Public Power Corporation’s €325 Million Energy Receivables Securitization

In UK Milbank, advised on the matter.

Milbank advised Public Power Corporation, S.A. with a team including Apostolos Gkoutzinis (Picture – Debt Capital Markets), Joel Harrison (Commercial Law), Russell Jacobs (Tax Finance), James Warbey (Debt Capital Markets).

Public Power Corporation S.A. (“PPC”), Greece’s incumbent electricity supplier, acted as originator, servicer and subordinated investor in relation to the establishment of PPC’s second energy receivables securitisation program. The securitisation will provide PPC with access to senior funding of up to €325 million and finances a portfolio initially comprising non-performing consumer and corporate energy receivables under customer contracts with one or more receivable over 90 days past due, originated by PPC from its supply of electricity in Greece. The transaction is expected to fund later this year.

This securitisation follows on from the establishment of PPC’s first energy receivables securitisation program established in August 2020 which provided senior funding of up to €200 million and its landmark offering of €650 million 3.875% sustainability-linked senior notes due 2026.

The Milbank transaction team was led by European Leveraged Finance/Capital Markets partner Apostolos Gkoutzinis (Picture) and Structured Finance partner James Warbey and associates Robert Wysee Jackson and Peter West. Tax support was provided by partner Russell Jacobs and associate Steve Quinn and data protection advice was provided by partner Joel Harrison and associate Natasha Neale.

Involved fees earner: Apostolos Gkoutzinis – Milbank; Joel Harrison – Milbank; Russell Jacobs – Milbank; Natasha Neale – Milbank; Steven Quinn – Milbank; James Warbey – Milbank; Peter West – Milbank;

Law Firms: Milbank;

Clients: Public Power Corporation, S.A.;

Author: Giulia Di Palma