Inside Africa
Conversations on opportunities, challenges and trends
Africa is growing at a rapid pace. Investment opportunities abound. But with every opportunity comes challenges.
Inside Africa explores the hot topics affecting companies doing business in Africa. Our lawyers examine the key trends and risks affecting a range of sectors, from the adoption digital technologies and the rise of renewables, to integrating mining supply chains and the construction of critical transport infrastructure.
Our finance, construction, corporate, tax, regulatory, and disputes lawyers provide key thought leadership on the critical issues facing lenders, borrowers, investors, operators, developers, service providers, governments, and local lawyers as they work to underpin growth across all regions of the continent.
Featured
Resource Nationalism
Video Details
Subscribe
Stay connected and informed on the latest Inside Africa developments, news and updates.
Subscribe
Inside Africa video series
Experience highlights
North Africa
North Africa
Led by our offices in France and in Casablanca, Morocco, we have an established presence in North Africa, dating back 20 years. Our clients include leading domestic and international corporates, financial institutions and state entities.
We advise on local and international law and are particularly strong in energy, infrastructure, telecommunications, financial institutions and real estate. We established our Casablanca office in Morocco in 2011 and in the same year were recognised as ‘the leading international law firm in the Moroccan market’ in Legal 500, and have maintained our Tier 1 ranking since. As the top international practice in Morocco, we are recognized for our work in corporate, M&A and securities, and we are helping many leading North African clients in financial institutions, infrastructure and other sectors to expand into southern Africa.
Our work highlights include
| Africa’s Largest Renewable Energy Transaction, Egypt | Advising Infinity Power in connection with its acquisition of the entire shareholding of Lekela Power (Lekela), an Africa based wind power platform, from a consortium led by Actis and Mainstream funds. We supported Infinity Power through the negotiations on this milestone transaction, which was funded in part through an innovative debt structure provided by Absa Bank Limited (acting through its Corporate and Investment Banking Division) and The Mauritius Commercial Bank Limited. | Egypt Solar | Advising a consortium of lenders, led by International Finance Corporation (IFC), on the US$653 million financing of 13 solar power projects in Egypt through the FiT scheme. The projects will form part of the Benban Solar Park, which, once complete, will be the largest solar installation in the world. Won Global Multilateral Deal of the Year and MENA Infrastructure Programme of the Year from Project Finance International magazine (PFI) 2017. |
| Container Terminal 3, Morocco | Advising Banque Central Populaire (BCP) group on the €133 million financing of part of the construction costs of Container Terminal 3 (TC3) at the Tanger Med 2 port in Morocco, operated by Tanger Alliance. |
Zenata greenfield project, Morocco | Advising the Emirati group Al-Futtaim on extending the Zenata greenfield project, a new city with a commercial zone located by the sea front near Casablanca. This is one of the most ambitious greenfield projects in the region with significant commercial potential and an opportunity for Al-Futtaim to develop its business in Morocco. |
| Seawater desalination plant, Morocco | Advising a consortium comprising Spanish company Abengoa and investment fund InfraMaroc (CDG Group), on the structuring, drafting and negotiation of contractual documentation relating to a seawater desalination plant in Morocco. The project will allow the region to possess an agricultural water supply at extremely competitive prices. |
Sokhna Port, Egypt | Advising DP World in relation to its acquisition of 90% of Egyptian Container Handling Company S.A.E, the owner of Sokhna Port Development Company S.A.E, the concession holder and operator of Sokhna Port on the Red Sea coast. |
| Akwa Group and Chevron partnership | Advising Akwa Group on the expansion of the partnership between Akwa Group and Chevron to 14 African countries covering North Africa, Central Africa and West Africa. Akwa Group is a major energy player in Morocco. |
5 PV power plants, Tunisia | Advising the Tunisian Government and GIZ on the implementation of the Tunisian Solar Plan for the production of electricity from renewable energy sources and the 2030 energy strategy. |
| Algiers Commuter Rail Services, Algeria | Advising the Algerian Government and the National Company for Rail Transport Government of Algeria (SNTF) as regards attracting an international rail operator to run its suburban rail system in Algiers, including the drafting, negotiation and implementation of an operating contract (on a PPP basis). |
First solar and wind IPPs, Tunisia | Advising on the first solar and wind IPPs in Tunisia, in particular advising on bankability risk allocation issues. We are also assisting with the tender relating to the award under the concessions regime of five PV power plants for an aggregate capacity of 500 MW, and on the concession agreement, the power purchase agreement, the direct agreements and land agreement for these. |
| Container Terminal, Egypt | Advising P&O Ports (as international investor and operator) on the proposed greenfield development of a new US$600 million greenfield transhipment container terminal at the mouth of the Suez Canal (being the first major BOT port concession agreement with the Government of Egypt). |
Afriquia Gaz, LNG sales with Sound Energy, Morocco | Advising Afriquia Gaz SA, a Moroccan leader in liquid petroleum gas distribution, on signing a 10-year liquefied natural gas (LNG) supply contract with Sound Energy, as well as a £2m equity subscription agreement with the upstream gas company. The binding agreement covers delivery from Sound Energy to Afriquia Gaz of a daily quantity of between 475 and 546 cubic meters of LNG from the TE-5 well in Tendrara in Morocco. |
| Dem Arzew desalination and power project, Algeria | Advising Black & Veatch in connection with its participation in a project to develop, finance, construct, own and operate a desalination facility to generate 200MW (approx.) of electric power and produce 40,000 cubic meters (approx.) per day of finished water. |
Suez Canal Container Terminal, Egypt | Advising IFC on a proposed loan to Suez Canal Container Terminal (SCCT), a project company which is majority owned by APM Terminals, alongside the Suez Canal Economic Zone and Cosco Shipping. |
| First-in-market green hydrogen project, Egypt | Advising a major independent oil company taking the largest equity interest in a first-in-market hydrogen Project in Egypt. |
West Africa
West Africa
We have extensive experience of working on project finance transactions in West Africa, particularly in Ghana and Nigeria. We have worked closely with governments throughout the region, and helped a wide variety of firms and institutions realise transformative projects, including major road, rail and shipping infrastructure. We are particularly familiar with the region’s mining, commodities, oil and gas actors, and the funding agencies that support them.
Our work highlights include
| Simandou iron ore mine and related infrastructure, Guinea | Advising Winning Consortium Simandou on all aspects of its investment in Guinea to build a rail and port infrastructure to support its Simandou iron ore mine. Our role includes advising on joint venture arrangements with Simfer (a consortium led by Rio Tinto), project and investment agreements with the Government of Guinea, funding arrangements with Chinese SOE investors including Baowu and Chinalco, and project development agreements including transshipment arrangements. | 158MW wind power project, Senegal | Advising the sponsors, French renewable energy company Sarréole and private equity fund Lekela power, on the project financing of the 158MW wind power project located in Taiba N’Diaye, Senegal |
| Presidential Power Initiative, Nigeria | Advising FGNPC and the Ministry of Finance in relation to the development and financing of the Presidential Power Initiative, a transformational power distribution and transmission upgrade project across Nigeria. |
Azura-Edo power plant, Nigeria | Advising African Infrastructure Investment Managers (AIIM), one of Africa’s leading infrastructure equity investment managers and a member of Old Mutual Alternative Investments, on all aspects of the sale of its minority stake in the Azura-Edo power plant in Nigeria. |
| Compagnie Des Bauxites de Guinea | Advising CBG (which is owned by Rio Tinto, Alcoa, Dadco and the State of Guinea) in connection with the c.$800m expansion of its Sangaredi bauxite mine in western Guinea and its most recent $200m financing of its shared railway infrastructure, which closed in Q4 2020. |
50MW solar PV plant, Mali | Advising Investec Asset Management Proprietary Limited (Investec) as mandated lead arranger and a consortium of lenders in relation to the senior and mezzanine financing facilities on a 50MW solar PV plant in Sikasso, Mali, for the first French green Independent power producer, Akuo Energy. |
| Ecobank Ghana Limited | Advising Ecobank Ghana Limited on arranging the advance of a USD199, 764,912.86 guarantee facility with a syndicate of 11 lenders to Newmont Golden Ridge Limited and Newmont Ghana Gold Limited to secure the borrowers’ obligations under reclamation security agreements they had in place with the Ghanaian Environmental Protection Agency. |
OCTP block, Ghana | Advising Eni on the development of oil and gas resources in the Offshore Cape Three Points (OCTP) block. This US$6bn offshore oil and gas project will be a major boost to oil and gas production in Ghana. |
| US$2.5bn RBL refinancing, Ghana | Advising Tullow Oil plc in relation to its US$2.5 billion reserves based facilities, provided by a consortium of 18 commercial banks provided US$2.4 billion of the facilities, and International Finance Corporation has provided a separate US$100 million facility. This was awarded Best Oil and Gas Deal of the Year at EMEA Finance’s Project Finance Awards 2017. |
Kamsar oil refinery, Guinea | Advising the lenders in relation to the financing of the Kamsar oil refinery in Guinea, including senior and subordinated tranches and intercreditor arrangements. |
| Project Gujeni, Nigeria | Advising a syndicate of lenders including commercial lenders and a development finance institution in relation to putting in place the financing to a subsidiary of African Industries Group for the development and operation of an iron-ore mine and construction and operation of a direct reduced iron plant (DRI Plant) located in Gujeni, Nigeria. |
LNG supply project, Benin | Advising Total, the Second-Largest Private Global LNG Player on the development of Benin's supply project for Liquefied Natural Gas (LNG-Gas). |
| Helios Towers, Senegal | Advising International Finance Corporation (IFC), Société Générale (SG) and BNP Paribas (BNPP) in respect of two separate facilities to Helios Towers Senegal SAU, a subsidiary of the LSE-listed telecoms tower company Helios Towers PLC, as borrower. |
Lekki Port project, Nigeria | Advising the lenders, development finance institutions and export credit agencies on the US$1.6billion project financing of Lekki Port, a new greenfield port in the Lagos free trade zone. This was named Africa Transport Infrastructure Deal of the Year by Project Finance International. |
| Energy storge system, Senegal | Advising developers on the development, financing, construction, operation and maintenance of a standalone energy storage system of 40 MW (BESS) situated in Senegal. |
Atuabo Free Port Project, Ghana | Advising the lenders including, Standard Chartered Bank, Standard Bank and International Finance Corporation on their project financing of the Atuabo Oil and Gas Free Port in Ghana. The port will serve as an oil and gas logistics hub, servicing the offshore industry in Ghana. |
| Port of Libreville, Gabon | Advising Singaporean-company Portek International on the renegotiation of the Concession of the Port of Libreville including leading the in-country negotiation with the government of Gabon. |
Port of Dakar Container Terminal, Senegal | Advising Standard Chartered Bank and African Development Bank on the financing of the first PPP concession project entered into by Dakar Port Authority. The project consists of the refurbishment, expansion and operation of Senegal’s only container terminal. Named Africa Transport Infrastructure Deal of the Year by Project Finance International. |
| Hydropower in Singrobo, Côte d'Ivoire | Advising a pool of lenders lead by African Development Bank on the project financing of the 44MW hydropower project located in Singrobo, approximately 140KM north from Abidjan, Côte d’Ivoire. |
Addax biofuels and power project, Sierra Leone | Advising the lenders including FMO, EAIF, AfDB, DEG, ICF-Debt Pool LLP and the Industrial Development Corporation of South Africa Limited in relation to the project financing of the Addax power and biofuels project. This project was the first energy project to be project financed in Sierra Leone. |
| Formation of sub-Saharan and Asia (EARF) | Advising an initial senior investor group in connection with the formation of the Energy Access Relief Fund (EARF), a first-of-its-kind relief fund to protect energy access in the wake of COVID-19 for nearly 20 million people in sub-Saharan Africa and Asia. The EARF was launched with a first close of US$68 million and a target of over US$80 million. |
Central Africa
Central Africa
The team has advised on dozens of award-winning financings in key Central African markets including Cameroon. Our work in the region is heavily connected to the mining and commodities industries, their operations, and the port and rail infrastructure that supports them.
We have significant and hands-on experience in the application of the African business laws under OHADA (Organisation for the Harmonisation of Companies Law in Africa) and the interface issues between it and local law.
Our work highlights include
| US$180m sale of assets, Gabon and Equatorial Guinea | Advising Tullow Oil plc (Tullow) on the US$180 million sale of assets in West Africa to Panoro Energy ASA (Panoro). Tullow has signed two separate sale and purchase agreements with Panoro for the sale of its assets in Equatorial Guinea and the Dussafu asset in Gabon. |
Shalina on financing agreement with Trafigura, DR Congo | Advising Shalina Resources a leading and established vertically integrated copper and cobalt producer with assets in the Democratic Republic of Congo (DRC), on a US$600 million financing agreement with global commodity trading company Trafigura Pte. Ltd. |
| Nachtigal Hydro Power Company, Cameroon | Advising Africa50, the pan-African infrastructure investment platform, on the acquisition from the government of Cameroon of 15% of the equity stake in the Nachtigal Hydro Power Company (NHPC), which runs the Nachtigal hydropower project in Cameroon. | RTR copper and cobalt project, DR Congo | Advising Eurasian Resources Group and its subsidiary Metalkol S.A. on the construction and financing its RTR copper and cobalt project in the Kolwezi region of the DRC, using a Chinese EPC contractor and accessing financing from Chinese banks, with Sinosure cover, through the EPC contractor. |
| Mbalam – Nabeba Iron Ore Project, Cameroon | Advising the sponsors, Sundance Resources Limited, on the financing of two iron ore mines (production target 35 Mtpa) and associated greenfield rail and port infrastructure and logistics services to transport the ore to market. The project involves a 540km rail line including a cross border spur into the Republic of Congo, and a new deep water port terminal at Kribi on the Cameroon coast. | Ngovayang iron ore project, Cameroon | Advising Legend Mining in relation to its sale of its Ngovayang iron ore project in Cameroon to Jindal Steel and Power, including advising on how to deal with Cameroonian interested parties and associated historical contractual arrangements and all Australian regulatory issues. |
| Sale of AES Sonel, Cameroon | Advising for several years until and including on the sale of its shareholding as the majority private investor and operator of AES SONEL the national power company of Cameroon including on the renegotiation of the concessions arrangements, relation with the Government as co-shareholder and the regulatory authority. | CDM Landfill Gas Project, Cameroon | Advising the trading JV of a major French bank and an industry company in relation to the development of the landfill gas project which qualifies as a CDM project under the Kyoto Protocol. |
| Kribi port infrastructure, Cameroon | Advising Necotrans on the partnership contract with the Kribi Port Multi Operators (KPMO) consortium, consisting of nine local operators, for the operation and maintenance of the multipurpose terminal at the deep-water port of Kribi in Cameroon. | Financing new gas and HFO power stations, Cameroon | Advising AES Sonel on the development and project financing of two 216MW and 86MW gas and HFO powered in Cameroon (US$470 million). |
| Djermaya Solar project, the first IPP in Chad | Advising the project company, Djermaya CDEN Energy S.A.S., on the development and financing of phase 1 of a solar project with a total capacity of approximately 34 MWp to be located 30 kilometres north of N’Djamena, Chad. The project consists of the development, financing, construction, operation and maintenance of a 60MW greenfield solar photovoltaic plant developed in two phases, a transmission line and associated interconnection facilities. | Telecoms infrastructure, DRC | Advising Eastcastle Infrastructure on all aspects of its state-of-the-art build to suit operations and tower acquisitions in the Democratic Republic of Congo, including in relation to acquisition and capex financings from the International Finance Corporation, Emerging Africa Infrastructure Fund and the Standard Bank of South Africa. |
| ESI builds solar PV plant for rural electrification, DR Congo | Advising ESI SpA with the construction of a solar photovoltaic plant in the Democratic Republic of Congo and on its collaboration with The AVSI Foundation, a non-profit that develops projects for cooperation, development and humanitarian aid in 33 countries. | Etoile and Mutoshi Cobalt / Copper Projects, DRC | Advising Shalina Resources Limited in relation to the financing and development of all aspects of the development of Etoile I and II and Mutoshi. We started with a simple US$8m loan from Standard Bank, financings from Rawbank and Equity Bank, a full project financing from FBN and AFC and now to a US$600 million financing agreement with Trafigura//TDB. |
| Kamoa Copper Project, DRC | Advising Kamoa Copper S.A. on the US$200M financing in relation to phase three of the expansion of its operations at the world-class Kamoa-Kakula Copper Complex (Kamoa) in the Democratic Republic of Congo (DRC). | Mining code negotiation, DRC | Advising a group of leading international mining companies, representing 85% of the mining industry in the DRC, in their negotiations with the DRC government in the context of the 2018 Reform of the mining code aimed at calling into question the existing arrangements. |
East Africa
East Africa
Our presence and experience in East Africa has helped us to advise on some of the most significant recent projects, including major infrastructure and oil gas projects. We have extensive recent experience, reflecting a surge in foreign direct investment in nations including Kenya, Rwanda, Tanzania and Uganda. We are well connected to the governments, institutions and companies active in this region, and have helped to apply alternative funding models for the first time in some settings.
We also maintain strong relationships and alliances with local legal firms, including Tier 1 firm Shonubi Musoke & Co Advocates in Uganda and Walker Kontos in Kenya.
Our work highlights include
| 40MW solar PV plant, Kenya | Advising on all aspects of a 40MW solar PV plant in Kenya. We have been advising Alten on this project since 2014, starting with the negotiation of the PPA with Kenya Power and Lighting Company. This was the first solar PV project in Kenya to be negotiated and therefore involved extensive negotiation with a KPLC team that was not used to solar PV. |
Real estate investment trusts, Kenya | Advising InfraCo Africa, part of the Private Infrastructure Development Group, in connection with two of the first real estate investment trusts (REITs) to be established in Kenya since its REIT regime was introduced in 2013. |
| Historic telecoms deal, Ethiopia | Advising on the historic Ethiopia Telecoms deal which has been awarded Best Utilities Project at the World Bank Partnerships Awards 2022. Norton Rose Fulbright was the lead counsel and a strategic partner in advising a Consortium on its successful bid to obtain the first telecommunication licence ever awarded to a private operator in Ethiopia’s history. The Consortium was led by Kenya’s Safaricom Plc, the region’s leading telecommunications provider, and included Vodafone, Vodacom, BII Plc, and Sumitomo Corporation. |
UNHCR energy transition programme | Advising the United Nations High Commissioner for Refugees on the procurement of solar PV and battery storage systems at deep field compounds in Ethiopia, Kenya and Uganda on a semi-pro-bono basis |
| Renewables to vaccine-manufacturing site Rwanda | Advising the project developer, Izuba Energy together with Cross Boundary Energy as investor, on a solar PV and battery storage system providing renewable electricity to a vaccine production facility owned and operated by BioNTech. | Pilot transmission PPP project, Kenya | Advising and providing capacity building to KETRACO on a pilot transmission PPP project in Kenya which is being developed on the basis of a Privately Initiated Investment Proposal submitted by a consortium comprising Africa50 and PowerGrid of India. The project represents a landmark for private investment into transmission projects in Africa as it is the first to be implemented on a PPP basis. |
| Bagamoyo Port project, Tanzania | Advising China Merchant Holdings International and State General Reserve Fund of Oman on developing Bagamoyo Port, the largest single investment on Africa’s east coast, expected to reach as much as US$20 billion. We carried out extensive due diligence on applicable procurement laws, PPP, and powers of the regulatory authorities, engaging with relevant authorities and regulators to draft heads of terms for the port concession to operate the port. | Muvumbe hydropower project, Uganda | Advising EAIF on the refinancing of the Muvumbe hydropower project which is being developed in Uganda. |
| East Africa Energy Programme | Advising on the implementation of the East Africa Energy Programme. RTI International Ltd is contracted by USAID and Power Africa to implement the USAID / Power Africa East Africa Energy Program, in support of East African nations in their development of electrical energy generation-and transmission infrastructure and procurement. Countries in which the firm has supported this initiative presently include Ethiopia, Kenya, Tanzania, Rwanda, and Uganda. | Electricity Interconnector, Tanzania, Kenya, Zambia | Advising the Governments of Zambia, Tanzania and Kenya on a project relating to the development of the electricity interconnector between Zambia, Tanzania and Kenya, and the reinforcement of the Tanzania transmission network. |
| Vodacom and Safaricom joint venture, Kenya and South Africa | Advising Vodacom Group Limited on a proposed joint venture with Safaricom to acquire the intellectual property rights to the M-Pesa mobile financial services platform from Vodafone. M-Pesa is Africa's most successful mobile money service. It provides access to financial services to the millions of people who have a mobile phone, but do not have or have only limited access to a bank account. | Yara Dallol Potash mine, Ethiopia | Advising Yara International on the first successful international project financing. This overcame issues around the use of a port in Djibouti and the criminal investigation of a major counterparty |
| Annuity Roads PPP Programme, Kenya | Advising the Lenders on the Kenyan Roads Programme, which aims to construct up to 10,000 kilometres of new roads across the country. These are the first PPP projects in Kenya and are being tendered on long term contracts for design, finance, construction and maintenance of identified roads, with payments linked to the completion of roads and performance-based maintenance. | Reforestation project, Tanzania | Advising a major US impact fund on its $30 million investment in a large reforestation project in Tanzania involving voluntary carbon credits. |
| Kivuwatt, Rwanda | Advising for this award-winning and unique deal advising developer ContourGlobal on the construction of a methane gas extraction and production facility with an associated 25MW power plant on Lake Kivu at Kibuye, Rwanda. | Acquisition of Airtel telecom tower portfolio, Tanzania | Advising SBA Communications Corporation and Paradigm Infrastructure Limited on the acquisition of Airtel Tanzania’s telecom tower portfolio for approximately $175 million. |
| £100m sale of telecoms towers, Tanzania | Advising Vodacom Tanzania Limited, a subsidiary of Vodafone, on the sale and leaseback of its telecommunications towers to Helios Towers Africa in a transaction valued in excess of £100m. |
|
| Data Centres, Kenya and South Africa | Advising the United States International Development Finance Corporation on its $300 million loan to Africa Data Centres Holdings Limited for the construction, development and expansion of data centres in South Africa, Kenya and other regions in Africa. |
|
| First grid-connected renewable IPP, Djibouti | Advising AFC, EAIF and FMO as lenders in relation to financing to Red Sea Power Limited SAS in respect of the construction of a c.60MW Wind Farm in Ghoubet, Djibouti. The Project is the first grid-connected Renewable Energy Independent Power Producer in Djibouti. |
Southern Africa
Southern Africa
We are one of the top legal practices in Southern Africa with close to 350 lawyers, and offices in Cape Town, Durban and Johannesburg. We handle a rising tide of cross-border transactions on behalf of major domestic and international corporates, commercial banks, government bodies, large mining concerns and multinationals.
We are consistently top ranked by the major directories for our work in mining and insurance, and have one of the premier dispute resolution and litigation practices in South Africa. We are equally strong in corporate and M&A work, financial institutions and telecommunications, and we are regarded as a market leader in banking and finance. Elsewhere in the region, we have been active for over 40 years, and maintain strong relationships with firms in Angola, Mozambique, Namibia, Zambia and Zimbabwe.
Our work highlights include
| Bita Water Project, Angola | Advising the Ministry of Finance of the Republic of Angola in relation to the c. $1billion financing for the development of the Bita water production, transmission and distribution facilities and system in South Luanda. The project is being implemented by EPAL on behalf of the Ministry of Energy and Water of the Republic of Angola. | Five wind farms, South Africa | Advising Enel Green Power South Africa B.V. and certain other South African subsidiaries on Round 4 public tender, acquisition, construction and financing of five wind farms having an aggregate capacity of 700MW in a project worth approximately €1 billion. |
| Botswana solar procurement programme | Advising the Government of Botswana on its solar PV procurement programme for both 50MW projects and grid-tied projects, including on drafting of procurement documentation, risk allocation and on PPA negotiations. | Greenfield Platreef platinum mine | Advising Société Générale, Export Development Canada, Nedbank KfW and SEK as lenders on the US$1bn financing of Ivanhoe’s greenfield Platreef platinum mine in South Africa. The project company is jointly owned by an Ivanhoe subsidiary and a Japanese consortium, led by Itochu. On completion, the project is expected to be the world’s largest producer of platinum-group metals, with an anticipated production of more than 1.2 million ounces of platinum-group metals per year. |
| Salima and Golomoti power projects, Malawi | Advising JCM Matswani Solar Corp Limited regarding the Salima 60MW project and the 20MW Golomoti project, the first independent power projects to be negotiated with the Government of Malawi and ESCOM (the state utility of Malawi). | Development of multiple hospitals, Angola | Advising the Ministry of Finance of Angola in connection with the development and financing of 8 hospitals. The construction of these hospitals represent a significant advancement in Angola’s plans to improve health services throughout the country. |
| Renewable power trading, Zambia | Advising Africa GreenCo on all aspects of its establishment as an intermediary offtaker for renewable independent power projects in Zambia, pending expansion to other jurisdictions in Southern Africa. | Lumwana Copper Project, Zambia | Advising the project company, Lumwana Copper Mining Limited,on the development and US$583 million project financing of the development, design, construction and operation of the Lumwana Copper Mine in north-west province of Zambia. This financing involves separate tranches of funding from commercial banks, export credit agencies and developmental financial institutions. |
| Solar PV plant, Namibia | Advising The Standard Bank of South Africa, Standard Bank Namibia and Société de Promotion et de Participation pour la Coopération Economique SA with structuring the 37MW Mariental solar photovoltaic power plant, including debt and equity financing to develop, build and operate the project. | Inland “Dry Port” Platform, Malawi | Advising lenders with respect to the financing of the development of a logistics platform to be constructed near Liwonde on the shores of Lake Malombe as part of the development of the Nacala Rail Corridor. |
| Enel JV with QIA to develop renewables in sub-Saharan Africa | Advising Enel's renewables arm Enel Green Power on a joint venture partnership with the sovereign wealth fund of the State of Qatar, Qatar Investment Authority to finance, build and operate renewables projects in sub-Saharan Africa. | 600MW coal-fired power project, Mozambique | Advising Eurasian Resources Group in relation to the financing, fuel supply, offtake, construction, operation and maintenance arrangements for a 600MW coal-fired power station to be built in Mozambique. This plant will serve domestic needs as well as regional demand (Botswana, DRC, Zambia and Zimbabwe). |
| First UN-backed green bond issuance, Africa | Advising the Development Bank of Southern Africa (DBSA) on its issuance of ZAR3 billion fixed rate green bonds due 2024, representing the first transaction under the United Nations Economic Commission for Africa (UNECA) Goal Seven (SDG7) Programme to fund green energy in Africa. | Sonangol sale of shares in Puma Energy, Angola | Advising Sonangol on the sale of its shares in Puma Energy to Trafigura and its acquisition of Puma Energy’s strategic assets in Angola. |
| Revego Africa Energy Fund acquires X-Elio Energy solar PV projects | Advising newly created fund Revego Africa Energy Fund Partnership (Revego) in a matter involving the acquisition of shares in two solar photovoltaic project companies from X-Elio Energy S.L in Spain. We conducted due diligence on both project companies prior to the acquisition and advised on drafting, negotiating and settling the equity purchase agreement, in which Revego holds 60 percent of each of the project companies. | Sustainability-driven carbon credit financing in Africa | Advising two lenders, Dutch development bank FMO and Dutch impact-investing investment fund BIX Capital, in their financing of carbon credit generation projects being run by C-Quest Capital LLC (CQC) across Sub-Saharan Africa. |
| Vedanta Resources Holdings Ltd, Zambia | Represented Vedanta in urgently applying for and obtaining an interim injunction against Zambian government minority shareholder, Zambia Consolidated Copper Mines (ZCCM) in respect of the Konkola Copper Mine (KCM) in Zambia, directing ZCCM to withdraw a winding up petition before the Zambian courts in order for the underlying dispute first to be determined by international arbitration. |
Multiple roads projects, Angola | Advising the Republic of Angola in relation to the financing of a suite of road development and rehabilitation projects with an aggregate transaction value of approx. USD 1.2 billion. |
| Boseto Copper project, Botswana | Advising the joint lead arrangers in relation to a US$205m term loan and cost overrun and working capital facility to Discovery Copper (Botswana) (Proprietary) Limited for the development of the copper project in the Ngamiland District of Botswana. The deal was awarded African Mining Deal of the Year. |
Barrick and Randgold merger | Advising Randgold Resources Ltd on its US$18.3bn share for share merger with Barrick Gold Corporation. The transaction created the world’s largest gold miner with a combined 78 million ounces of proven and probable gold reserves. The new company has the greatest concentration of tier one gold assets in the industry, the lowest total cash cost position amongst senior gold peers, and a diversified asset portfolio for growth in many of the world’s most prolific gold-supplying districts. |
| First Tier 2 sustainability bond to be issued in sub-Saharan Africa | Advising Ecobank Transnational Incorporated on the first Tier 2 sustainability bond to be issued by a financial institution in sub-Saharan Africa and the first to have a Basel III-compliant 10-year no-call 5 structure outside of South Africa. Ecobank issued a US$350m 8.75% fixed rate reset tier II sustainability international bond, listed on the Sustainable Bond Market of the London Stock Exchange. |
Baia Mall, Mozambique | Advising Nedbank Limited in relation to the restructuring its financings to Autódromo - Gestão Imobiliária, S.A. (AGI) and Marginal JV (Mauritius) Limited (Marginal) in connection with Baia Mall, Mozambique’s first institutional quality shopping centre. |
| Twin Hills gold project, Namibia | Advising Osino Resources in relation to the financing aspects of the development of the Twin Hills Gold Project located in Namibia. Osino discovered Twin Hills in 2019 and, having the potential to become Namibia’s third and largest goldmine, fast-tracked it to the pre-construction stage within four years. The Project is planned as a multi-pit operation with seven pushbacks in the main pit, and three separate satellite pits. |
Cabinda Refinery, Angola | Advising Sonangol on the procurement and minority equity investment in a 60,000bpd refinery to be located at Cabinda, Angola, producing refine products for the domestic market. This project involved setting up a joint venture between Sonangol and Gemcorp in order to raise financing to build the refinery. |
| Light Rail project, Angola | Advising the Ministry of Finance on the financing of the first phase of a Light Rail project from Kilamba to Zamba 2 in Luanda, Angola with an estimated contract amount of €1.3bn. |
|
| Karowe Diamond Project, Botswana | Advising Lucara Diamonds in connection with a $220m funding package from AFC, Afreximbank and commercial lenders to fund underground expansion at its Karowe diamond project in Botswana. |
|
| Pele Green Energy, South Africa | Advising Pele Green Energy on a market leading transaction to secure funding from Nedbank and development finance institutions, Norfund and the Industrial Development Corporation of South Africa (IDC). Approximately 80% of the funding will be used to finance the development of new renewable energy projects with the rest used to refinance existing debt and to pay transaction costs. |
