Allen & Overy has advised the EBRD and the Asian Development Bank on a USD 105 million financing for Electric Networks of Armenia.
According to Allen & Overy, the funding will be used to modernize electricity distribution networks and ensure reliable electricity supply in Armenia, especially in its provinces. The ENA Investment Program started in 2016. Phase 1 was completed in 2020, while Phase 2 aims to reconstruct the distribution network and cable lines, upgrade outdated substation equipment, repair ENA’s facilities, and install new customer connections.
"Energy efficiency and security rely on strong infrastructure investment. ADB continues to support Armenia in achieving this goal by providing long-term financing for the private sector that is not readily available in the country," commented the Infrastructure Finance Division Director for Central and West Asia and South Asia of ADB's Private Sector Operations Department, Shantanu Chakraborty. "The project will fund the second phase of ENA’s long-term investment program, which aims to further expand electricity access in Armenia’s provinces."
Allen & Overy’s team was led by Warsaw-based Partner Dan Cocker and included Prague-based Senior Associate Jana Marsalkova and Junior Lawyer Tereza Veverkova.