Kelemenis advises China Development Bank (CDB) on the restructuring/refinancing of Greek energy project

Kelemenis & Co. has acted for CDB in relation to several bank transfers that will be made for the repayment of a facility granted by CDB in 2013 to 14 Greek companies and 68 solar parks generating electricity of approximately 31 MW in total. Kelemenis & Co. had acted for CDB in relation to the above 57-million facility, including amongst others an Assignment Agreement by which each Greek SPV assigned to its Cypriot parent company all amounts to become due by the Greek Power Market Operator to the Greek SPV for the purchase of electricity produced by its photovoltaic stations. Following the capital controls that were imposed on Greek banks in the summer of 2015, which meant that that the Greek Power Market Operator could no longer make payments abroad, Kelemenis & Co. has undertaken the secure these payments toward the repayment of the facility for as long as the funds need to stay in Greece.