Major Transactions

Project Finance, Energy and Infrastructure

ABSA

Advised ABSA Capital in relation to a fundamental restructuring of a previous facility provided by ABSA in relation to an aquaculture project in Suriname. The funding is insured by the Export Credit Insurance Corporation of South Africa Limited, the South African ECA. One of the reasons we were asked to advise on this project is that it includes export credit insurance elements of which we have substantial experience.

Bulawayo-Beitbridge Railway project

Advised lenders and concessionaires jointly, and drawing servitudes, agreements and other documentation in regard to Bulawayo-Beitbridge Railway project.

DME: Power Generation Project, South Africa

Advised the Department of Minerals and Energy on the proposed peaking power generation plants to be commissioned by one or more independent power producers at Port Elizabeth and near Durban by 2009 by means of a tender process. Deneys Reitz is the South African legal adviser to the consortium on the first ever privatisation of power supply in South Africa. The consortium is led by PB Power. In line with government policy announced in 2004 regarding the introduction of IPPs into South Africa's electricity industry, the government nominated the DME to embark on a process to procure approximately 1000MW of new IPP generation through a competitive tendering process. The project initiates the DME's plan to offer some 30% of future new generation capacity for development by the private sector.

Edlow Resources: Nacala Rail Corridor Project, Mozambique and Malawi

Advised the sponsors (Edlow Resources Limited of the USA, Railroad Development Corporation of the USA and Nacala Investimentos Limitada of Madeira) including reviewing the Concession Agreements, preparing and negotiating all relevant project documents and negotiating the financing documents.

EIB: Platinum Toll Road, South Africa

Advised EIB in relation to their senior funding of the N4 Platinum toll road project.

Globeleq: Various Projects

Advised Globeleq in relation to its bid for developing a limited-recourse financed greenfield hydro-power project in East Africa. Advised among other things on the Power Purchase Agreement and Implementation Agreement, including bankability issues.
Advised Globeleq in shareholder matters in their joint venture with Eskom Enterprises in the concession company operating the Ugandan electricity distribution business (Umeme Limited). The project was World Bank funded. Also advised Globeleq in relation to various restructuring and technical support issues, and advised Umeme Limited on various corporate matters.
Advised Globeleq in relation to corporate restructuring, commercial and off take issues relating to Kelvin power station, a 600MW coal-fired plant in Johannesburg. Also advised in relation to environmental and health and safety issues.

Financiers, Maputo Corridor N4 Toll Road Project, RSA and Mozambique

Advised financial institutions lending to the Maputo Corridor N4 Toll Road project, a public private partnership for the concessioning of the upgrading/building, maintaining and operating of the toll road. This was the first major PPP project in South Africa and an important element in the opening of Mozambique. Advised on the refinancing.
Advised Standard Bank on the refinancing of the Maputo Corridor N4 Toll Road Project.

Financiers, N3 Toll Road Project, South Africa

Advised the financial institutions refinancing the N3 Toll Road project, a public private partnership for the concessioning of the upgrading/building, maintaining and operating of the toll road.
Advised Rand Merchant Bank and other lenders in the refinancing of the N3 Toll Road project, a public private partnership for the concessioning of the upgrading/building, maintaining and operating of the toll road.

Financiers, Port of Luanda Oil Services Terminal Project, Angola

Advised the arrangers and lenders in the financing of the extension of the existing quay in the Port of Luanda, including negotiating the revision of the concession contract, preparing and negotiating the finance documents, and reviewing of the off-shore security structure and payment mechanism agreements.

Forestry Project, Congo

Currently advising a major bank in relation to a forestry-related limited recourse financing project in the Republic of Congo.

Itochu Corporation, South Africa - Mozambique Gas Pipeline

Advised Itochu Corporation (the pipe manufacturer) with regard to novation of the EPC Agreement with Grinaker LTA/SASOL, in relation to the SA/ Mozambique Gas Pipeline, 2004.

Lesotho Highlands Water Project, Lesotho

Advised the Lesotho Highlands Water Authority with regard to the negotiation and drafting of financing agreements with various South African financiers in regard to several phases of the Lesotho Highlands Water Project.

Marromeu Sugar Project, Mozambique

Advised the concessionaire in relation to the financing of the rehabilitation and operation of a sugar mill in northern Mozambique (Standard Bank was the principal lender).

Mozal Aluminium Smelter Project, Mozambique

Advised Mozfund (Pty) Ltd (the special purpose funding entity created by the South African financiers - 5 leading South African banks and the Industrial Development Corporation of South Africa - and the foreign lenders to channel financing to Mozal SARL) in relation to the Phase II foreign funding obtained by it, and in relation to the ECIC financial export credit and exchange risk insurance policies issued to it (being the first policies negotiated with the then new ECIC).
Advised Billiton, then BHP Billiton, in regard to shareholders' arrangements (between Billiton, Mitsubishi and etc.) in Mozal SARL; advised Billiton / Mozal SARL in regard to all governmental and private consents, contractual relationships and financing matters in regard to phases I and II; legal oversight and advice in respect of all matters connected with the EPCM contract, and the procurement process, in construction of phases I and II.

Neational Railways, Zimbabwe

Advised National Railways of Zimbabwe with regard to the Road Motor Services division of National Railways of Zimbabwe.

Neotel (Proprietary) Limited

Advised Neotel (Proprietary) Limited (as Borrower) in connection with the limited recourse financing provided to Neotel (Proprietary) Limited by Nedbank Limited and Investec Bank Limited in connection with the design, construction and operations of the second national Public Switched Telecommunications Network and related telecommunications services in South Africa.

Pebble Bed Modular Reactor (PBMR) and conventional nuclear power-plants, South Africa

Advised British Nuclear Fuels in relation to various corporate, structuring and shareholder matters in relation to the proposed PBMR.
Advised Framatome ANP (a joint venture between Areva and Siemens) in relation to various corporate, structuring and shareholder matters in relation to the proposed PBMR project.
Advised Areva in relation to the restructuring of its Nuclear power-plant maintenance subsidiary, Lesedi Nuclear Services (Pty) Limited, which operates at the Koeberg nuclear plant.
Standard Bank: Advised Standard Bank on the proposed structure and bankability issues relating to a limited recourse financing of the refurbishment of a major power plant in the DRC.

Rehabilitation of Village Ivoire, Côte ď Ivoire

Advised the contractor on the principal and main sub-contracts for the refurbishment of the Village Ivoire hotel complex in Abidjan, as well as the lenders on the financial credit agreement and related financing agreements.

Undisclosed Financier

Advised a major banking group (as syndicated Lender) in respect of a proposed loan facility (including revolving facilities and warrants) including all associated security sharing arrangements to a Nigerian telecommunications provider with operations in various African countries. Transaction documents were finalised (in a very short timeframe) but the transaction did not close as a result of litigation with a competing purchaser.

Note: Some transactions may be listed in more than one category.

We have listed some of our recent pan-African transactions, divided into various categories.

Transaction Types

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