Focus – January 2024

Welcome to the January 2024 edition of Focus

Trinity News

Since the last edition, the Trinity team has been busy advising on ground-breaking and pathfinder renewables deals across the African continent, from Zambia’s first green bond to Togo’s largest IPP, as well as a swathe of other corporate M&A deals in a burgeoning infrastructure market, bolstered by a growing Trinity corporate team.  We have also been busy in Asia, with new mandates in Uzbekistan, India, Timor-Leste, Mongolia, Laos, Cambodia, Vietnam, Papua New Guinea and the Philippines.    

Our global team continues to grow and we are delighted to announce the following promotions:

• Sébastien Plamondon, based in our Paris office, to Senior Associate;
• Giuliano Lastrucci, also based in Paris, to Counsel;
• Adekanmi Lawson, based in the London office, to Counsel; and
• Lucy Johnson, based in the London office, to Partner. 

The London promotions take effect from the start of April 2024 and the Paris promotions take effect from 1^st January 2024. Congratulations to our rising stars, and the future of emerging markets transactional advice.

We are recruiting in our Singapore and DC offices too – watch out for LinkedIn announcements in due course!

Whilst much of the activity centred around COP28 in Dubai, our team was busy globally in executing on its promises.  Partner, and newly appointed Head of Global Strategy, Kaushik Ray was in Washington D.C. discussed COP28 outcomes at the Atlantic Council and our disputes partner Natasha Peter has considered how this rapid growth in the clean energy sector affects dispute resolution in a special article for Focus. (Read more)

Deal News

During COP28, we were pleased to announce that:

• Our clients Meridiam and EDF signed a concession agreement and a PPA for a 64 MWp photovoltaic power plant in the Republic of Togo. For 25 years, the plant will supply more than 700,000 people with clean, renewable energy and avoid the emission of 1.4 million tons of CO2.
• Our clients Emerging Africa Infrastructure Fund and African Trade & Investment Development Insurance signed agreements with AMEA Power in respect of a 20MW solar PV project in the West Nile region of Uganda.
• Our client Scatec signed a US$100m loan facility with IFC in respect of the Release by Scatec platform.

We continue to advise our clients on these transactions to take them to anticipated financial close this year.

Already in 2024, we have advised our clients on the following transactions which have reached close:

• Copperbelt Energy Corporation PLC (CEC) on the listing and issuance of the first ever green bond in Zambia. (Read more)
• In a separate deal, advising Norfund, the Norwegian development finance institution, along with Kommunal Landspensjonskasse, a Norwegian pension fund, in respect of the financing of a continuation vehicle established by CEC’s existing shareholder Affirma Capital which will hold Affirma’s existing  36.34% stake in CEC (Read more).  Standard Bank also provided a large acquisition finance facility in relation to the transaction.
• Scatec on the signing of a US$100m facility agreement with IFC to fund Release by Scatec programme (containerised solar solutions for quick deployment) with utilities across African jurisdictions. (Read more)
• Meridiam on the closing of the acquisition of the 100MW Kipeto Wind Farm in Kenya.

Deal Teams

The Trinity team advising CEC on the green bond was led by Senior Partner Paul Biggs, alongside corporate lead partner Conrad Marais, finance partner Rinku Bhadoria, project documents partner Luke Muchamore and associate Rhiannon Lock. 

The Norfund / Affirma deal was led by Senior Partner Paul Biggs, Head of Private Equity Hugh Naylor, corporate partner Conrad Marais, finance and project documents lead partner Rinku Bhadoria, with assistance from consultant Patrick Leece, newly appointed Counsel Adekanmi Lawson, Counsel Eric Filipink and associate Rhiannon Lock. 

On the Scatec/IFC financing transaction, partner Simon Norris and associate Demilade Banjoko advised the Scatec Release team. Simon Norris, partner Conrad Marais, Counsel Adekanmi Lawson and associate Demilade Banjoko advised Meridiam on acquisition of the Kipeto wind project in Kenya.

Indaba

Stéphane Brabant and Lucien Bou Chaaya (from our Paris mining team) and Conrad Marais (from our London team) will be attending the Mining Indaba being held in Cape Town from 5 – 8 February.  We are working on a number of mining and related infrastructure projects across the continent from Sierra Leone, Ghana, Mali, Ivory Coast to Malawi, the DRC and Zambia and looking forward to catching up with our clients at the conference.  We continue to see strong growth in the mining sector with a broad range of engagements including working with government and mining companies on their mining development agreements, investments into exploration/mining projects and M&A.  Ancillary infrastructure, particular in relation to renewable power, has also become a significant part of Indaba and added to the significance of the conference. Many of the projects we have advised on recently, such as the CEC Green Bond, are driven by growth and confidence in the mining sector.  Please reach out to Stéphane, Lucien and Conrad if you have time to meet.