French clean energy developer Total Eren has completed a €200 million refinancing of renewables assets in Greece.
The refinancing is for three companies that between them hold four operating wind farms and seven solar projects with a combined capacity of 157MW.
Paris-based Total Eren is using long-term, non-recourse senior debt to prepay in full its existing debt in the portfolio.
The four wind projects total 127MW and the seven photovoltaic assets have a combined capacity of 35MW.
Total Eren now owns a total installed capacity of 290MW in Greece, of which 260MW of wind and solar plants are already operating.
Watson Farley & Williams (WFW) advised Total Eren and its Greek subsidiaries on a €200 million Greek law cross-collateralised bond loan refinancing with Eurobank Ergasias and Alpha Bank.
Eurobank Ergasias acted as bondholder agent.
The WFW Athens team advising Total Eren was led by Athens partner Virginia Murray, assisted by associates Matina Kanellopoulou and Maria Delagrammatika.
Murray said: “We are proud to have supported Total Eren in this large and complex refinancing project, which shows not only Total Eren’s continuing commitment to Greek renewables, but also the increasing appetite of the Greek banks to provide substantial financing for premium sponsors”.
Eurobank Ergasias was advised by Norton Rose Fulbright.