Hellenic Petroleum SA announced the acquisition by its wholly owned subsidiary ELPE APE, of a photovoltaic project portfolio in the final stage of licensing. The park is located in the region of Kozani, northern Greece. The portfolio is sold by JUWI, a RES project development company, based in Germany.
The project, with a total capacity of 204 MW, is the largest RES project in Greece and among the largest photovoltaic parks in Europe.
The construction works will start in October and will last for 16 months, while the project is expected operate in the first quarter of 2022. The total budget amounts to €130 m, while Greek participation in materials, equipment and labor will be over 35%.
On October 5, HELLENIC PETROLEUM FINANCE PLC (HPF), a wholly owned subsidiary of the Hellenic Petroleum, successfully completed the pricing process for the issuance of new bonds with a nominal value of €99.9 m. The funds raised through the new bonds will be used for the implementation of the project.
The issuance of the new Bonds was fully covered by selected institutional investors. The European Bank for Reconstruction and Development (EBRD) contributed 75% of the funds raised. Nomura and Eurobank acted as organizers, while Freshfields Bruckhaus Deringer and Allen & Overy acted as legal advisers to the company and the organizing banks, respectively.
Regarding Greek law issues, acted the law firms Bernitsas and Koutalidis.
In terms of acquisition, PwC acted as the exclusive financial advisor of ELPE RENEWABLE SA, while the law firm Zepos & Yannopoulos acted as legal advisor.
Original Source: Capital.gr
Adaptation/Summary: Kiki Athanasiadis