26 June 2009 - Gide Loyrette Nouel Paris advises on the financing of the 100 MW thermal power plant in Lomé:

Gide Loyrette Nouel has advised American group ContourGlobal on the negotiation of the concession agreement and the electricity procurement/sale contract as well as the Togolese aspects of the financing of the Lomé thermal power station by its subsidiary ContourGlobal Togo SA.

ContourGlobal Togo SA has entered into a loan agreement with OPIC (Overseas Private Investment Corporation) for USD 146 million. This amount will be used to fund the expansion of the 100 MW thermal power station at Lomé. Conditions for the first release of funds were concluded on 11 May 2009 and construction work has begun.

This transaction is one of the largest investments in the energy sector in West Africa and, in particular, in Togo which has been cruelly lacking in electricity in recent years. The Lomé thermal power station will secure electricity supply for a region that is seeking new sources of energy.

The Gide Loyrette Nouel team was led by Bruno de Cazalet (partner in the Project Finance department) with Leïla Hubeaut and Romain Régulaire for finance issues, Richard Beauvais and Guillaume Goulard for tax matters, and Laurent Deruy for public law concerns.

The Project Finance department at Gide Loyrette Nouel has a strong presence in Africa where it works on project finance and privatisation programmes in addition to the energy, mining, and oil and gas sectors.