Goltsblat BLP, the Russian practice of the international law firm Berwin Leighton Paisner (BLP), has advised a syndicate of the Eurasian Development Bank (EDB) and International Investment Bank (IIB) on a project finance transaction for the construction of two hydro-power plants with a total capacity of 49.8MW in the Republic of Karelia, northwest Russia.

The RUB 8.15bn facility will be repaid in 12 years. This is also a pilot project in Russia for the New Development Bank set up by the BRICS countries, as the creditors have used its resources for funding.

The team of lawyers from Goltsblat BLP and law firms from the Cayman Islands, the Netherlands, the Republic of Cyprus and Saudi Arabia was led by GBLP Banking & Finance Partner Oleg Khokhlov and Senior Associate Igor Zhivotov.

The Banking & Finance team also included Head of Group Tatiana Parshak and Associate Artemiy Bondarev. The deal was supported by a Corporate team led by Partner Ian Ivory, Head of Corporate for Asia and Senior Associate Dmitry Antipin. The Real Estate and Construction support was provided by Heads of Group Dmitry Ilyin and Dmitry Maltsev from the Real Estate & Construction Practice.