GREECE Law and Practice Contributed by: Aris Papaspyridis, Virginia Kokios and Konstantinos Kounelis, AP Legal
AP Legal 238 Kifisias Avenue 15231 Chalandri
Athens Greece
Tel: +30 2106 777 277 Email: info@aplegal.gr Web: www.aplegal.gr
1. Market Trends 1.1 Energy and Infrastructure M&A Market Activity in the Greek energy and infrastructure M&A market has remained robust during the past 12 months. The ongoing geopolitical tensions in the area plus the wars in Ukraine and Gaza – as well as shipping and trade frictions ‒ seem to have reinforced capital allocation into Greek security-of-supply assets (LNG entry points, interconnectors) and accelerated corporate decarbonisation mandates. These have been supportive both of Greek renewable energy sources (RES) and grid deals – for example, the Alex- androupolis floating storage and regasification unit (FSRU) going live in 2025 was a concrete de-risking event for Greece and the region. The energy transition agenda and investor appetite for renewable energy assets have sustained a steady flow of transactions, particularly in solar, wind, and energy storage. Price Dynamics Wholesale electricity prices have risen since 2024, largely as a result of the war in Ukraine and broader inflationary trends. Nevertheless, investors’ interest in renewable generation assets and power purchase agreement (PPA)-backed portfolios seems to be rein- forced. Higher price volatility has underscored the strategic value of energy assets, encouraging consoli- dations and long-term investments across the renew-
focusing on renewable energy projects, storage sys- tems, and network modernisation. Such initiatives, alongside landmark deals such as Masdar’s acquisi- tion of Terna Energy, illustrate the growing depth and internationalisation of Greece’s energy M&A land- scape. Greece Versus Global Trends Compared with global activity, Greece’s energy and infrastructure M&A market remains broadly in line with – and, in key segments, stronger than – the global pace. Supported by a maturing regulatory framework, strong political commitment to decarbonisation, and active stakeholder participation in shaping energy policy, the country continues to consolidate its role as a regional hub for renewable energy investment and cross-border energy integration. 1.2 Energy and Infrastructure Trends Hydrogen Market Developments Greece’s hydrogen sector has entered a formative stage following the enactment of Law 5215/2025, which establishes the first comprehensive framework for renewable and low-carbon hydrogen production. The law establishes permitting procedures, introduces the Hydrogen Producer Certificate (HPC), and pro- vides a pathway for future investment and operational support mechanisms. These measures are already stimulating M&A activity as new projects begin to emerge, while the government’s active policy sup- port demonstrates a clear commitment to develop- ing a domestic hydrogen market and supporting the transition of lignite-dependent regions towards clean energy.
able energy spectrum. Leading Energy Groups
The market’s resilience is further demonstrated by the transformations under way among Greece’s leading energy groups. Public Power Corporation (PPC SA) is implementing a significant investment programme,
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