The bank for a changing world

PARIBAS for wind power deal signed today in Athens

  • 01.09.1999
The first project finance to reach financial close in Greece will be signed today in Athens between Paribas and the Greek company Rokas, in a ceremony attended by members of the Greek Government.

Paribas is lead arranging this 104MW wind farm project. The bank has fully underwitten the EURO 79m (FRF 520m) loan. The project is sponsored by Rokas and the Danish company Bonus supplies the wind turbines.

The project is developed in three phases. The first, already completed and financed by BNP, was the construction of 10MW of capacity in Crete; the second, which is currently being undertaken is the construction of 50MW and the final 44MW of capacity are to be constructed before year-end 2001.

The electricity will be offtaken by the Greek utility Public Power Corporation (PPC) pursuant to a 10-year renewable PPA (Power Purchase Agreement).

Including all phases, the project will receive 30% of capital investment subsidy from the EU and the Greek State, with debt representing 50% and equity 20% of the project budget. National Bank of Greece has been invited as Co-Arranger. General syndication is expected by the end of September.