Eversheds wins role on $700m African power plant project
Eversheds has advised the Government of Mauritania on a $700m (£446m) agreement with mining companies Kinross and SNIM to build a 350MW gas-to-power plant in the West African country. Eversheds, which worked with the World Bank on the deal, advised on all aspects of the project, including the shareholders agreement, the financing, gas sales agreement and the power purchase agreement. The team, which was led by Paris partner Boris Martor alongside counsel Ramu Ramaswamy, will continue to advise the Government on any future developments.
August 06, 2012 at 10:17 AM
2 minute read
Eversheds has advised the Government of Mauritania on a $700m (£446m) agreement with mining companies Kinross and SNIM to build a 350MW gas-to-power plant in the West African country.
Eversheds, which worked with the World Bank on the deal, advised on all aspects of the project, including the shareholders agreement, the financing, gas sales agreement and the power purchase agreement. The team, which was led by Paris partner Boris Martor alongside counsel Ramu Ramaswamy, will continue to advise the Government on any future developments.
Mauritanian state electricity company Somelec has taken a 40% stake in the project company, with state-backed mining firm SNIM and Canada's Kinross holding 26% and 34% respectively. US firm Sullivan & Cromwell advised Kinross, while SNIM used in-house counsel.
Martor said: "It has been a great privilege to work on such a transformative project that will supply electricity to the people of Mauritania and play a major role in the economic development of the country."
The deal comes as many international law firms are seeking to improve their presence in the growing North African market. Eversheds secured its first presence in Africa in 2008 via a tie-up with South Africa's Routledge Modise.
Ramaswamy commented: "The fact that Europe has low growth means that there isn't sufficient economic activity, which in turn reduces work for lawyers who advise on developing projects. There's a phrase, 'the world is moving east and south'; well, Africa is south – who is building large power plants in Europe at the moment?"
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