Dewey & LeBoeuf further cemented its presence in Kazakhstan by taking the lead advisor role for the $700m Ekibastuz power station financing deal in Kazakhstan, which is one of the largest coal-fired power stations in the world. The Ekibastuz GRES-2 Power station currently generates approximately 12% of all electricity produced in Kazakhstan through its two existing units. With the construction of the third power station, installed capacity will rise by 50%.This follows recent significant projects in Kazakhstan advised by Dewey, such as a $900 million, 15 year locomotive maintenance agreement between Kazakhstan’s national railway operator and GE Transportation in May of last year.
Financing for the construction of its third unit is to be provided by a consortium of financiers, comprising the Russian State Corporation Bank for Development and Foreign Economic Affairs and the Eurasian Bank of Kazakhstan. Both banks are counselled by Linklaters.
The English-law governed facility agreement for the financing project was executed at a ceremonial signing in Astana, Kazakhstan on 5 July, as part of a meeting between the President of Kazakhstan, Nursultan Nazarbayev and the President of the Russian Federation, Dmitry Medvedev.
The Dewey & Leboeuf cross-border team was led in Kazakhstan by Almaty partner Aset Shyngyssov, with the assistance of associate Bakhytzhan Kadyrov. In London, the English legal financing team was led by associate Matthew Hinxman, assisted by associate Irina Zghibarti.
This deal follows on from previous advice given by Dewey on significant projects in Kazakhstan, such as a $900m 15-year locomotive maintenance agreement between Kazakhstan’s national railway operator and GE Transportation in May 2009.ALB

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