Orrick represented Russian banks Sberbank and VTB as providers of RUB70 billion (approx. $1.1 billion) in financing for Telmamskaya HPP LLC (a 100% subsidiary of EuroSibEnergo Group, which is part of the En+ Group, a leading Russian energy and natural resources industrial conglomerate).
The loan financed Telmamskaya HPP LLC’s RUB70 billion acquisition of 40.29 percent of Irkutskenergo PJSC, a company that operates several hydroelectric power plants, thermal plants and electric networks, from Inter RAO Group. As a result of the deal EvroSibEnergo Group holds more than 90% of the shares in one of Siberia’s largest Russian power producers.
“We were thrilled to put our extensive finance and energy sector experience to work in this exciting deal,” said Banking & Finance partner Dmitry Gubarev.
The Orrick team was led by partner Dmitry Gubarev together with Konstantin Kroll and included associates Svetlana Gareeva, Victoria Bryxa and Maria Illarionova.