Dewey & LeBoeuf acted for Ekibastuz GRES-2 Power Station on a $700 million secured financing for the construction of its Unit 3, to be provided by a consortium comprising Russian State Corporation “Bank for Development and Foreign Economic Affairs (Vnesheconombank)” and Eurasian Bank of Kazakhstan. The English law governed facility agreement for this financing project was signed at a ceremonial signing in Astana today as part of a meeting between the president of Kazakhstan, Nursultan Nazarbaev, and the president of Russian Federation, Dmitri Medvedev.
Two of the exiting power units at GRES-2 currently produce about 12 percent of all electricity produced in Kazakhstan. The project involves the construction, development and operation of a third unit, which, once completed, will increase the power stations installed capacity by 50 percent.
GRES-2 is one of the largest coal-fired power stations in the world located in Ekibastuz, Kazakhstan (and has arguably the world’s tallest flue gas stack at 419.7 metres (1,377 ft) high). It represents the integration of Kazakhstan and Russia’s energy sectors with Inter RAO UES, a leading Russian energy company engaged in power generation and electricity trading, owning a 50 percent stake, and AO “Samruk-Energo” owning a 50 percent stake.
The Dewey & LeBoeuf cross-border team was led in Kazakhstan by Almaty Partner Aset Shyngyssov with the assistance of Associate Bakhytzhan Kadyrov. In London the English law financing team was led by Associate Matthew Hinxman, assisted by Associate Irina Zghibarti.
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