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Project finance is a method of funding large infrastructure or energy projects where the new entity created to own the project (an SPV) is primarily responsible for the debt and its cash flow, rather than the sponsors’ balance sheets. In Preveza, as in the rest of Greece, project finance transactions combine corporate law, contract law, procurement rules, and sector-specific regulations. Lenders typically require robust off-take agreements, a strong governance framework, and clear security over project assets and equity.
Common project structures in Preveza include renewable energy developments, port and marina improvements, and tourism infrastructure financed through SPVs with EPC contracts, PPAs or off-take arrangements, and long-term loan facilities. The deal often hinges on a combination of public procurement rules, environmental licensing, and sector-specific licensing regimes. Local regulatory nuance matters, including licensing timelines at the regional level in Epirus and local permitting in Preveza municipality.
Greece has prioritized public-private partnerships and concessions within its procurement framework, aligning with EU Directives to support infrastructure investment.
Source: World Bank Project Finance overview
Source: IFC Project Finance overview
Source: OECD Greece investment and project finance overview
Forming an SPV for a Preveza project - You need counsel to set up the Special Purpose Vehicle, define equity structures, and prepare share purchase and governance documents for Greek and international investors. A lawyer also reviews the SPV's Articles of Association to ensure enforceable rights and protections.
Negotiating EPC, O&M and off-take contracts - A project in Epirus will rely on engineering, procurement and construction contracts, power purchase agreements, or other off-take deals. An attorney helps negotiate terms, allocate risk, and draft performance and payment milestones with local contractors.
Compliance with Greek public procurement rules - If the project involves a concession or PPP, you must satisfy Law 4412/2016 as amended. Counsel will map tender requirements, bid security, and compliance timelines to reduce bid risk and avoid disqualification.
Environmental licensing and permitting - Renewable energy or tourism-related developments require environmental impact assessments and permits. A lawyer guides you through EIA procedures, regional approvals, and any required amendments to satisfy authorities.
Cross-border financing and tax structuring - International lenders may participate, with currency risk, tax planning, and transfer pricing considerations. Legal counsel can structure the financing to optimize tax efficiency and ensure lenders’ security packages are enforceable in Greece.
Dispute prevention and loan covenant enforcement - In case of default or performance issues, counsel drafts bespoke loan covenants, security arrangements, and cross-default provisions. They also advise on dispute resolution clauses and collateral enforcement in Greece.
These laws sit within a broader European and regional framework, where EU procurement directives influence Greek practice and local authorities administer licensing at the regional and municipal level in Epirus. In practice, project finance in Preveza requires navigating tenders or concessions, securing environmental approvals, and implementing robust contractual structures with lenders.
Project finance in Greece uses a dedicated SPV to own the project and repay debt from project cash flows. Lenders focus on the project’s viability, contracts, and security rather than sponsor balance sheets. This approach requires detailed risk allocation and robust off-take and construction arrangements.
Begin with a clear project scope, identify potential SPV structures, and assemble core contracts such as EPC, PPA, and shareholder agreements. Engage a local project finance lawyer early to map regulatory requirements and lender expectations.
The law applies to public procurement and concessions across Greece, including projects in Preveza that involve public tenders or concessions. A lawyer helps determine whether a project triggers procurement rules and how to structure bids compliantly.
You must obtain environmental permits and licensing from regional authorities in Epirus, plus any national permits required by law. A lawyer coordinates EIA submissions and tracks regulatory milestones.
Cross-border funding adds complexities in currency, tax, and security enforcement. A lawyer ensures the structure complies with Greek law and lender requirements. They also coordinate between Greek and international counsel.
Timeline depends on project type and permits, but a renewable energy deal often requires 6 to 18 months from due diligence to closing. Delays commonly arise from licensing or tender processes.
Local knowledge helps with regional permitting and municipality interactions, but many projects use national firms with local desks. A hybrid approach often works best for Preveza projects.
Security packages usually include pledges over SPV assets, assignments of project contracts, and mortgages on project real estate. Lenders may also require corporate guarantees or parent company guarantees.
Costs vary by project size and complexity, typically ranging from a fixed retainer for due diligence to success fees at closing. Early scoping helps estimate fees and manage expectations.
An SPV is a separate legal entity owned by project sponsors or investors. Governance usually requires a board with observer rights for lenders and a detailed shareholder agreement governing decisions.
Yes, changes in procurement, licensing, or tax rules can impact timing and costs. Counsel monitors regulatory developments and drafts protective clauses in contracts.
Common disputes involve construction delays, payment disputes, and force majeure events. Resolution typically uses arbitration or court proceedings, with enforceable security arrangements in place.
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The information provided on this page is for general informational purposes only and does not constitute legal advice. While we strive to ensure the accuracy and relevance of the content, legal information may change over time, and interpretations of the law can vary. You should always consult with a qualified legal professional for advice specific to your situation.
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