Best Project Finance Lawyers in Elliniko

About Project Finance Law in Elliniko, Greece

Project finance is the financing of long-term infrastructure, real estate and industrial projects based primarily on the projected cash flows of the project rather than the balance sheets of its sponsors. In Elliniko, Greece, this field has been particularly active because of the large-scale redevelopment of the former Athens airport site into a mixed-use urban regeneration project. Project finance work in Elliniko combines aspects of construction, real estate, public-private partnerships, environmental and planning law, banking and securities law, and procurement and concession practice.

Legal work for projects in Elliniko typically involves structuring the project company or special purpose vehicle, drafting and negotiating concession and development agreements with public counterparts, preparing and reviewing finance documentation for lenders and investors, securing land and real estate rights, obtaining regulatory and environmental permits, creating and perfecting security packages, and handling risk allocation and dispute resolution mechanisms. Projects often require coordination among national ministries, regional planning authorities, local municipalities and public asset funds that manage state property.

Why You May Need a Lawyer

Project finance transactions are complex and high value. A qualified lawyer can help manage legal, regulatory and commercial risk at every stage. Common situations where legal assistance is needed include:

Drafting and negotiating concession agreements with public entities and concession authorities - lawyers protect your commercial and contractual interests, secure favourable payment and performance terms, and ensure compliance with public procurement rules.

Structuring the project company or special purpose vehicle - lawyers advise on corporate form, shareholder agreements, governance, and how to ring-fence project assets and liabilities.

Preparing and closing finance packages - lenders and equity providers require detailed documentation. Lawyers prepare loan agreements, intercreditor arrangements, guarantees, security documents and escrow structures.

Land, title and real estate issues - lawyers conduct title due diligence, resolve land use and ownership questions, negotiate leases or acquisition documents, and advise on easements and access rights.

Permits and regulatory approvals - lawyers guide permit applications for environmental impact assessment, building permits, zoning changes and utility connections, and help liaise with authorities.

Environmental and social compliance - lawyers advise on environmental liabilities, compliance with permitting conditions, mitigation measures and community engagement obligations.

Contract management during construction and operation - lawyers draft and negotiate EPC, O&M and supply contracts, and advise on delay claims, liquidated damages, performance bonds and warranties.

Security and enforcement - lawyers prepare security packages - mortgages, pledges, assignments of receivables, accounts and project contracts - and advise on enforcement and insolvency implications under Greek law.

Tax and incentives - lawyers coordinate tax advice and the use of incentives, exemptions or special regimes that affect project returns.

Dispute resolution and litigation - lawyers represent clients in arbitration and court proceedings when contractual or regulatory disputes arise.

Local Laws Overview

Project finance in Elliniko is governed by a mix of national legislation, regional and municipal planning rules, and contractual arrangements with state bodies. Key legal aspects to understand include:

Public procurement and concession framework - projects that involve public assets, concessions or procurement are subject to Greek public procurement rules and the legal framework that governs concessions and public-private arrangements. Compliance with procurement procedures, transparency principles and equal treatment is essential where public authorities are involved.

Concession and development agreements - major redevelopment projects in Elliniko have been implemented under concession or development agreements with state asset managers or public funds. These agreements allocate construction, operation and commercial risks between public and private parties and set out financial, performance and handback obligations.

Planning, zoning and urban development - land use in Elliniko is controlled by national and regional planning instruments and local municipal plans. Large projects typically require an approved master plan and a sequence of zoning and building permits. Special planning frameworks may apply to major strategic projects.

Environmental law and permits - environmental impact assessment requirements, waste management, soil remediation and protection of archaeological and natural heritage are central. Projects must secure environmental approvals and comply with monitoring and mitigation measures.

Construction law and building regulation - construction activity must comply with building codes, technical standards, health and safety rules, and quality control requirements. Permits and inspections are part of the regulatory regime.

Corporate and securities law - project vehicles are usually incorporated under Greek corporate law. Security over project assets is taken through mortgages, pledges and assignments. Understanding how to create, register and enforce security is crucial.

Insolvency and enforcement - Greek insolvency rules influence the risk profile for lenders and equity investors. The enforceability of security, insolvency moratoria and reorganisation regimes must be considered when structuring deals.

Tax and incentives - tax law governs VAT, corporate tax, transfer taxes and any available incentives for investment. Tax structuring can materially affect project returns and needs to be aligned with the financing structure.

Competition and foreign investment rules - depending on the sector, competition law and sector-specific regulatory regimes may apply. Greece generally allows foreign investment, but sectoral restrictions or notification requirements may exist in certain strategic areas.

Dispute resolution - commercial disputes arising from project finance transactions are often resolved through arbitration or litigation. Greece is a signatory to major international conventions on arbitration enforcement, and parties commonly choose international or domestic arbitration for large projects.

Frequently Asked Questions

What is the typical legal structure used in project finance in Elliniko?

Projects are usually implemented through a special purpose vehicle or project company incorporated under Greek law. This SPV holds contracts, permits and assets and signs finance documents. Sponsors typically use shareholder agreements and intercreditor arrangements to allocate rights and obligations between lenders, sponsors and other stakeholders.

Do I need a concession or a lease to develop land in Elliniko?

It depends on the ownership and status of the land. Many parts of the Elliniko site have been developed under concession or sale arrangements with state asset managers. For public land or strategic assets, concessions and long-term leases are common mechanisms. Private parcels are developed under standard acquisition or lease agreements subject to planning and permitting.

How long does it take to obtain the necessary permits and approvals?

Timelines vary widely depending on the scope of the project and the type of permits required. Environmental impact assessments, master plan approvals and zoning changes are typically the most time-consuming. In practice, permit schedules can range from several months for routine building permits to multiple years for complex strategic approvals. Early engagement with authorities and good documentation accelerate the process.

What types of security can lenders expect over project assets in Greece?

Lenders commonly take mortgages over real estate, pledges over shares, pledges of receivables and bank accounts, assignments of project contracts and guarantees. Perfection of security often requires registration with relevant registries and notification to debtors. Structuring must consider local rules on enforcement and priority.

Are foreign lenders and investors subject to special rules?

Greece generally permits foreign investment and foreign lending. However, sectoral restrictions may apply in specific industries. Cross-border financing typically involves additional documentation - tax withholding considerations, exchange control compliance and recognisability of foreign judgments and arbitral awards.

How are environmental risks handled in project finance deals?

Environmental due diligence is a standard lender condition. Projects must secure environmental permits and may be required to remediate contaminated land, implement mitigation measures and provide environmental monitoring. Contracts allocate environmental liability between sponsors and operators, and lenders often require environmental indemnities and remediation funds.

What role do public authorities play in project finance transactions?

Public authorities are often contracting parties, permit issuers and regulators. For large projects, ministries, regional authorities and municipal councils may be party to development agreements or regulatory approvals. State asset funds or authorities that manage public property may negotiate concession terms and monitor compliance.

Can disputes under project contracts be resolved by arbitration?

Yes. Arbitration is commonly used for resolving large commercial disputes and is recognized and enforceable in Greece. Parties frequently choose international arbitration institutions or domestic arbitration pursuant to Greek law. Arbitration clauses should be carefully drafted to address governing law, seat, language and enforcement mechanisms.

How does Greek insolvency law affect project finance?

Insolvency rules affect enforcement of security and the recovery of lenders. Greece has modernised its insolvency framework in recent years to provide reorganisation options and creditor protections. Lenders need to plan for insolvency-related risks through intercreditor agreements, step-in rights and clear enforcement procedures.

What should an investor or lender expect during legal due diligence?

Legal due diligence typically covers corporate records, title to land and assets, permits and regulatory compliance, contracts and obligations, employment and labor issues, environmental liabilities, taxation, litigation and dispute exposure, and the status of security and encumbrances. The goal is to identify risks, conditions precedent and representations and warranties needed in the financing documentation.

Additional Resources

The following bodies and organizations can provide useful information or play a role in project finance matters in Elliniko:

Ministry of Environment and Energy - for planning, environmental permits and land use frameworks.

Ministry of Development and Investment - for investment facilitation, strategic projects and investment incentives.

Hellenic Republic Asset Development Fund - for transactions involving state-owned assets and concessions.

Municipality of Elliniko-Argyroupoli - for local planning approvals, permits and municipal requirements.

Directorate for Environmental Assessments and Permits - for environmental impact assessment procedures.

Athens Bar Association - for lists of qualified local counsel and legal practice guidance.

Chambers of Commerce and industry associations - for market information, sector contacts and investment support.

Arbitration institutions and major international law firms active in Greece - for dispute resolution and complex contract work.

Next Steps

If you need legal assistance for a project finance matter in Elliniko, consider the following practical steps:

1. Organise your project information - collect key documents such as title deeds or land status reports, existing contracts, permits, technical reports and financial projections. Having a clear data package speeds up initial advice and due diligence.

2. Seek an initial consultation with a lawyer who has experience in Greek project finance and familiarity with Elliniko or similar redevelopment projects. Ask about their experience with concession agreements, lender documentation and local permitting processes.

3. Define the scope of work and fees - agree with your lawyer on the scope, deliverables, estimated timetable and fee structure. Consider staged work - confidentiality checks and preliminary advice first, followed by detailed due diligence and document negotiation.

4. Assemble a multidisciplinary team - project finance often requires legal, tax, technical, environmental and financial advisors. Coordinate your advisors early so legal advice aligns with technical and commercial planning.

5. Start regulatory engagement early - pre-application meetings with planning and environmental authorities, and early notifications to public asset managers or municipal offices, help identify requirements and avoid surprises.

6. Plan your financing timetable - align finance documentation, security registration and closing conditions with permitting milestones so that lenders and sponsors have a realistic path to financial close.

7. Consider dispute prevention - build clear governance, reporting and escalation procedures into contracts to reduce the risk of disputes during construction and operation.

If you would like, a lawyer can provide a short checklist tailored to your project to guide next steps, prepare a due diligence plan and estimate the likely timeline and cost to reach financial close.