Nigeria – Example transactions

(please note that this is not an exhaustive list – please contact us for more details)

Debt restructuring (Nigeria):
Acting for Daystar in respect of its debt restructuring including the financing process with new senior lenders

Rail Project (Nigeria):
Acting on the development and financing of a US$800m light rail project in Lagos, Nigeria.

Financing Renewable Energy Project (Nigeria):
Advising CDC, FMO and Norfund in connection with the accounts receivable financing of a renewable energy company.

Electricity Distribution Scheme (Nigeria):
Advising the sponsors in relation to an electricity distribution pilot scheme in Nigeria.

Case Study

450MW Azura-Edo Gas IPP (Nigeria) [2015]

Trinity acted as international legal adviser to the project company in respect of the Azura-Edo IPP in Edo State, Nigeria, which achieved financial close in 2015. Trinity advised the project company for over four and a half years, including drafting and negotiating of the first bankable power purchase agreement in the Nigerian power sector in more than a decade.

The total project cost was in the region of US$900,000,000, with around US$712,000,000 in senior and mezzanine debt being provided by more than fifteen financial institutions with the balance of the funding provided by equity sponsors.

Senior Lenders included global mandated lead arranger Standard Chartered Bank, joint mandated lead arranger Rand Merchant Bank, co-lead DFI arrangers International Finance Corporation (IFC) and FMO and First City Monument Bank as local loan arranger, The Standard Bank of South Africa, Siemens Bank, KfW, DEG, Proparco, Emerging Africa Infrastructure Fund, ICF Debt Pool, Swedfund, CDC and OPIC. The debt facilities included a commercial tranche backed by MIGA PRI and IBRD PRG products, a DFI tranche, a local Nigerian Naira and a smaller DFI mezzanine facility.

Project sponsors included the founding and lead sponsors Amaya Capital and include American Capital Energy & Infrastructure, the Africa Infrastructure Investment Fund 2, Aldwych International Limited alongside the Pan African Infrastructure Development Fund 2 and the ARM-Harith Infrastructure Fund.

Separately, Trinity’s private equity team acted as legal adviser to Amaya Capital on its equity fundraising process and for Azura Power Holdings Limited in respect of the shareholder arrangements between the various sponsors to the project.

IJ Global Best Multisourced Financing (Africa) (2015)

Housing Project (Nigeria):
Advising on the development of a programme to build up one million affordable homes in Nigeria

Loan Finance (Nigeria):
Advising OeEB in respects of a US$30m loan to Africa Finance Corporation.

Oil and Gas Assets (Nigeria):
Acting for an investor in respect of their potential investment in a number of mid-stream oil and gas assets in Nigeria.

Ondo State Gas IPP (Nigeria):
Acting for the project company in respect of a 550MW gas-fired IPP in Ondo State, Nigeria.

Solar PV IPP (Nigeria):
Acting for the sponsors of a solar PV project in Katsina State, northern Nigeria.

Toll Road (Nigeria):
Advising the concessionaire, Lekki Concession Company Limited, in relation to the Lekki/Epe Expressway Toll Road project in Nigeria which reached financial close in the Autumn of 2008.  The project won Project Finance International (PFI) and Project Finance Magazine infrastructure deal of the year for 2008/09.

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