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BGI Legal advises the lenders on the USD 250 million facility to Adjaristsqali Georgia

BGI Legal's team, led by Lasha Gogiberidze and Sandro Bibilashvili, has just completed its advice to the lenders on the USD 250 million facility to Adjaristsqali Georgia in respect of the financing of the largest private hydropower investment project in Georgia, the Shuakhevi hydropower scheme. The project aims to export power to Turkey by the end of 2016 for nine months each year through the 400kV cross-border Akhalskhe-Borcka transmission line and sell domestically for the remaining three consecutive winter months.

The lender group of Asian Development Bank, European Bank for Reconstruction and Development and International Finance Corporation together provided  a loan facility of USD 250 million. IFC was a lead arranger for the financing and is also an equity investor in the project company. The sponsors of the project are India's Tata Power (40%), Norway's Clean Energy Invest (40%), and IFC (20%).

BGI Legal is ‘exceptional' in M&A, financing and real estate, and is especially prominent in the energy sector. Lasha Gogiberidze, whom clients regard as ‘the top lawyer in Georgia for banking, finance and capital markets transactions', and Sandro Bibilashvili handled a number of innovative regional energy projects and joint ventures, such as the Adjaristsqali hydropower project.

Legal 500 - 2017

The four-partner team at BGI Legal provides a ‘responsive, proactive and solution-oriented service to a wide range of international corporates both directly and on a referral basis from major international law firms; it has built a strong reputation acting for investors and lenders on many of the country s largest projects. The ‘excellent Lasha Gogiberidze has led the team s work in several major energy mandates, including advising an Asian investor on a hydropower project. Gogiberidze is also regularly involved in financing work, including inter-bank lending, regulatory lending (to comply with capital adequacy requirements) and capital markets work, where Unana Gogokhia is also establishing a strong reputation.

Legal 500 - 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