Alantra acted as financial advisor to Alpha Bank on the transfer of a portfolio of Non-Performing Exposures (NPEs) to Greek Small and Medium-sized Enterprises, with a gross book value of approximately €450mn as of 31 December 2024. The portfolio was acquired by Waterwheel Capital Management, L.P., through affiliated entities.
The portfolio, referred to as Project Solar 2, was initially part of the broader “Solar” initiative, a joint effort by Greek banks to structure a securitisation under Law 4649/2019, which was ultimately not consummated. The servicing has been assigned to Cepal Hellas, a licensed servicer regulated by the Bank of Greece under Law 5072/2023.
This transaction marks the third major portfolio trade between Alpha Bank and Waterwheel Capital, following the successful completion of the GAIA I and GAIA II securitisations. It forms part of Alpha Bank’s strategy to manage and reduce its stock of non-performing exposures actively.
Andreas Zacharakis, Vice President at Alantra, said: “We’re pleased to have delivered another strategic NPE trade, following GAIA I and GAIA II earlier this year. Our deep portfolio familiarity and execution continuity were key to supporting Alpha Bank’s de-risking efforts and contributing to yet another successful closing.”
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