A team from WBD, led by London-based banking and finance partner Charlie Reid and solicitor Luke Addison, has advised Renewable Energy Performance Platform (REPP) and ElectriFI as co-lenders on a US$10 million syndicated financing of a solar home systems project in Nigeria.
UK-government funded REPP and EC-sponsored ElectriFI have agreed to provide US$2.2 million and US$3 million of initial loans respectively to scale up efforts to bring electricity to some of Nigeria’s most isolated communities. The loan syndication comprises a US$10 million senior term loan facility with a five-year tenor that will enable UK-based project developer PAS Solar Limited to bring in additional accordion lenders.
With more than 3,500 solar home systems already installed for households and micro enterprises with early stage funding assistance from REPP, PAS Solar plans to increase the number of installations to at least 35,000 over the next five years. This will mean that over 150,000 Nigerians will be getting access to first-time clean energy.
A multidisciplinary WBD team advised on the transaction with the firm drawing on its substantial experience of advising on energy sector funding arrangements in Africa.
Charlie Reid of WBD commented:
"We're delighted to have advised REPP and ElectriFI on this exciting project, which will support Nigeria's economic and social development and bring clean and affordable electricity to thousands of homes and businesses. Our cross sector expertise in financial institutions and renewable energy meant we were able to provide the best possible outcome for the client."
Geoff Sinclair, REPP Manager, added:
"We're very grateful for the work put in by the whole team at WBD whose experience and first-rate legal advice has played an important role in helping us achieve a successful transaction."
Ranking in the UK's top 20 law firms, WBD provides comprehensive legal service from eight cities across the UK and 19 offices in the US. The firm advises clients across 11 key sectors, including financial institutions; energy; healthcare; insurance; manufacturing; real estate; retail & consumer; transport, logistics & infrastructure; pharmaceuticals, biotechnology & life sciences; technology and private wealth.