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BGI advises TEPCO in acquisition of stake in Georgian HPP

BGI has acted for Tokyo Electric Power Company (TEPCO), Japanese energy giant, in one of the most significant M&A deals in Georgia in recent months. The deal was closed successfully on 28 April 2020 despite fundamental challenges posed by the state of emergency imposed due to the Covid-19 pandemic and related restrictions and closures.

TEPCO has acquired 31.4% of the shares in Dariali Hydropower Project, located in Kazbegi Municipality, Georgia. Dariali HPP commenced commercial operations in December 2015, supported by a 15-year power purchase agreement with ESCO, the market operator in Georgia’s electricity sector. Dariali HPP’s annual energy generation amounts to 510 million kWh. It is also the first carbon-neutral project in Georgia and among all EBRD-financed projects worldwide.

“TEPCO brings much-needed know-how and experience to Georgia, strengthening the country’s energy security and independence. This deal complements our impressive portfolio of hydropower projects, highlighting that BGI remains the market leader and the law firm of choice for major foreign investors” said Partner Sandro Bibilashvili, who led the BGI team working on this transaction.

Solid team with vast experience of handling a wide spectrum of corporate and commercial as well as financial matters. Particularly well versed in project finance and boasts an impressive track record in some of the country's biggest energy and infrastructure projects. Popular choice for prominent international and local clients, including financial institutions and corporates from an array of industry sectors. Clients are impressed with the team's approach, saying: "The best thing is their coming up with proactive advice and suggesting a structure. They are able to work under pressure and respond immediately." Another client adds: "As soon as we give them a project we don't need to double-check anything." Other typical comments are: "They are a top-tier firm on the market with highly skilled, efficient and solution-oriented lawyers."

Chambers Europe - 2017

Lasha Gogiberidze maintains an excellent reputation for his expertise in capital markets and project finance, handling some of the market's most prominent lending transactions. Clients highlight him as an "open-minded" practitioner who "always comes up with a good solution" and provides advice which is "straight to the point and concise." Zaza Bibilashvili has experience of handling some of the biggest mandates in the market, most recently advising on substantial real estate projects. He is also a noted practitioner in the dispute resolution arena.

Chambers Global - 2017

BGI is one of Georgia's leading firms in all areas of corporate law and in energy and infrastructure has acted on key projects in the oil and gas, energy, transport infrastructure areas. Previous comments have included: "Very good law firm for this jurisdiction...very knowledgeable, they get the job done on time and on budget...they are very professional and good lawyers". Thanks for universal praise from competitors and clients alike, BGI sits comfortably in the top tier... BGI is client-focused and solution-oriented... [with] excellent local counsel, not just for Georgian standards, but by international standards... [A major international client says:] "In terms of local law firms... I have a strong preference for BGI."

IFLR1000 - 2017