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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.

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

Vastly experienced market-leading firm assisting international and regional clients with all manner of corporate and commercial matters. Particularly well versed in project financing and loan agreements. Clients say: "The lawyers are detail-oriented and are always very helpful... Among the leading firms in Georgia."

Chambers Europe - 2016

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