Located off the southeast coast of Africa, neighbouring the French island of La Reunion, Mauritius is an island state of 1.3 million inhabitants. It possesses an immense maritime territory of over 1 million square kilometres. The country’s political and economic situation has been stable since independence in 1968.
- We represented Metier, the pan-African private equity fund; and Africa REN Energy, the joint venture between Metier and Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden (FMO). Our South Africa-based corporate/M&A team is advising Metier and Africa Ren Energy on a transaction whereby they invested in Africa REN, which specialises in developing clean energy and resource-efficient infrastructure projects in Sub-Saharan Africa, making it a key player in the development of infrastructure and renewable energy resources across the African continent. The transaction was constituted by three investments, the formation of Africa REN Energy for the purposes of acquiring certain underlying renewable energy projects (including a 25MW photovoltaic power plant in Bokhol, Senegal) (AssetCo); an investment by AssetCo into Africa REN Operations, a Senegalese company established to provide on-going construction and operation asset management services to projects (OpCo); and an investment by Metier into Société de Développement Des Energies Renouvables, a French company established to undertake project origination and development activities (DevCo). Cliffe Dekker Hofmeyr represented Public Investment Corporation. Our South Africa-based banking & finance team advised Public Investment Corporation on its financing to Africa Finance Corporation (AFC), a multi-lateral development finance institution which specialises in financing and development on infrastructure projects across the African continent. AFC's purpose is to provide financing solutions in efforts to address the shortfall in infrastructure projects, particularly in the power, transportation infrastructure, heavy industries, oil, gas and other natural resources and telecoms sectors. Public Investment Corporation provided equity funding of US$100 million. The funding is to be used to finance infrastructure and industrial projects across the African continent. AFC's investment footprint spans 35 countries across Africa and a pipeline of projects that blend positive social and environmental impact with superior risk-adjusted returns. AFC's A3 investment-grade from Moody's enables beneficial access to global capital markets and underscores the confidence of Africa's decision makers in AFC's role as a key institution for sustainable economic development. This deal was complex in that the Public Investment Corporation became the first pension fund to invest in AFC without South Africa being a member state for the AFC. This transaction will unlock a number of infrastructure projects in the African continent and create over 10,000 permanent jobs across the African continent.
- Our team assisted with reviewing and standardising constitution documents for Parmalat Africa subsidiaries (Botswana, Zambia, Mauritius and Mozambique).
- CDH was involved in the establishment of the first listed property fund on the Mauritius Stock Exchange (MSE) for the Rogers Group including advising on the acquisitions of properties, structuring and tax issues in conjunction with local Mauritian lawyers and dealing with the MSE.
- We advised the Keller Group (a major British based ground engineering company listed on the London Stock Exchange) in its R500 million acquisition of the geotechnical contracting business owned and operated by Esorfranki Construction in South Africa, Botswana, the DRC, Ghana, Lesotho, Mauritius, Mozambique, Namibia, Seychelles and Swaziland. Following the closing of the sale transaction, CDH advised on and implemented a BEE share scheme for the new operating company, Franki Geotechnical.
- Our team assisted a leading global project developer in responding to a number of requests for proposals across various jurisdictions (Morocco, Ghana, Namibia, Mauritius, Egypt, South Africa and Zambia), including reviewing and advising on the proposed power purchase agreements, implementation agreements and connection agreements issued.