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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%).

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

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

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