Project Finance

The risks entailed in large projects development, in conjunction with the large volumes of debt and capital needed, often make project financing the most attractive financing alternative in the infrastructure (including motorways, bridges, airports, railways and ports, as well as social infrastructure, such as hospitals, schools, public buildings, sport structures and green areas), energy (including power generation and transmission), information & communication technology (ICT), as well as water and waste management industries.

Over the last decades, our Firm, a market leader in Project Finance, has been involved in virtually all major project finance transactions in Greece, providing support to our clients in the implementation of their project goals. Our expertise is extensive and has been predominantly acquired in major infrastructure concession projects in the Greek market which in most cases had an international character. These include the landmark transactions of the Athens International Airport, Attica Toll road (Attiki Odos) and Rio-Antirio Bridge, as well as the more recent concession projects of the fourteen (14) Regional Airports and Maliakos – Kleidi toll road.

Our team comprises of outstanding and dedicated lawyers with extensive expertise in the sector and a deep understanding of the most recent developments and the clients’ needs and objectives. We are renowned for our comprehensive legal advice as well as our commercial approach serving the best interests of our clients, both domestically and internationally and leading to successful financial closes adding value to our clients’ projects.

Our clientele comprises of practically all significant participants in project financing, both on the lenders’ and on the sponsors’ / contractors’ side, ranging from major international and Greek credit and financial institutions to major companies and enterprises operating in relevant sectors, such as construction and real estate development, transport (airports, ports/marinas, motorways and railways) and energy (oil, gas, renewable energy sources), as well as governmental institutions acting as tendering authorities.

Services

Our advice covers all aspects of project financing, including, among others, the project structuring and the financing and refinancing aspects of the transaction (construction, development and operation), the security package, as well as legal due diligence matters and advice on the related Real Estate and licensing issues.

In particular our services include:

  • project structuring and implementation,
  • all financing and refinancing aspects and documentation for the construction, development and operation of the project, including through commercial bank loans, bilateral/multilateral facilities, term loan financings, as well as shareholder financings,
  • development of effective and complex security packages and their perfection,
  • legal due diligence in connection with the project documents,
  • related real estate and licensing issues.

Our team has proudly advised on a number of high-profile cases as part of its Project Finance practice, namely:

  • The consortium Fraport AG-Slentel Ltd in connection with the financing of the €1.2 billion upfront concession fee and the negotiation of the €10 billion Concession Agreement for the management, operation and maintenance of the Greek 14 regional airports.
  • The Aegean Motorway Group (members of which are Hochtief, Vinci and Ellaktor), the Concessionaire (Aegean Motorway S.A.), in connection with the New Toll Road Maliakos-Kleidi concession, one of the three largest Greek toll road projects (above €1 billion).
  • The Finance Parties (initially comprised of the National Bank of Greece and Piraeus Bank), now also including Alpha Bank S.A. and Eurobank S.A., i.e. all Greek systemic Banks, on the issuance by Athens International Airport S.A. of an up to €665.6m bond loan in connection with the 20-year extension of the Airport Development Agreement dated 31 July 1995, an up to €100m bond loan for the financing of capital expenditure projects, and an up to €140m bond loan for the financing of working capital and operational needs arising from the coronavirus pandemic.
  • Aktor Concessions S.A. in respect of the concession of Alimos Marina, one of the largest marinas in Greece with one thousand permanent positions (of a Net Present Value of €57.5 million) and its financing by Alpha Bank.
  • A Syndicate of Alpha Bank, Eurobank, HSBC and Piraeus Bank on the (i) refinancing of the syndicated bond loan issued by Lamda Domi, a subsidiary of Lamda Development, of the right to use the International Broadcasting Center (one of the key Olympic Assets, built in Greece for the 2004 Games), in which the leading Greek shopping center has been developed by Lamda Domi (Golden Hall) and (ii) the financing of its construction and development cost, a project of €91.3 million.
  • An international consortium in relation to the currently on-going tender process launched by the Hellenic Republic Asset Development Fund (HRADF) for the award of the Egnatia Odos Motorway Service Concession Agreement, in relation to financing, operation, maintenance and exploitation of the Egnatia Odos Motorway and Three Vertical Road Axes, a €93 billion project.
  • A syndicate of National Bank of Greece S.A. and Piraeus Bank S.A. in relation to an up to €163 million secured financing to ELTECH Anemos S.A., the listed subsidiary of Ellaktor S.A., one of the leading Greek companies in renewable energy (the former being now merged by absorption into the latter), involving in total thirteen (13) renewable energy projects operated and developed by Ellaktor.

Our Firm has been involved in the most significant projects of the latest decades in Greece, including advising:

  • Hochtief (Concessionaire) in connection with the bidding process for the design, construction, development, operation, management and exploitation of the Athens International Spata Airport, a €2.1 billion project. Koutalidis Law Firm advised the Concessionaire from the commencement of the bidding process through to financial close of the concession agreement and is still providing Greek Law advice to the shareholders of the concession company on an ongoing basis.
  • The Concessionaire in connection with the design, construction, development, operation, management and exploitation of the Athens Ring Road (“Attiki Odos”), a unique ring road project for the Greek market with a budget of €1.3 billion.
  • The European Investment Bank in relation to the financing of the Thessaloniki Metro project.
  • The European Investment Bank on the financing arrangements for the Rion-Antirion Bridge construction development, the longest cable bridge in Europe with a cost of €630 million.
  • The concessionaire (Athens Tram SA) for the financing, construction and development of the Athens Tram.
  • Bechtel in connection with the construction and development of the Athens Metro.
  • Pylea SA (at the time a consortium company of Sierra Sonae, Acropole Charagionis and Lamda Development) on a €70m project finance secured bond loan issue in connection with the development and operation of “Mediterranean Cosmos” Shopping Center in Salonica.
  • Sierra Sonae on a €30m project finance secured bond loan in connection with the development and operation of “Park Avenue” Shopping Center in Athens.
  • A consortium of Greek Banks in connection with the € 80m secured financing to three (3) Wind Farms operated and developed by Anemos S.A., the listed subsidiary of Ellaktor S.A., one of the leading Greek companies in renewable energy.
  • A consortium of Greek Banks in connection with the € 67m secured financing to two (2) Wind Farms operated and developed by GEK Terna S.A., a leading company in the renewable energy.
  • RF Energy S.A., a Greek holding company engaged in the field of renewable energy sources, member of the FG Europe Group, on the refinancing of a €35m secured bond loan by Piraeus Bank in connection with the development and operation of a wind farm in Greece.
  • RF Energy S.A. on the €12.8m project finance by Landesbank Baden – Württemberg in connection with a wind farm.
  • Alpha Bank as hedging counterparty in the context of the project financing by means of a €47million bond loan for the purposes of funding a PPP for the construction of the Police Headquarters of Piraeus.
  • Alpha Bank as hedging counterparty in the context of the project financing by means of a €27m bond loan issued by a major Greek toll-road company.
  • Alpha Bank as hedging counterparty in the context of the refinancing of a 34.85 MW capacity wind farm and the financing of a 13.6 MW capacity wind farm in Achaia, Greece.

WHO TO CONTACT

Koutalidis Law Firm has been shortlisted for the Chambers Europe Awards 2024

We are thrilled to announce that Koutalidis Law Firm has been shortlisted for the prestigious Chambers Europe Awards 2024! This recognition is a testament to our team’s hard work, dedication, and the strong standing we have in the legal market. The ceremony is set to take place on Thursday, 25 April at→

Koutalidis Law Firm’s Website Wins Gold Award for UX/UI Design

We are delighted to announce that Koutalidis Law Firm’s website has won the Gold Award for UX/UI Design in the B2B Website category at the 2023 UX/CX Awards. This prestigious recognition was made possible with the invaluable support and expertise of gnc | web and George Chouliaras, whose contributions were→

K.Protopapa & E.Papoutsi recognized as Women Leaders by IFLR1000

We are proud to announce that two of our esteemed female partners have been recognized by IFLR1000 in their 2023 edition, one of the most prestigious legal directories in the world. Katia Protopapa, Partner and Head of our M&A practice along with Effie Papoutsi, Partner of our Banking & Finance→

Koutalidis Law Firm Shines once again in IFLR1000’s 2023 Rankings

We are elated to share that the much-anticipated IFLR1000 rankings for 2023 have been unveiled, and Koutalidis Law Firm has made its mark yet again. Our firm has been honored with a Tier 1 ranking, underscoring our unwavering commitment to providing top-notch legal services. This year’s research by IFLR1000 featured→

Koutalidis Law Firm is listed in the 2nd of The Legal 500’s EMEA Green Guide.

Koutalidis Law Firm is selected and listed in the second edition of The Legal 500’s EMEA Green Guide. The guide refers to some of the key firms engaging with energy and sustainability projects in the EMEA region. As Koutalidis is currently advising on a pipeline of RES projects with a→

Koutalidis Law Firm is Top Ranked once again on Chambers & Partners Europe 2023 rankings

Chambers & Partners Europe rankings have been announced and Koutalidis Law Firm is once again Top Ranked! This achievement demonstrates the commitment, integrity, and service excellence of our team members as we always seek to deliver impeccable legal advice. More specifically our clients mentioned, Banking & Finance: “They have a→

Koutalidis Law Firm is recognized on IFLR’s shortlist for its 2023 Europe Awards

Koutalidis Law Firm is delighted to be recognized on IFLR’s shortlist for its 2023 Europe Awards. Judged independently by IFLR’s editorial team, the awards focus exclusively on legal innovation in cross-border transactions that reached a financial close in 2022. The winning deals, law firms and in-house legal teams will be→

Koutalidis Law Firm is ranked as a Top Firm by Chambers and Partners Global in their 2023 Guide

Koutalidis Law Firm is ranked as a Top Firm by Chambers and Partners Global in their 2023 Guide to the World’s Leading Lawyers for Business. More specifically Chambers review states, “Koutalidis is highly sought after by domestic and international lenders for capital markets and financing mandates. The firm regularly advises→

Chambers and Partners shortlists Koutalidis as Greece Law Firm of the Year

We are delighted to announce that Koutalidis Law Firm has been shortlisted as a candidate for the “Greece Law Firm of the Year” at the Chambers European Awards 2023! A humble thank you to all our clients who have reviewed and rated our services! The Chambers Europe Awards recognise a→

Koutalidis Law Firm has been shortlisted for the Chambers Europe Awards 2024

We are thrilled to announce that Koutalidis Law Firm has been shortlisted for the prestigious Chambers Europe Awards 2024! This recognition is a testament to our team’s hard work, dedication, and the strong standing we have in the legal market. The ceremony is set to take place on Thursday, 25 April at→

Koutalidis Law Firm’s Website Wins Gold Award for UX/UI Design

We are delighted to announce that Koutalidis Law Firm’s website has won the Gold Award for UX/UI Design in the B2B Website category at the 2023 UX/CX Awards. This prestigious recognition was made possible with the invaluable support and expertise of gnc | web and George Chouliaras, whose contributions were→

K.Protopapa & E.Papoutsi recognized as Women Leaders by IFLR1000

We are proud to announce that two of our esteemed female partners have been recognized by IFLR1000 in their 2023 edition, one of the most prestigious legal directories in the world. Katia Protopapa, Partner and Head of our M&A practice along with Effie Papoutsi, Partner of our Banking & Finance→

Koutalidis Law Firm Shines once again in IFLR1000’s 2023 Rankings

We are elated to share that the much-anticipated IFLR1000 rankings for 2023 have been unveiled, and Koutalidis Law Firm has made its mark yet again. Our firm has been honored with a Tier 1 ranking, underscoring our unwavering commitment to providing top-notch legal services. This year’s research by IFLR1000 featured→

Koutalidis Law Firm is listed in the 2nd of The Legal 500’s EMEA Green Guide.

Koutalidis Law Firm is selected and listed in the second edition of The Legal 500’s EMEA Green Guide. The guide refers to some of the key firms engaging with energy and sustainability projects in the EMEA region. As Koutalidis is currently advising on a pipeline of RES projects with a→

Koutalidis Law Firm is Top Ranked once again on Chambers & Partners Europe 2023 rankings

Chambers & Partners Europe rankings have been announced and Koutalidis Law Firm is once again Top Ranked! This achievement demonstrates the commitment, integrity, and service excellence of our team members as we always seek to deliver impeccable legal advice. More specifically our clients mentioned, Banking & Finance: “They have a→

Koutalidis Law Firm is recognized on IFLR’s shortlist for its 2023 Europe Awards

Koutalidis Law Firm is delighted to be recognized on IFLR’s shortlist for its 2023 Europe Awards. Judged independently by IFLR’s editorial team, the awards focus exclusively on legal innovation in cross-border transactions that reached a financial close in 2022. The winning deals, law firms and in-house legal teams will be→

Koutalidis Law Firm is ranked as a Top Firm by Chambers and Partners Global in their 2023 Guide

Koutalidis Law Firm is ranked as a Top Firm by Chambers and Partners Global in their 2023 Guide to the World’s Leading Lawyers for Business. More specifically Chambers review states, “Koutalidis is highly sought after by domestic and international lenders for capital markets and financing mandates. The firm regularly advises→

Chambers and Partners shortlists Koutalidis as Greece Law Firm of the Year

We are delighted to announce that Koutalidis Law Firm has been shortlisted as a candidate for the “Greece Law Firm of the Year” at the Chambers European Awards 2023! A humble thank you to all our clients who have reviewed and rated our services! The Chambers Europe Awards recognise a→

Koutalidis Law Firm has been shortlisted for the Chambers Europe Awards 2024

We are thrilled to announce that Koutalidis Law Firm has been shortlisted for the prestigious Chambers Europe→

Read More
Koutalidis Law Firm’s Website Wins Gold Award for UX/UI Design

We are delighted to announce that Koutalidis Law Firm’s website has won the Gold Award→

Read More
K.Protopapa & E.Papoutsi recognized as Women Leaders by IFLR1000

We are proud to announce that two of our esteemed female partners have been recognized→

Read More
Koutalidis Law Firm Shines once again in IFLR1000’s 2023 Rankings

We are elated to share that the much-anticipated IFLR1000 rankings for 2023 have been unveiled,→

Read More
Koutalidis Law Firm is listed in the 2nd of The Legal 500’s EMEA Green Guide.

Koutalidis Law Firm is selected and listed in the second edition of The Legal 500’s→

Read More
Koutalidis Law Firm is Top Ranked once again on Chambers & Partners Europe 2023 rankings

Chambers & Partners Europe rankings have been announced and Koutalidis Law Firm is once again→

Read More
Koutalidis Law Firm is recognized on IFLR’s shortlist for its 2023 Europe Awards

Koutalidis Law Firm is delighted to be recognized on IFLR’s shortlist for its 2023 Europe→

Read More
Koutalidis Law Firm is ranked as a Top Firm by Chambers and Partners Global in their 2023 Guide

Koutalidis Law Firm is ranked as a Top Firm by Chambers and Partners Global in→

Read More
Chambers and Partners shortlists Koutalidis as Greece Law Firm of the Year

We are delighted to announce that Koutalidis Law Firm has been shortlisted as a candidate→

Read More