Milbank LLP has advised Public Power Corporation S.A. (“PPC”), Greece's incumbent electricity supplier, as originator, servicer and subordinated investor in relation to the establishment of an energy receivables securitisation program. The securitisation provides PPC with access to senior funding of up to €200 million and finances performing consumer and corporate energy receivables up to 60 days past due, originated by PPC from its supply of electricity in Greece. In particular, the securitisation allows PPC to diversify its capital structure by accessing new liquidity in exchange for future cashflows on the energy receivables portfolio.
PPC is the largest electricity supplier in Greece — with a market share in Greece of approximately 66% and supplying power to approximately 6.6 million customers in Greece. In 2019 the PPC group had turnover of €4.9 billion and total assets amounting to €13.6 billion.
This securitisation program represents another market-leading transaction in Greece that the Milbank team has advised on, adding to Milbank’s world leading securitisation capabilities and legal presence in Greece.
The Milbank transaction team was led by European Leveraged Finance/Capital Markets partners Apostolos Gkoutzinis and Structured Finance partner James Warbey and associates Robert Wyse Jackson and Peter West. Tax support was provided by Russell Jacobs, Steve Quinn and Cosmos Fung and data protection advice was provided by Joel Harrison.