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NEC advised by WFW on first solar and battery storage acquisitions in Greece

Watson Farley & Williams Greece (WFW) advised NextEnergy Capital (NEC) on its first Greek solar and battery storage acquisitions. The acquisitions include six utility-scale solar PV projects totalling 132 MWp, and were made through NextPower III ESG (NPIII ESG), the international private solar fund managed by NEC.

The deal marks NPIII ESG’s first transaction in Greece and its first in the battery storage sector, whilst NEC’s parent company, NextEnergy Group, has been active in Greece since 2021. The solar projects will target long-term PPAs, whilst the storage projects are expected to participate in the 2023 CfD auction process to be held by the Greek regulator.

The WFW Athens Project & Structured Finance team advising NEC was led by Partner Virginia Murray, supported by a team with regulatory, corporate and finance expertise including Senior Associate Tasos Giannopoulos, Associates Eleni Stylianou, Dimitrianna Kolonia, Anthi Antonakou and Katerina Maria. Trainees Dimitris Spiliadis and Anastasios Lafaras also assisted.

Virginia commented: “It was a great pleasure to work with NEC on their latest Greek transaction. Both battery storage and bilateral PPAs are areas in which WFW is able to offer both international commercial expertise and detailed Greek regulatory advice, as well as the corporate and financial support to get the deal over the line”.

Filinto Martins said: “Following this acquisition, NextPower III ESG has reached a capacity in excess of 1.7GW, a huge milestone achieved in such a short period. We are continuing to pursue attractive opportunities in the international market to deploy the remaining capital, with a particular focus on solar across Europe, where the opportunities present a logical, attractive investment. Additionally, entering the Greek solar market is a logical step in NextPower III ESG’s international expansion, ideal for utility-scale solar deployment”.

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