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Orrick and Baker Botts Advise on USD 1.1 Billion Financing for Russian Energy Group

Orrick and Baker Botts Advise on USD 1.1 Billion Financing for Russian Energy Group


Orrick has represented Russian banks Sberbank and VTB as providers of RUB 70 billion (approximately USD 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). Baker Botts advised Telmamskaya HPP on the deal.  

The loan financed Telmamskaya HPP LLC’s RUB 70 billion acquisition of 40.29% 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 EuroSibEnergo 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 Orrick Banking & Finance Partner Dmitry Gubarev, who led the the Orrick team along with Partner Konstantin Kroll. The team also included Associates Svetlana Gareeva, Victoria Bryxa, and Maria Illarionova. 

"It is worth noting that this transaction is one of select few syndicated financings to date in Russia fully done under Russian law to best international standards," said Moscow-based Baker Botts Finance Partner Konstantin Garmonin, who led the firm’s team on the deal. Garmonin was assisted by Moscow-based Finance Associate Kira Gladkoborodova.

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