Baker McKenzie advised on first solar project to reach financial close under Round 1 of Egypt's Feed-in-Tariff Programme
Leading global law firm Baker McKenzie has advised lenders Bayerische Landesbank and Arab African International Bank on the USD126 million project financing for Infinity 50 Renewable Energy S.A.E.
The sponsors are Egyptian solar developer, Infinity Solar, Solizer and German contractor, ib vogt GmBH.
The project involves the design, financing, construction, operation and maintenance of a 64.1 MWp solar photovoltaic power plant in Benban, Egypt. The financing comprises both a USD and an EGP Facility, with Euler Hermes (Germany's export credit agency) providing cover for the USD Facility.
This is the first project to reach financial close under Round 1 of the Egyptian Government's Feed-in-Tariff Programme, launched by Egyptian Electric Utility & Consumer Protection Regulatory Authority in September 2014. Egypt is aiming to bring at least 4.3GW of solar and wind projects on stream over the next few years.
Calvin Walker, Global Head of Project Finance at Baker McKenzie, said: "We are delighted that this project met the Egyptian Government's strict timetable for qualifying for the Round 1 Feed-in-Tariff Programme."
The Baker McKenzie team was led in London by Calvin Walker, supported by partner Marc Fevre on due diligence/EPC matters and partners Oliver Socher and Kathrin Marchant in Frankfurt . The lead associates were Luka Lightfoot , Emma Serginson, Andrew Hope and Isabel Carty in London.