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.
Zaza Bibilashvili is able to suggest winning strategies and is active across a range of contentious and non-contentious work, including real estate and intellectual property matters. Previous comments include: BGI Legal fields ‘a team of true professionals with good knowledge of law and a proper understanding of business needs`. It provides full-service support to leading multinational and Georgian clients, handling general legal matters alongside more complex financing, M&A, dispute resolution and capital markets mandates.
Zaza Bibilashvili is a well-known and highly regarded figure in the Georgian legal market. One of the founding partners of the firm, he oversees projects and is a key contact for clients. Lasha Gogiberidze has been called "one of the leading lawyers in Georgia" and "a central person not just in capital markets, but in the legal market in general." Considered an expert in capital markets and project finance work, particularly in the energy sphere, he is highly respected by his peers, who say: "He`s among the top lawyers who shaped the legal market."
Legal director Unana Gogokhia focuses on financial transactions, and stands out for her experience of capital markets and derivatives. Clients appreciate her ability to "look at the issue very scrupulously and bring up points in the transaction that none of the other parties spotted." Sandro Bibilashvili is increasingly recognised in the market. He is involved in some of the firm's biggest project finance mandates and has recently been active working on energy projects. Counsel Tamara Tevdoradze enters the rankings on the back of positive praise. "She is very reliable, accurate and punctual, thinks in a very logical way and has very strong arguments," a client says