The Eranove Group in the context of the development and financing of the Kékéli Efficient Power tri-fuel power plant, located in Lomé in Togo, have decided to develop and operate this power plant, which will be built by the Spanish group Grupo TSK. The turbines, technology and maintenance services for the power plant will be provided by Siemens.
The financing, amounting to 45.6 billion CFAFs (30 million euros), was all raised by African financial institutions with several senior tranches and a mezzanine tranche. The financing was arranged by BOAD and Oragroup with various institutional and commercial lenders (BOAD, AFC, Orabank Togo, BIA Togo, NSIA Benin and Banque Atlantique Togo). GuarantCo also provided a liquidity extension guarantee of 14.2 billion CFAF.
With an installed capacity of 65 MW and operating according to combined cycle technology, the Kékéli Efficient Power plant will provide Togo with a crucial additional source of stable electricity production by 2021.
Orrick was involved in the preparation and negotiation of all project contracts, in particular the concession agreement, the energy purchase contract and the EPC contract, as well as in the context of the negotiation of financing documents and financial closing.
On aspects of Togolese law, Eranove was advised by Martial Akakpo & Associates.
The Togolese Republic was advised by Maître Héctor Farina.
Allen & Overy acted on behalf of the financial parties and GuarantCo.
