Allen & Overy is advising Africa Finance Corporation (AFC) and the Pan African Infrastructure Development Fund, an infrastructure fund managed by Harith General Partners (Harith), on the establishment in a number of African countries of a joint venture capable of generating 1,575 megawatts of electricity from power generation assets totalling USD3.3 billion.
The joint venture will merge Harith’s interests in the Azura Edo independent power plant in Nigeria, the Lake Turkana wind farm in Kenya, the Kelvin power station in South Africa and the Rabai thermal project in Kenya and AFC’s interests in Cenpower, the owner of the Kpone independent power plant currently under construction in Ghana, and the Cabeolica wind farm in Cape Verde.
London Corporate partner, John Geraghty, commented: “The new joint venture will create one of the biggest pan-African energy companies and will make an invaluable contribution to improving power generation capacity across Africa which in turn should stimulate economic growth on the continent. This unique and challenging transaction showcases our strengths in working collaboratively across offices and our sector and African experience.”
The deal is subject to a number of regulatory approvals.
The original press release can be found here on the Allen & Overy website.