Albania Adopts New Support Schemes for Solar and Wind Power Plants

Flavia Xhafo, Senior Associate at KALO & ASSOCIATES discussed Albania’s potential in developing other sources of renewables, such as solar or wind power plants, in addition to hydropower plants, generating more than 95% of the electricity in Albania. In February 2017, the Parliament approved the new law on Incentives for Using of Energy from Renewable Sources (the “2017 RES Law”), which is partially aligned with the EU RES Directive No. 2009/28/EC, as part of the Acquis – an obligation Albania has as a potential candidate for accession to EU. The 2017 RES Law establishes the broad…

KG Law Firm Advises on Financing of Wind Farms in Greece

Kyriakides Georgopoulos Law Firm acted as a joint Greek legal advisor to European Investment Bank and to Alpha Bank A.E. on financing of two wind parks in northern Greece. The financing was structured on a limited recourse project finance basis by means of a long-term facility in the form of a hybrid bond loan governed by the Greek Bond Law No. 3156/2003 and German law, along with relevant Greek law security documents for each Project Company. The European Investment Bank's loan is backed by the EU budget guarantee of the European Fund for Strategic Investments, the financial instrument of the…