Reed Smith has advised Alpha Bank on the EUR 32 million financing for a 27-megawatt onshore wind project developed by Valorem subsidiary Anatoliko Askio-Magoula of Greece. Watson Farley & Williams reportedly advised Valorem.
According to Reed Smith, "the project is developed in the Kozani region of Greece and will have a total installed capacity of 27 megawatts, consisting of six Vestas wind turbine generators. It is expected to come online by early 2024. The annual power production of the project is estimated at 71 gigawatt-hours, covering the needs of approximately 18,000 households."
Valorem is a renewable energy developer and power producer active in France, the French Antilles, Finland, Poland, Colombia, and Greece.
"We aim to develop our presence outside France and support Europe to accelerate the energy transition, achieve its green goals, reach energy autonomy, and secure the supply of affordable green electricity. Following our solid business strategy, since 2019 we develop a mixed renewable energy sources portfolio in Greece with photovoltaics and wind farms," Valorem COO Philippe Tavernier commented. "Greece is a key market for us, and we are delighted that our expansion there is supported by Alpha Bank, our financial partner."
The Reed Smith team was led by Athens-based Partner Dimitris Assimakis and included Counsel Minas Kitsilis, Senior Associate George Fountas, and Associate Georgia Koui, as well as lawyers from the firm’s Paris and London offices.