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Alpha Bank, Eurobank Ergasias and National Bank of Greece have provided EUR 117 million in non-recourse refinancing for the 73.2 MW Aghios Georgios wind farm operated by a subsidiary of Terna Energy, global law firm Norton Rose Fulbright has said in a press release.
The wind farm owned by Terna Energy is located on the uninhabited islet of Aghios Georgios offshore Attica in the Athens metropolitan area is the largest to date in the country and the only one connected through a subsea cable, approximately 36 km in length, to the mainland grid.
Dimitris Assimakis, who leads the Greek energy practice and led on the deal, said that the law firm has advised Alpha Bank, Eurobank Ergasias and National Bank of Greece on the refinancing of the largest wind farm in the country. Norton Rose Fulbright also advised these banks back in 2016 on the financing for the construction of this landmark project.
Terna Energy, a member of GEK TERNA Group, operates with 1,032 MW renewable energy power plants
“This transaction demonstrates banks’ strong dedication to the wind power sector, Terna Energy’s market-leading position and ability to implement and operate complex projects like this and the continuous improving conditions of the banking sector and overall economy in Greece,” Assimakis said.
In July 2018, the company secured financing for the construction of two 44 MW wind farms on Mt. Vermio in northern Greece.
Aghios Georgios generates 220,000 MWh of electricity annually on average
Terna Energy, a member of GEK TERNA Group, operates with 1,032 MW renewable energy power plants including 1,003 MW in wind farms.
The Aghios Georgios wind farm is the first onshore wind farm with offshore characteristics, the company said in its video representing the project, adding that the average annual generation of electricity is 220,000 MWh.