Linklaters has acted as global counsel for the lenders on the US$1.4bn equivalent multi currency limited recourse project financing of the Jorf Lasfar IPP Expansion. The lenders comprised of Export Credit Agencies (JBIC and NEXI of Japan and KEXIM of South Korea) and the Mandated Lead Arrangers (BNPP, Standard Chartered, Société Générale and Banque Centrale Populaire of Morocco). The Sponsor is the Abu Dhabi National Energy Company PJSC (“TAQA”).
This project involves the addition of 700MW of electrical generation capacity at the Sponsor’s existing coal fired power complex in Morocco. It marks the first limited recourse financing in Morocco for the Export Credit Agencies (ECAs) comprising Japan Bank for International Cooperation (JBIC), Nippon Export and Investment Insurance (NEXI), and the Export-Import Bank of Korea (KEXIM)) and brings together nine separate loan facilities in a combination of three currencies.
Jorf Lasfar is the largest coal-fired power complex in the MENA region and the largest independent power producer (IPP) in Morocco.
The expansion is a key component of Morocco’s energy strategy to increase the country’s installed electricity generation capacity in order to meet growing national demand. The 700MW expansion will bring Jorf Lasfar’s gross capacity to over 2,000MW.
Linklaters’ team spanned the firm’s Paris, Hong Kong, Tokyo, Dubai and Amsterdam offices and was led from Paris by Simon Ratledge. The core Paris projects team comprised Simon Ratledge, Bertrand Andriani, Mark Barges, Amine Bennis, Vivien Bon, Samuel Bordeleau and Lamia Benzine with Cenzi Gargaro and Cibele Antunes advising on hedging aspects from the capital markets department. The team outside Paris was composed of Jonathan Inman (Dubai), James McLaren, Ying Fu (Hong Kong), Hirofumi Taba (seconded from Tokyo) and Paul Kuipers, Mees Roelofs, Jesse van Kuyk and Ronald Lantman (Amsterdam).
Kettani Law Firm acted as Moroccan legal counsel to the Lenders. Allen & Overy acted as legal counsel to the Borrower and the Sponsor from Paris and Casablanca (through Naciri & Associés Allen & Overy). Chadbourne & Parke acted as legal counsel to ONEE, the Moroccan national utility as power purchaser.
