Project Finance & Public Contracts

Project Finance & Public Contracts

Zepos & Yannopoulos has significant expertise in public contracts and finance projects by providing advice in relation to a variety of legal, tax and accounting issues to all parties involved, be it banks, constructors, consortiums and/or concessionaires.

We advise and/or undertake litigation for:

  • Entities bidding in public tenders, concessionaires and constructors
  • State-owned companies and other awarding authorities.
With respect to:
  • The structure for performance of project works, project financing and concession operations
  • The negotiation of concession contracts
  • The validation of Greek tax and accounting aspects for financial model assumptions
  • The ongoing tax and accounting support for Greek operations going forward in areas such as indirect taxes (VAT, stamp tax, customs & excise duties), withholding taxes, transfer pricing as well as permanent establishment and double tax treaty issues
  • Tender offers.

Indicative assignments undertaken by our Project Finance and Public Contracts practice include advising the following:

  • PSA Europe Ltd on its bidding in the international tenders for the concession of the container terminals of the ports of Piraeus and Thessaloniki
  • AnsaldoBreda & Ansaldo STS S.P.A. in relation to tax issues deriving from their participation in the consortium for the construction of the Thessaloniki Metro
  • EuroIonia Joint Venture (a joint venture formed by Ferrovial Agroman SA, Dragados SA and TERNA SA) in relation to the execution of the Design and Construction Agreement for the Ionia Odos Motorway from Antirio to Ioanina, Pathe Motorway Athens-Maliakos (Skarfia) and Pathe connecting branch Schimatari – Chalkida; in this content we have been providing advice with respect to the Concession Agreement and the Design and Construction Agreement, the structure of the relationships among the JV, its members, the Concessionaire and third parties; we have been reviewing contracts/subcontracts/supply agreements and generally assisting on the daily issues of the JV
  • Chevron Corporation with respect to their participation to the consortium established to construct and operate the Burgas Alexandroupolis Pipeline cross border project
  • LeRoy Merlin on the concession of a major plot at the Retail Park in the Athens International Airport for the construction and exploitation of a mega store
  • The consortium Ellinikes Diadromes (FCC, Somague/Sacyr, Atti-kat, Pantechniki and Prodeytiki) in relation to the Central Greece Motorway (E65) Project (designs, financing, construction and operation) and the tax implications of the concession agreement for the constructors and the concessionaire; furthermore, we have provided tax and accounting advice to Royal Bank of Scotland that is acting on behalf of the construction consortium
  • The consortium “Thescros”, (Pantechniki, Attikat, FCC Construccion and E. Pihl & Son AS) in relation to the legal and tax implications of the Thessaloniki Submerged Tunnel project during the tender phase. We have addressed the tax and accounting implications of the concessionaire, in view of the lack of a specific legal framework and we have provided advice on the concession agreement negotiated at that time among the Greek State and the consortiums participating in the tender. Furthermore, we have collaborated with Macquarie, the financial adviser of the consortium, and have advised on the tax and accounting assumptions of the project’s financial model
  • Macquarie in relation to the envisaged participation in a joint venture for the Maliakos Kleidi project, especially regarding the optimal corporate structure for the establishment and operation of the joint venture. We have also provided preliminary tax and accounting advice in relation to alternative holding structures and the tax and accounting implications of concessionaires deriving from the concession agreements
  • Macquarie in relation to the contemplated acquisition of a stake in Attiki Odos, especially in connection with the implications under the corporate and financing documents pertaining to the establishment and operation of Attiki Odos
  • Mizuho Bank on its participation in a tender for the strategic management of Hellenic Tourist Properties. We have provided legal and tax support to Mizuho throughout the project involving the strategic and analytical planning for developing more than 150 properties situated all over Greece
  • Hitachi Europe on all issues arising in relation to its participation in a Attiko Metro Tender, including public procurement, provision of services, corporate and joint venture issues
  • TPF Chapeaux, a Belgian construction company, on all matters relating to its participation in a consortium which has been awarded a project by Attiko Metro, including joint venture issues, public works, tax & accounting issues
  • Telcordia Technologies, Inc. in connection with the award for the development, installation and maintenance of the National Reference Database for Portability by the National Telecommunications and Post Commission
  • Urbaser SA (a subsidiary of the multinational construction company ACS) in relation to its participation in a Joint Venture which was awarded a 50 million Euro tender by Organizing Committee of the Athens Olympic Games, undertaking the project of Cleaning, Collection and Sustainable Waste Management Services for the Athens Olympics
  • The Organizing Committee for the Olympic Games, Athens 2004, in relation to the award of an exclusive broadcasting contract for the Athens 2004 Olympic Games; we monitored the relevant tender, drafted and negotiated the contracts for the broadcasting of the Games and the operation of the International Broadcasting Centre and provided advice on a full array of legal and tax issues
  • Aggreko UK on a variety of legal issues in connection with the tender “for the selection of Exclusive Official Supplier for Services ensuring the supply of electrical power including the necessary design studies for the Olympic and Parolympic Games”
  • Atos Origin Hellas SA, (formerly SchlumbergerSema Hellas SA) in all aspects of its participation to a great variety of public tenders of Greek state companies, from drafting tender documents to full tax and accounting support. Atos Origin was awarded the contract for the Information Technology support of the Athens 2004 Olympics
  • Infostrada B.V. in connection with a tender “for the provision of athlete, coach and referee biographies and historical and statistical data services for INFO 2004”
  • Bouygues Travaux Publics, Systra, Keolis and Bombardier in relation to the Thessaloniki Metro Project (designs, financing, construction and operation) and the tax implications of the concession agreement for both the constructors and the concessionaire. Furthermore, we have provided tax and accounting advice to Investment Bank that has acted on behalf of the construction consortium. The project was abandoned one year ago. Currently we are advising Bouygues Travaux Publics on the dissolution of the Project Company
  • European Investment Bank on the financing of the construction of the Athens International Airport
  • Energy Developments Ltd. and Tomi SA on a variety of legal and tax issues in connection with the construction and operation of the first land-fill gas development plant in Greece
  • Sofregaz – Technigaz on the construction of Cryogenic Gas Installation on behalf of DEPA in the island of Revithousa
  • A consortium of Greek construction companies and foreign investors (including Innisfree UK) on their bids for the first wave of PPP (ΣΔΙΤ) projects in Greece (Fire Stations Project, Piraeus Police Headquarters, West Peloponnese University, Pediatric Hospital of Thessaloniki)
  • Waste Syclo SA, a joint venture between the Public Power Corporation SA (the largest Greek electricity producer) and Urbaser SA (subsidiary of the multinational construction company ACS) in its bid for the first Greek waste management PPP project (the Western Macedonia waste management project)
  • SAAB Microwave Systems (leading a consortium with Thales Defense Systems and Embraer) in the procurement of four airborne radars to the Hellenic Air force
  • Rafael Advance Defense Systems for the procurement of an advanced aircraft missile system through a Government to Government contract.
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