Dewey & LeBoeuf has advised Georgia Urban Enerji Ltd (GUE), a subsidiary of Turkey’s Anadolu Group, on the acquisition of a five percent stake in the company’s equity by the European Bank for Reconstruction and Development (EBRD), as part of the US$167 million financing of a hydropower plant in Georgia.
The Paravani Hydroelectric Power Plant will be an 87 MW run-of-river facility. GUE will construct the Paravani project in the south west of Georgia, with transmission lines connected to the Georgian and Turkish power grids.
Federico Salinas, the Anadolu Group relationship partner, commented: “Over the years, we have had the pleasure of assisting the Anadolu Group on a range of investments and acquisitions in Turkey and abroad. We are proud to be associated with one of Turkey’s leading industrial conglomerates. Our Firm’s regional ambitions closely match the Anadolu Group’s aspirations and we hope to be able to continue to grow alongside them.”
Project Finance partner Stephen Jurgenson commented, “The EBRD’s equity investment really gets this project under way. The Paravani plant will bring much greater energy security to Georgia and Turkey, as well as helping both countries to meet carbon reduction commitments. The project illustrates our strength in project financing and adds to our extensive experience of infrastructure projects in Georgia.”
Dewey & LeBoeuf has also advised GUE on the debt financing of the project, with loans from EBRD, the World Bank’s International Finance Corporation and Turkish Industrial Development Bank.
Dewey & LeBoeuf’s team is led by Mr. Jurgenson, based in Abu Dhabi, who is working with Associate Alistair Wishart in London. Mr. Salinas is based in London.
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