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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.

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

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."

Chambers Global - 2016

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.

Legal 500 - 2016