Karanovic & Partners is pleased to announce that we have been awarded the IFLR Europe’s Deal of the Year Award 2020 for our role in advising the International Finance Corporation and the City of Belgrade in the process of financing the landmark public-private partnership project for the “Belgrade Energy from Waste Project” for the landfill remediation and development of the waste treatment facilities in Vinča, Belgrade.
The Karanović & Partners legal team, led by Senior Partner Darko Jovanović, Partner* Petar Mitrović and Senior Associate* Mina Srećković, was a part of the consortium of advisors to the City of Belgrade and the IFC. The team advised the IFC and the City of Belgrade in all local law aspects of this landmark PPP project in Serbia, including the detailed review of the institutional and regulatory framework pertaining to the envisaged transaction, key parties, and associated sectors; risk allocation exercise; reviewing and/or drafting the transaction documents (PPP agreement, heat off-take agreement, direct agreements, land leases, and other project documents); assisted in preparing all public procurement documents and the contract award and signing process.
This is one of the biggest PPP agreements signed in the region, with the total investment ranging in the amount of approximately EUR 300 million. According to the City of Belgrade officials, this is also one of the most important contracts that the City has signed in decades. The waste management facility in Vinča will be completely sanitized – solving long-lasting environmental problems. After the restructuring and with the new facilities, Vinča will be able to produce thermal heating and electric energy.
*independent Attorney at Law in cooperation with Karanovic & Partners