Shahid Law Firm’s Energy team has successfully acted as local legal advisor to EDF EN, Elsewedy Electric, Scatec Solar and Voltalia in achieving financial closure under Round 2 of the Egyptian Feed-In Tariff program. The four companies are developing nine projects in Benban with a total capacity of 425MWac, and two of them are also providing engineering, procurement, construction operation and maintenance services to projects in addition to their development activities.
Our involvement in the projects has started in Round 1 with the incorporation of the project companies, their structuring and further restructuring in accordance with Round 2 senior lenders’ requirements, various acquisitions and divestments, assistance with the regulatory requirements and review of the principal project agreements proposed by the government, and financing of the projects which is in excess of USD 450 million in non-recourse project finance mainly from EBRD, Proparco, IsDB, and ICD, in addition to a smaller portion of equity.
Shahid Law has also advised on seven more solar projects with a total capacity of about 350MWac in connection with corporate and structuring aspects, which are mainly developed by Access Power, Acciona Energia with Swicorp, Indevco and TAQA, and which are mainly financed by EBRD and IFC.
The Energy team is led by partner Donia El-Mazghouny, and was supported by senior partner Nabil Rizkalla, and partners Girgis Abd El-Shahid and Michael Boutros. Shahid Law associates Caroline George, Mohamed Qotb, Nadim Magdy, and Moamen Adel, and paralegals Mehiar Joulji and Mariam Ezzat were mainly involved in the transactions.
“We are delighted to have been part of this amazing achievement, and are very keen to continue to work closely with our clients beyond financial closure to see these projects finally built and operational. Benban is a promising investment hub being set up in the South of Egypt, and we at Shahid Law take great pride in helping drive its development”, stated Donia El-Mazghouny.
For further information about Shahid Law Energy team and expertise, please visit our Energy and Renewables practice page.
