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Kinstellar advises on Dual-Currency Eurobond issuance by Ipoteka Bank OTP Group, in Uzbekistan
Kinstellar has advised J.P. Morgan, Citi, Société Générale, OTP Bank as Joint Global Coordinators, Joint Bookrunners, and Joint Lead Managers and Bank of China and Mashreq as Co-Bookrunners; and BNY Mellon Corporate Trustee Services Limited as Trustee, on the successful Eurobond issuance by Ipoteka Bank OTP Group. This is the first-ever public Eurobond issuance by a private bank in Uzbekistan setting a new milestone for the development of country’s banking and financial sector. The Reg S-only dual-currency offering comprised USD 300 million of 5-year senior unsecured notes and the UZS 1.2 trillion of 3-year senior unsecured notes. This landmark transaction marks a major milestone for Ipoteka Bank OTP Group
Kinstellar advises China Southern Power Grid International on the acquisition of a non-controlling stake in ACWA Power’s two wind farm projects in Uzbekistan
Kinstellar is delighted to announce that we have successfully advised China Southern Power Grid International on its acquisition of a 35% stake in ACWA Power Bash Wind Project Holding Company Limited and ACWA Power Uzbekistan Wind Project Holding Company holding 100% in Bash and Dzhankeldy Uzbek project companies, respectively. The projects represent a combined 1 GW capacity and over USD 1.3 billion of investments. This transaction marks the first acquisition of large-scale renewable energy projects in Uzbekistan. Each of Bash and Dzhankeldy wind farm plants is developed based on a ‘Build, Own, Operate, Transfer’ model and consists of 79 wind turbines (158 turbines in total) that will generate 3,235 gigawatt-hours