Practice Areas - Project Finance and Infrastructure Law Firms and Lawyers
| Deal Date: | 14-10-2014 | Practice Area: | Project Finance and Infrastructure |
| Deal Title: | GDF Suez/Nareva/Mitsui - Coal-Fired Independent Power Project, Safi, Morocco | Industry: | Electricity |
| Description: |
Clifford Chance advised sponsors GDF Suez, Nareva and Mitsui on the USD2.6 billion, 18 year financing of a 1,386 MW ultra-supercritical coal-fired independent power project near the port of Safi, Morocco.
The power plant will represent approximately 20% of Morocco's installed capacity and provide substantial employment and development opportunities to the local community. The Moroccan state body, l'Office National de l'Electricite et de l'Eau Potable (ONEE), will be the sole offtaker from the plant under a 30-year power purchase agreement.
The project features a diverse lending group, with Japanese export credit agencies JBIC and NEXI providing direct and covered loans respectively, eight international banks, two Moroccan banks and a structured Islamic tranche provided by the Islamic Development Bank representing the first multi-tranche cross-border Islamic financing into Morocco.
The international team of Clifford Chance lawyers, operating across six offices, was led by Paris-based partner Anthony Giustini with Jonathan Lewis advising on hedging. Tokyo-based partner Ross Howard advised on the project documents.
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| Financial Center: | Paris | Value: | 1000.01-5000.00 |
| Advised Party: | Equity Sponsor | Law Firm | Clifford Chance |
| Project Location | Morocco | Equity Sponsor | France |
| Classification: |
Project Finance Power |
Lawyer | Anthony Giustini |
