Aequo has advised the EBRD on Ukrainian law matters related to its granting of a USD 20 million loan to Astarta Group, Ukraine’s leading agribusiness operator and sugar producer.
Astarta, which was founded in 1993, is a vertically integrated agro-industrial holding specializing in sugar and agricultural production. The proceeds of this most recent EBRD loan will be utilized for modernizing and improving the energy efficiency of Astarta’s sugar processing plants. Aequo reports that the implementation of the investment program will "help to reduce energy costs, as well as mitigate negative environmental impacts." The financing is provided within the framework of long-standing cooperation between EBRD and Astarta Group, which included a previous loan, in 2014, of USD 26 million (as reported by CEE Legal Matters on December 1, 2014).
“The EBRD is the largest international financial investor in Ukraine,” commented Yulia Kyrpa, who supervised the Aequo team working on the matter. "We are honored to be part of the EBRD’s investment projects aimed at promoting an energy efficient economy and sustainable development of our country. Such initiatives help strengthen Ukraine’s energy security and improve the competitiveness of local companies.” In addition to Kyrpa, the Aequo team consisted of Senior Associate Denys Kulgavyi and Associate Yevgen Blok.
Just last month Astarta also received a USD working capital loan from the International Finance Corporation (as reported by CEE Legal Matters on July 27, 2016).