backSINGAPORE, April 15, 2015 — King & Spalding served as international counsel to the project company, Adjaristsqali Georgia LLC (AGL), during the development, construction and US$ 250 million debt financing of the landmark, 187 megawatt Shuakhevi Hydropower Project in Georgia (the former Soviet Republic), the first power project that will export electricity from Georgia to Turkey, financed on a limited-recourse basis. The Asia Development Bank, the European Bank for Reconstruction and Development and the International Finance Corporation made available first disbursement of their loan facilities for this project on April 5.
AGL, a special purpose vehicle owned by Clean Energy Invest of Norway, Tata Power of India and IFC InfraVentures, will locate the project, consisting of two separate power generation facilities, in the Caucasus Mountains on the Adjaristsqali River in the Adjara region of south-western Georgia, close to the Turkish border. A consortium led by Alstom of France will supply and install the electro-mechanical equipment and AGE Insaat ve Ticaret of Turkey will undertake the civil works for the project.
The project represents the first phase of the Adjaristsqali Cascade Hydropower Project, which consists of up to three phases and four hydropower plants, with a total value of up to US$ 700 million. The power generation facility also represents one of the largest foreign direct investment projects in the country to date.
“The strong leadership, perseverance and support by the sponsors, Clean Energy Invest, Tata Power and IFC, of this first-of-its-kind project made a huge difference throughout the entire financing process,” said Kelly Malone, the Singapore-based, project finance partner who led the King & Spalding team, which included partner, Mona Katigbak, and senior associates, Alex Blomfield and Rory Connor.
Clifford Chance, acting through its Paris office, served as international counsel to the lenders on this financing. BLC Law Office and BGI Advisory Services Georgia acted as local counsel to the project company and the lenders, respectively.
About King & Spalding
Celebrating more than 125 years of service, King & Spalding is an international law firm that represents a broad array of clients, including half of the Fortune Global 100, with 800 lawyers in 17 offices in the United States, Europe, the Middle East and Asia. The firm has handled matters in over 160 countries on six continents and is consistently recognized for the results it obtains, uncompromising commitment to quality and dedication to understanding the business and culture of its clients. More information is available at www.kslaw.com.