28 April 2010
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Freshfields advises on Moscow – St Petersburg toll road PPP scheme
International law firm Freshfields Bruckhaus Deringer has advised a consortium of lenders on the $2bn Moscow – St Petersburg motorway toll concession, which has reached financial close.The lenders, Vnesheconombank and Sberbank, are providing a RUB29.2bn ($1bn) 20-year term loan for the project to build and operate the first section (from the 15th to 58th km) of the 700km toll highway.
The public-private partnership (PPP) scheme is implemented under a Build-Operate-Transfer scheme, pursuant to the Federal Legislation On Concession Agreements. The concession agreement was signed on 27 July 2009 between the Russian Federation and the consortium North-West Consortium Company comprising Vinci and N-Trans.
The Freshfields team advising on the deal was led by partners Dmitry Surikov and Innokenty Ivanov together with an international team of infrastructure and finance experts including partner Alex Carver and associates Fedor Teselkin, Alexey Tokovinin, Maria Ratner, Anna Nersesian, Jayne Adams and Kwarty Topen.
Commenting on the transaction, infrastructure and transport partner Innokenty Ivanov said: ‘Thanks to the close co-operation of our offices, the Freshfields' team has combined the strength of an international infrastructure practice with Russian legal expertise and worked literally round the clock to secure the success of this transaction.’
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