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Eversheds Sutherland advised the State of Cameroon on the Nachtigal project

  • France

    12-11-2018

     

    Eversheds Sutherland advised the State of Cameroon on the project aspects as well as on the financing part of the construction project for the Nachtigal dam and hydropower plant. The State of Cameroon, which is the main concédant, is also a shareholder of the NHPC (Nachtigal Hydro Power Company) which is carrying the project.

    The 420-MW Nachtigal facility, which is strategic for the State of Cameroon, will cover 30% of the country's energy needs. The electricity generated will be sold to the grid operator via a Power Purchase Agreement (PPA) at a competitive price. 1,500 direct jobs will be created at the height of the project, including 65% of local jobs recruited within a radius of 65 km around the construction site.

    For EDF, which will design, build and operate the power plant, it has been the largest project of this type since the construction of the Nam Theun 2 dam in Laos in 2003 and the acquisition of a majority stake in the construction and operation of the Sinop hydropower dam in Brazil in 2014

    Eversheds Sutherland's team was made of Boris Martor, the Partner in charge of the Projects - PPP - Public Law department in the Paris office, and Ghjuvana Luigi, Counsel, Project Finance.

    Delphine Siino Courtin, a Partner at Clifford Chance, advised banks and DFIs (including the African Development Bank, French Development Agency, European Investment Bank, International Finance Corporation, Société Commerciale de Banque Cameroun, Societe Generale Cameroon, Standard Chartered Bank ) which are financing this project of more than 900 million euros.

    EDF, which owns 40% of NHPC, was advised by Christophe Lefort, a Partner at Herbert Smith Freehills.

    This matter has been nominated Global Multilateral Operation of the Year as part of the Project Finance International Awards 2018. For more information: http://www.pfiawards.com/

     

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