Karatzas & Partners advised the National Bank of Greece on the financing of two (2) wind parks fully developed by Volterra SA, member of AVAX group, operated jointly by Volterra S.A. and PPC Renewables – ΔΕΗ Ανανεώσιμες with a total capacity of 53.7 MW constructed in Viotia, by a special purpose vehicle. The project was initially funded through a bridge financing, of an amount of up to €15,300,000 and following that through a senior secured bond loan of an amount up to €46,148,000.

The successful completion of this project’s financing is another major step towards: a) Volterra’s strategic plan to implement and operate its RES portfolio of about 250MW in the next few years; b) PPC Renewables strategic plan to further strengthen its operating fleet; as well as c) the Greek government’s plan to have Greece’s RES share in the final gross consumption at 60% by 2030.

The transaction has been approved by the Hellenic Competition Commission.