London – LAWFUEL – Allen & Overy LLP is advising Mytilineos Holdings S.A., the Greek metallurgical and engineering company, on the joint venture with Endesa, the largest Spanish electricity company, to create the largest independent power operator in the Greek market and expand into Southeastern Europe. The new company will have an initial enterprise value of EUR1.2 billion.
The scope of the new company includes the construction and operation of thermal power stations (natural gas and coal), renewables (wind parks, hydro and photovoltaic) as well as electricity and CO2 emissions trading. Gradual retail penetration is also foreseen after the opening up of EU markets in July 2007.
The Allen & Overy team was led by energy partner Tim Shilling, assisted by Michael Burns, Stephen Kubicki and Ron Kirschner. Leveraged finance and relationship partner Yannis Manuelides also advised on the transaction.
Commenting Tim Shilling said: “This joint venture is a key step for Mytilineos and we are delighted to have assisted them in achieving this. ”