Eversheds Sutherland advises the Cameroon State as part of the Nachtigal project.
Eversheds Sutherland informed about the project status of Cameroon, as well as the financing of part of the dam construction and the Nachtigal hydropower plant. The State of Cameroon, the major concessionaire, is also a shareholder of NHPC (Nachtigal Hydro Power Company), which is implementing the project.
The Nachtigal project, strategic for the Cameroon state, will cover 30% of the energy needs of the country thanks to a power of 420 megawatts (MW). Generated electricity will be sold to the distribution system operator via a PPA at a competitive price. At the top of the site, 1,500 direct jobs will be created, of which 65% of local jobs will be received within 65 km of the building.
For EDF, which will project, build and operate a power plant, it is the largest project of this kind since the construction of the Nam Theun 2 dam in Laos in 2003 and the acquisition of a majority stake in the construction and operation of the dam. Sinop hydropower plant in Brazil in 2014.
The Eversheds Sutherland team was made up of Boris Martor, a partner responsible for the Public Procurement Department – PPP – Public Law in the Paris office, and Ghjuvan Luigi, Counsel, Project Finance.
Delphine Siino Courtin, a partner of Clifford Chance, advised DFI banks and institutions (including African Development Bank, French Development Agency, European Investment Bank, International Finance Corporation, Cameroon Commercial Bank, Societe Generale Cameroon, Standard Chartered Bank) than 900 million euros.
EDF, the 40% owner of the NHPC, informed Christophe Lefort, a partner at Herbert Smith Freehills.