West African Energy SA and African Finance Corporation sign a deal on the financing of a 300 MW power plant in Senegal

Fasken advised West African Energy (as Borrower) in relation to the project financing of the 300MW combined cycle gas power plant to be located in Cap Des Biches, Senegal. This included advising on all financing matters, corporate matters, construction and operation matters and advising on the power purchase agreement. Particular value was provided to the client in the complex negotiation of the cross-border financing to be provided into West Africa by a syndicate of lenders with Africa Finance Corporation acting as the mandated lead arranger. The Common Terms Agreement provided for multiple senior and mezzanine debt facilities for loan commitments in the amount of approximately EUR 250,000,000. The loan was secured by both onshore and offshore security being provided by the Borrower and its guarantors. The purpose of the facility is to enable the Borrower to develop the 300MW combined cycle gas power plant and increase the installed and operating generation capacity of Senegal.