White & Case Assists Hidroelectrica SA on € 110 Million Loan
Global law firm White & Case has assisted Hidroelectrica SA, the largest electricity producer in Romania, in the process of accessing a € 110 million loan for the rehabilitation of six hydropower units at Stejarul Bicaz HPP. The European Bank for Reconstruction and Development ("EBRD") will provide €70 million of the total financing, with €40 million being syndicated via commercial banks – Erste Bank and Caixabank.
The 210 megawatt facility initial project was conceived, designed and structured by Romanian scientist Dimitrie Leonida, in 1908, being considered Romania's first major achievement in the area of hydropower center development. The financing is aimed at partially providing the resources necessary for the rehabilitation of the hydropower plant, which will ensure a new life cycle of at least another 30 years for the existing plant. "It was a pleasure to assist Hidroelectrica in its efforts to give a second life to this landmark project. We trust that our strong experience in advising on similar type of financings granted by multilateral financial institutions such as EBRD, has enabled us to offer viable alternatives and feasible solutions to the transaction", Delia Pachiu, White & Case Bucharest partner, stated.
White & Case's team of lawyers which assisted Hidroelectrica was led by Delia Pachiu, partner, assisted by Simona Petrişor, Senior Associate.
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