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CMS Advises EBRD on Investment in First Sustainability-Linked Bond Issued by Ukrenergo

International law firm CMS Cameron McKenna Nabarro Olswang has advised the European Bank for Reconstruction and Development (EBRD) on its USD $75m investment in the USD $825 million sustainability-linked bond (SLB) issued by Ukraine’s national power company, Ukrenergo. The offering has been guaranteed by the Ukrainian state.

It is the first sustainability-linked bond issued by a Ukrainian company and the EBRD's participation as the anchor investor provided comfort to other institutional investors, further widening the market participation. CMS advised EBRD on Ukrainian and English law aspects of the transaction. CMS’s advice related to the review of the prospectus and regulatory aspects of the issuance.

Ihor Olekhov, Head of Banking & Finance at CMS Cameron McKenna Nabarro Olswang in Kyiv, comments: “We are delighted to support our long-standing client EBRD on its investment in these landmark sustainability-linked bonds. The SLB will help to restore investor confidence in Ukraine’s renewable energy sector, unlocking new opportunities that will contribute to Ukraine’s green transition. Thanks to our market-leading expertise and deep sector knowledge, CMS is well-placed to support clients on innovative projects of this nature.”

The CMS team was led by Ihor Olekhov in Kyiv and Rafal Zakrzewski in Warsaw with support from Michael Cavers in London and a team consisting of Khrystyna Korpan from CMS Ukraine, Przemyslaw Karolak from CMS Poland and Kirsty Templar from CMS in London.

For further information, please contact:

Darina Gordienko

E: darina.gordienko@cms-cmno.com

T: +38044 391 3377

Notes to editors:

Founded in 1999, CMS is an integrated, multi-jurisdictional organisation of law firms that offers full-service legal and tax advice. With more than 70 offices in over 40 countries across the world and more than 5,000 lawyers, CMS has long-standing expertise both in advising in its local jurisdictions and across borders. From major multinationals and mid-caps to enterprising start-ups, CMS provides the technical rigour, strategic excellence and long-term partnership to keep each client ahead in its chosen markets.

The CMS member firms provide a wide range of expertise across 19 practice areas and sectors, including Corporate/M&A, Energy & Climate Change, Infrastructure & Projects, Funds, Life Sciences & Healthcare, TMC, Tax, Banking & Finance, Commercial, Competition & EU, Dispute Resolution, Employment & Pensions, Intellectual Property and Real Estate.

For more information, please visit cms.law

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