Energy, Infrastructure and PPP

Abu Dhabi Future Energy Company PJSC (Masdar) has renewable projects in more than 40 countries; Ayg-1 is its utility-scale solar project in Armenia. The project supports the Government of Armenia’s priority of increasing renewable generation and reinforces economic cooperation between Armenia and the United Arab Emirates.

We have advised Masdar from the bidding stage, through the incorporation of the project company and every key stage of implementation: corporate housekeeping, licensing and permitting, land, regulatory matters and the Armenian law aspects of the project financing.

FRV, part of Abdul Latif Jameel Energy, chose Armenia for its first solar initiative in the Caucasus. The 55 MW plant at Mets Masrik, Gegharkunik Province, was Armenia’s first utility-scale solar energy initiative.

We have supported FRV from the bidding stage through financing and into operation, including negotiating amendments to the PPP Agreement and agreements with the Government of Armenia to address delays caused by force majeure events.

As financing parties to Electric Networks of Armenia (ENA), the country’s sole electricity distribution company, our clients needed Armenian law advice on the distribution licence revocation process and the nationalisation-related developments that followed.

We advised on the revocation procedure and its regulatory framework, on transaction scenarios including a negotiated alienation of ENA shares and the possible use of eminent domain, and on creditor protection and the clients’ rights.

We acted for international financial institutions on the financing of Electric Networks of Armenia for the refurbishment and modernisation of the country’s electricity distribution infrastructure.