Linklaters has acted as global counsel for the lenders on the closing of the landmark US$1.4bn equivalent multi currency limited recourse project financing of the Jorf Lasfar IPP Expansion. The lenders comprised 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”). Whilst the key finance documents were signed on 20 June 2012, financial close occurred on 28 January 2013 following agreement of outstanding project documents, the hedging documentation and the implementation of the security package.
This project involves the addition of 700MW of electrical generation capacity at the Sponsor’s existing coal fired power complex in Morocco (which represent an extra 10% of generating capacity for Morocco). It’s the largest project financing in Morocco for a decade and marks the first limited recourse financing in Morocco for the 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.
Bertrand Andriani, head of Project Finance in Linklaters’ Paris office, said: “This will set the standard for multisource financings of large scale infrastructure projects in the region and more generally in civil law based African jurisdictions.”
Linklaters’ team spanned the firm’s Paris, Hong Kong, Tokyo, Dubai and Amsterdam offices and was led from Paris by Bertrand Andriani and Mark Barges. The core Paris projects team comprised Bertrand Andriani, Mark Barges, Amine Bennis, Vivien Bon, Samuel Bordeleau and Mehdi Boumedine 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 and Jesse van Kuyk (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.
