Closing of sale of 85% of the entire issued share capital of NDAR Energies SA (NDAR), a Senegalese power company, to Aksa Global Investments B.V. (Aksa) through its majority owned subsidiary, Aksa-NDAR Holding SA

Fasken advised certain shareholders of NDAR Energies SA (NDAR) in relation to the incorporation of a holding company, Aksa-NDAR Holding SA, with Aksa Global Investments B.V. (Aksa) and the subsequent sale of 85% of the entire issued share capital of NDAR to the holding company. Aksa intends to provide financing for the development and construction of a 250 MW gas-fired combined cycle power plant near Saint Louis Senegal, which is owned and will be operated by NDAR.

Particular value was provided to the client in negotiating a complex shareholders’ agreement and the share purchase agreement in relation to the sale of NDAR. This transaction is significant as it adds to the growing portfolio of gas power plants in Senegal.

Fasken advised the shareholders of NDAR, with a team led by Abayomi Akinjide that included Jodi Katz and Lucinda Patrick-Patel.