Reed Smith Advised Eurobank on the Financing of a 156 MWp PV Projects Portfolio

Reed Smith Advised Eurobank on the Financing of a 156 MWp PV Projects Portfolio

Global law firm Reed Smith advised Eurobank, one of Greece’s leading banks, on an approximately €144 million non-recourse financing for the construction of a 156 MWp photovoltaic (PV) projects portfolio, consisting of four ready-to-build PV projects. The projects are being developed by Trifylli Iliaki S.M.S.A., a Greek subsidiary of Mirova.

The financing, arranged by Eurobank, also includes funds from the Recovery and Resilience Facility, reflecting the bank’s continued commitment to supporting strategic investments in Greece’s renewable energy sector and highlighting the critical role of European Union funding in advancing the country’s green transition.

Mirova, an affiliate of Natixis Investment Managers, is dedicated to sustainable investing and is active in greenfield, brownfield, and corporate infrastructure investments across OECD countries. Its strategy targets sectors including renewable energy production – such as solar photovoltaic, onshore wind, and hydropower – as well as energy storage, low-carbon mobility, and energy efficiency.

The projects are located in the Kozani and Grevena regional units in northwestern Greece, spanning 257 hectares – an area equivalent to more than 350 football fields. Once operational, they are expected to generate over 300 GWh of clean electricity annually, enough to power the equivalent of more than 75,000 households.

The transaction marks a key milestone for Mirova’s expansion into large-scale PV development in Greece.

Commenting on the transaction, Assimakis (Head of Reed Smith’s Greek energy team) said:

“We are very pleased to have advised Eurobank on the financing of Mirova’s 156 MWp PV projects portfolio in northwestern Greece. This landmark transaction is a strong vote of confidence in Greece’s utility-scale solar sector, backed by a robust blend of private capital, commercial lending and European Union funding. At a time when questions are sometimes raised about international appetite for the Greek renewables market, this project sends a clear message: leading investors remain committed and continue to see long-term value in Greece. Although challenges arise as markets develop, these are a natural and expected part of the maturity cycle across advanced renewables markets, including Greece. This project will contribute to Greece’s decarbonisation objectives and strengthens its standing as a leading market for sustainable infrastructure and energy transition activity across the wider SEE region.”

The Reed Smith team was led by Dimitris Assimakis (Partner/ Global Corporate Group), with assistance from George Fountas (Senior Associate) and Georgia Koui (Associate). Advice on French, English, and German law aspects of the financing was provided by Baptiste Gelpi (Partner, Paris), Tariq Rasheed (Partner, London), and Nikolas Koutsós (Counsel, Frankfurt), respectively.

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