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10 November 2008 - Gide Loyrette Nouel advised the Government of Albania and the International Finance Corporation on a major IPP project in the Balkans:
Gide Loyrette Nouel (GLN) advised the Government of Albania and the International Finance Corporation, the private sector arm of the World Bank Group, on the Ashta Hydropower Plant Project (“Ashta”) in Albania. This follows the Firm’s earlier advisory work on behalf of the Albanian Government in drafting the country’s new PPP law in 2006. This new law served as the basis for this IPP project and will be the benchmark for similar projects going forward.
Ashta is being undertaken to significantly develop the Albanian electricity market and ensure the country’s rapidly growing energy needs are met. It has been structured as a BOT agreement between the Government of Albania and Verbund, Austria’s leading power producer, and consists of the design, financing, construction, ownership, operation, maintenance and transfer of a new run-of-river hydropower plant with a capacity of 48 MW on the Drin River in Ashta. In addition, Verbund and Kesh, Albania's wholesale public supplier, have entered into a long-term "take-or-pay" Off-Take Agreement.
It is expected that the plant will be constructed over 40 months, with a total investment amount of around 160 million Euros. The deal is Albania's first large hydropower plant concession contract to be signed with an international partner.
Sali Berisha, Prime Minister of Albania, said that "the tender process was conducted according to international best practice, with consideration for the ecological and social implications associated with the Project".
Gide Loyrette Nouel's Paris office acted as lead counsel on this project (John D. Crothers, partner, Antoine Cousin and Deborah Behar, associates).
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