbright advised Piraeus Bank, with TUV Nord and Marsh acting as their technical and insurance advisors respectively. Deloitte was the model auditor for both Cero and Piraeus Bank.
