By Vasundhara Chatterjee
Clifford Chance has advised sponsors GDF Suez, Nareva and Mitsui on the $2.6 billion, 18-year financing of a 1,386 megawatt coal-fired independent power project in Morocco.
The project’s lending group includes eight international banks, two Moroccan banks, Japanese export credit agencies JBIC and NEXI, and the Islamic Development Bank.
Paris-based partner Anthony Giustini led the Clifford Chance team alongside banking and finance partner Jonathan Lewis. Tokyo partner Ross Howard advised on the project documentation aspect, while Dubai partner Qudeer Latif advised on the Islamic tranche and Casablanca partner Mustapha Mourahib assisted with the equity bridge loan facilities.
Additional assistance was provided by partners Lounia Czupper, David Metzger and Masayuki Okamoto based in Brussels, London and Tokyo, respectively.
The power plant, located near the port of Safi, will represent about 20 percent of the African country’s installed capacity, and is expected to provide significant development opportunities and employment to the local community.
