News

Triple Win for Chadbourne at the Project Finance Magazine Awards 2012

The Firm Acted as Counsel on Three Award Winning Projects

February 14, 2013

Chadbourne & Parke acted as counsel on three award winning Project Finance Magazine Deals of the Year 2012 - EMEA. The three major energy projects were in North Africa, South Africa and the Middle East.

"We are grateful to the clients who brought us to the table to have been able to work on these prominent transactions. Africa in particular is headed for a period of rapid growth in infrastructure," said Keith Martin, co-head of the Firm's Project Finance Practice. "We have always been heavily engaged in emerging markets."

In North Africa, Jorf Lasfar Extension was named African Power Deal of the Year 2012. In this deal, Chadbourne represented the offtaker, the Morocco state-owned Office National de l’Electricite et de l’Eau Potable (ONEE) in connection with the US$1.4 billion, 700 MW extension of the existing 1,350 MW coal-fired power project at Jorf Lasfar, Morocco (Morocco’s first IPP). Financing of the project by sponsor, Abu Dhabi National Energy Company PJSC (TAQA) includes JBIC and KEXIM facilities, as well as international and local commercial lenders. Working on the deal for Chadbourne were partner Robin Mizrahi and associate Laure Berthelot.

The African Wind Deal of the Year 2012 was awarded to Dorper Wind Project in South Africa. Representing the lenders, ABSA and Nedbank, Chadbourne advised on the development and financing of the 100 MW Dorper wind project situated in the Eastern Cape. This was one of the first deals to close in the initial round of the South Africa Renewable Energy Independent Power Producer Procurement Program, and it was one of the largest in terms of power generation. Working on the transaction for Chadbourne were international partner Clint Steyn, Senior Counsel Lynne Gedanken and associates Marco deSousa and Rodion Yemelyanenko.

The Refinancing of Barka I IWPP won Middle Eastern Power Deal of the Year 2012. Chadbourne represented ACWA Power Barka on the successful refinancing of its existing debt of $190.39 million (RO 73.32 million) using the proceeds of new non-recourse debt facilities arranged by Bank Muscat S.A.O.G., National Bank of Oman S.A.O.G. and Arab Banking Corporation (BSC) (“Refinancing”). Chadbourne also advised ACWA Power Barka on a new $43.1 million (RO 16.6 million) non-recourse financing to expand its water desalination facility by 10 MIGD using reverse osmosis technology. Working on the deal for Chadbourne were partner Agnieszka Klich, working with associates Julie Scotto and Ali Donat.