Milbank Wins Two Awards for Securitisation & Structured Finance

Milbank LLP was recognised for its role on Public Power Corporation S.A.’s (“PPC”) “Project Zeus” securitisation, winning both Private Securitisation of the Year at the Global Capital European Securitisation Awards on 27th April 2022 and Securitisation & Structured Finance Deal of the Year at the IFLR Europe Awards on 5th May 2022. Milbank represented PPC as originator, servicer and subordinated lender on the transaction.

Project Zeus is a landmark electricity receivables-backed securitisation, providing PPC with access to senior funding of up to €325 million by securitising a revolving portfolio of certain performing and non-performing consumer and corporate energy receivables originated by PPC from its supply of electricity to retail and business customers in Greece. The transaction is one of the first of its kind involving the securitisation of non-performing energy receivables and was the catalyst for convincing the Greek government to amend the law to permit electronic registration of asset sales in order to satisfy the requirements of the Greek securitisation law.

The Milbank transaction team was led by European Leveraged Finance/Capital Markets partner Apostolos Gkoutzinis and Structured Finance partner James Warbey and associates Robert Wyse Jackson and Peter West. Tax support was provided by partner Russell Jacobs and data protection advice was provided by partner Joel Harrison.

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