June 25, 2019
Hunton Andrews Kurth LLP has advised Black Sea Trade and Development Bank on the provision of a corporate loan to the Public Power Corporation S.A. for an amount of €160 million with a five year tenor for the purpose of financing PPC’s capital expenditure plan. This financing is the largest BSTDB operation to date. The Hunton Andrews Kurth team was led by Rob Askew, supported by senior attorney, Svetlana Sorokina-Wilson.
The operation is expected to have multiple benefits for the Greek economy, and the energy sector in particular, by improving the country’s energy mix and infrastructure. It will assist in restoring Greece’s economic growth by generating tax revenues, creating new jobs and boosting confidence in a vital sector of the economy. The operation marks the beginning of a valuable cooperation between BSTDB and PPC, the biggest power producer and electricity supply company in Greece with approximately 7 million customers.
Black Sea Trade and Development is an international financial institution established by Albania, Armenia, Azerbaijan, Bulgaria, Georgia, Greece, Moldova, Romania, Russia, Turkey, and Ukraine. The BSTDB headquarters are in Thessaloniki, Greece. It supports economic development and regional cooperation by providing loans, credit lines, equity and guarantees for projects and trade financing in the public and private sectors in its member countries. The authorized capital of the bank is €3.45 billion. BSTDB is rated long-term “A-” by Standard and Poor’s and “A2” by Moody’s.