ATHENS – Global law firm Reed Smith today announced that it has advised Alpha Bank, one of the Greek systemic banks, on an approx. €32 million non-recourse financing of a ready to build onshore wind power project developed by Anatoliko Askio – Magoula Single Member S.A., a Greek subsidiary of Valorem.
Valorem is an international renewable energy developer and power producer active in France, French Antilles, Finland, Poland, Colombia and Greece.
The project is developed in Kozani region, and will have a total installed capacity of 27 MW, consisting of 6 (4.5 MW each) Vestas wind turbine generators. It is expected to come online by early 2024. The annual power production of the project is estimated at 71 GWh, covering the needs of approx. 18,000 households.
This is the very first renewable energy power project to be constructed by Valorem in Greece and one of the very few wind power projects to be installed at such a high altitude in the country (i.e. 1700 meters above sea level).
The team was led by Reed Smithʼs Global Corporate Group partner Dimitris Assimakis, with assistance from counsel Minas Kitsilis, senior associate George Fountas and associate Georgia Koui. French law advice was provided by partner Baptiste Gelpi, and English law advice was provided by partner Claude Brown and associate Moishe Kritzler.
Assimakis, who is based in Reed Smithʼs Athens office, commented: “We are very excited to have advised Alpha Bank in the very first wind power project developed by Valorem in Greece. It illustrates both Alpha Bankʼs continuous support in the transition of the Greek power sector and especially its strong commitment in the wind power sector, as well as Valoremʼs dynamic entry in the vibrant Greek renewable energy market.”