Towards the end of 2023, our firm acted as local, Cyprus counsel to the US International Development Finance Corporation (“DFC”) in connection with a $125 million loan to ONEX Elefsis Shipyard and Industries (“ONEX”) for the purposes of rehabilitating and modernizing the Elefsina shipyard near Athens, Greece. The shipyard is strategically located near several key gas trade routes. ONEX will use the DFC financing to transform the shipyard into an energy supply hub supporting liquified natural gas (LNG) shipping lanes in the Mediterranean and Aegean seas and supporting Greece’s renewable energy goals.

Our work, in addition to advising on all Cyprus law matters related to the financing, consisted of, inter alia, drafting, negotiating and registering the security package and monitoring and supervising the implementation and compliance of the Cyprus holding company’s obligations under the finance documentation.

Our firm’s team is led by the managing partner of the firm, Stelios Triantafyllides, along with team members James West, Emily Tornaritis, Froso Rossou and Vasiliki Triantafyllides.