Dechert Advises EBRD and RUSNANO on First Joint Investment
December 6, 2011
Dechert News Release
Leading international law firm Dechert LLP is advising the European Bank for Reconstruction and Development (EBRD) and Rusnano, the Russian state corporation set up to kick-start the development of innovative technologies, on their joint agreement signed in Moscow today, to finance a new production line that will manufacture energy-saving glass.
The industrial partners in this project, which will use state-of-the-art technology to launch a new float glass line and glass coating facility in the Moscow region, are Japan’s publicly listed NSG Group ─ Nippon Sheet Glass Co. Ltd., a global leader in the glass industry ─ and the privately-owned STiS processing group, Russia’s leading producer of insulated glass units.
Under the terms of today’s agreement, the EBRD will contribute the equivalent of €35 million in common equity while Rusnano will contribute the rouble equivalent of €70 million in common equity.
The rest of the project financing will come from other sources and financial instruments, including the rouble equivalent of €80 million from Rusnano. Total financing for this project is forecast to reach the rouble equivalent of €295 million. Other financial details were not disclosed.
This is the first equity investment made by the EBRD with Rusnano and follows up on a Memorandum of Understanding on co-financing opportunities signed between the two institutions in December 2009. The Bank then expressed readiness to invest between €500 million and €1 billion over the medium term in Russia’s high-tech sector.
The Dechert team advising EBRD and Rusnano is being led by Moscow managing partner Laura M. Brank, assisted by Olga Watson, Alexander Volnov and Ruslan Koretski.
Dechert’s Moscow office encompasses a highly regarded team of Russian-, U.S.-, English- and dual-qualified lawyers who work closely with Dechert’s lawyers in Europe, the United States, and Asia on cross-border and international matters. The “talented” and “commercially targeted” transactional team (The Legal 500 EMEA, 2011) advises Russian and multinational clients on the full spectrum of corporate and finance matters in Russia, including numerous complex multijurisdictional debt and/or equity financings since the opening of Dechert’s Moscow office in mid-2009. Dechert was ranked by mergermarket as one of the leading legal advisors by deal value in Russia and CEE in 2010.