Clifford Chance

• Regional / Cross-border – Gimi floating LNG vessel project (Senegal/Mauritania), Niger-Benin export pipeline, Chad-Cameroon pipeline
• Algeria – Hamma Water Desalination Project
• Benin – Maria Gleta power plant IPP, Dogo Bis hydroelectric power plant, Green Yellow Solar Projects
• Burkina Faso – Pâ Solar Project, Kodéni Solar Project, Negreongo Solar Project, Zano and Dedougou Solar Projects, Ouaga III and a power to mine LNG project
• Cameroon – award-winning Nachtigal Project, Kribi I and II, Memve’ele hydropower, Dibamba, KPEP hydropower, ENEO financing, Olembé stadium and sports complex, Douala stadium, ECC Water Treatment Development Project, Hospital Construction Financing, Limbe Power Plant, Rural Solar Power Project III
• Chad – Djermaya Solar PV plant 
• Central African Republic – Passendro Gold Project
• Congo – Mbalam-Nabeba Iron Ore Project, Nkossa Offshore Oil Field Project
• Côte d'Ivoire – Abidjan Toll Road project, Atinkou Power Plant, Azito Phase III Power Project, Azito Phase IV Power Project, Biovéa Biomass Project, Bandama River Project, Ciprel IV, Korhogo PV Project
• DRC – Nyumba Ya Akiba (US$300 million project), Kansuki project, Muanda Gas-Power Project
• Gabon – Gabon refinery, Rabi and Kaunda Oil field projects, silico-manganese plant, new Owendo International Port
• Guinea – Red Clay bauxite project, Garafiri bauxite project, Norsk Boffa Bauxite, Guinea Alumina, Simandou iron ore project, Kamsar Port
• Madagascar – Volobe Hydropower plant
• Mali – Segou Solar IPP
• Morocco – 850 MW Wind Independent Power Project (wind farms located in Midelt, Tiskrad, Tanger II, Jbel Lahdid and Boujdour) and on the development, financing and operation of a 150 MW wind farm in Taza, the 100 MW CSP tower project forming part of the second phase of the Ouarzazate 500 MW Solar Power Complex, the repowering of the Koudia Al Baïda Wind Farm
• Niger – Keita cement plant
• Senegal – Sonatel telecoms expansion financing, Malicounda Power Project, Grande Côte Mineral Sands Project, Dakar Toll Road Project, Cap des Biches Power Project, Leopold Sedar Senghor Airport, Taïba N'Diaye wind farm, Niakhar solar and battery storage project, financing of Sambangalou Dam
• Togo – Lomé container port terminal, thermal power plant
• Tunisia – TAV Airports development and financing, Kairouan solar project

Our experience includes advising:

• Wilmar International Limited on the disposal of its stake in Cosumar S.A.
• TAQA on its GBP 25 million investment in Xlinks' first of a kind Morocco-UK renewable energy project
• Banque Centrale Populaire on the financing of Atlantic Financial Group's acquisition of three BNP Paribas' subsidiaries
• AIIM on its private equity investment in African airports in Gabon, Congo and Côte d'Ivoire
• Honoris on its strategic partnership with the higher education group ESPRIT in Tunisia
• Clifford Chance advises Medical Credit Fund on the establishment of MCF II, its second fund fully dedicated to the African health sector
• Actis on the acquisition of a controlling equity interest in Medis, a pharmaceutical company headquartered in Tunisia and with operations in Algeria
• A.P. Moller Capital on the acquisition of a controlling stake in ports and logistics assets in Gabon, Côte d’Ivoire and Mauritania.
• A.P. Møller Capital on its strategic investment in grain logistics infrastructure
• Marsh group, a worldwide leading insurance broker and risk adviser, on the purchase of a stake in Beassur, a major insurance broker in Morocco
• Mitsubishi on its US$50 million investment in BBOXX Limited, a next generation energy company providing off-grid electricity in 12 African countries
• CDC Group plc in relation to its investment in the pan-African hotel group Onomo operating in Dakar, Abidjan, Lomé, Bamako, Libreville, Cape Town and Sandton
• Adenia Partners, African Infrastructure Investment Managers (AIIM) and IFC, on a US$130 million joint investment to support Eastcastle Infrastructure, a company specializing in Africa’s telecoms tower sector on its build-to-suit strategy in the Democratic Republic of Congo, Nigeria and Côte d'Ivoire

Our experience includes advising:

• the Joint Lead Managers on OCP's successful U.S.$2 billion offering of 144A/Reg S Notes, which included Moroccan DCM matters
• Emerging Africa Infrastructure Fund (EAIF), a Private Infrastructure Development Group (PIDG) company, on its US$30 million senior secured loan facility to Axian Energy
• Bank of America in its role as sole Dealer Manager on a US$500 million cash tender offer by the Gabonese Republic in respect of three series of its outstanding existing notes (originally due in 2025 and 2031) as part of the Republic's debt-for-nature swap, the first of its kind on the African continent
• the lenders (Standard Bank, IFC) on a US$92 million financing to Eastcastle DRC for the acquisition and construction of a portfolio of towers in the country
• Ecobank Transnational Limited ("ETI"), the Lomé based parent of the Ecobank Group on its inaugural issue of an additional tier 1 instrument. It is the first AT1 instrument issued by ETI and a landmark transaction in the sub-Saharan Africa region.
• Emerging Africa Infrastructure Fund's investment in a local currency capital market bond issue by Senegal's Port Autonome de Dakar
• OCP on the first synthetic securitization transaction in Morocco
• the Republic of Senegal on its inaugural CFA100 billion (c. US$200 million) sukuk issuance, the first major sukuk issuance by a sovereign in Africa
• Société Générale and Standard Chartered Bank on the debut US$750m Reg S/144A Eurobond issue by the Republic of Cameroon
• Banque Centrale Populaire on the first international Green Bonds issuance (total amount of EUR135 million with a 10 year maturity) in the banking sector in Africa
• on the debt restructuring of TAV Tunisia
• a consortium of four international development finance institutions on a US$125 million Islamic financing facility to private healthcare company Humania (Bait Al Batterjee Group) to develop greenfield general hospitals in Morocco and Egypt
• Deutsche Bank, J.P. Morgan and Standard Chartered Bank in connection with the Gabonese Republic's tender offer and new issue of bonds

The majority of our representations are confidential and not in the public domain. Of those which concern Francophone Africa and can be published, the following are notable:

• Congo Brazzaville – Avima Iron Ore Limited dispute – US$27 billion claim
• Democratic Republic of Congo – Pascal Beveraggi dispute -  US$220 million claim
• Congo Brazzaville – Sundance dispute – US$8.76 billion claim

• Renewable energy sector in Morocco – how will it impact the market?
  21 April 2023
  Client Briefing
• Clifford Chance advises the sponsors on the design, construction, development, operation and financing of a 120 MW thermal power plant developed by Malicounda Power in Senegal
  24 January 2023
  Client Work
• The development of Islamic finance in Morocco and the wider African continent
  31 January 2022
  Client Briefing
• Algeria's move towards relaxing certain foreign investments restrictions
  17 June 2020
  Client Briefing
• Reform of the CFA Franc in West Africa – Introducing the Eco
  14 February 2020
  Client briefing
• Renewable energy in Morocco: A reform called for by operators
  7 February 2020
  Client Briefing
• Opportunities and Challenges in "Game Changing" Tunisian Solar and Wind Tenders
  18 October 2019
  Client Briefing
• OHADA Law – Impacts of the Dematerialisation of Securities
  29 June 2018
  Client Briefing

• Mustapha Mourahib is managing partner of the firm's growing Casablanca office and also co-heads the Africa practice. He is increasingly involved in cross-border matters across the continent. "Mustapha does a brilliant job on the francophone side of things. He is a great M&A lawyer who is involved in a number of matters across Africa."
  Chambers Global – Africa-Wide – Corporate/M&A & Private Equity, 2023, 2024
• Co-head of the firm's francophone OHADA practice, Paris-based Delphine Siino Courtin is well regarded for her handling of project finance mandates. She is prominent within the renewables sector, with her recent work covering hydropower and solar photovoltaic projects, where she is frequently instructed by international and domestic lenders and sponsors.
  "She is very competent and very able."
  "Delphine is the one you want on your side."
  Chambers Global – Africa-wide – Project Finance, 2024
• Paris-based Corinne Duvnjak co-heads the francophone Africa team and is regularly active on project finance mandates relating to solar and hydropower projects. She has further experience concerning the financing of infrastructure projects, such as those relating to the construction of roads and airports. She receives especially strong praise for her handling of matters in Cameroon and Côte d'Ivoire.
  "She is someone who is very quick and very willing to help."
  Chambers Global – Africa-wide – Project Finance, 2024
• Delphine Siino Courtin focuses on project development and finance transactions across North and francophone West Africa, particularly in the power sector. Based in Paris, her recent work includes projects and transactions in Cameroon, Côte d'Ivoire, Chad, Mali, Burkina Faso, and Senegal.
  "Delphine Siino Courtin is incredible and very prolific."
  "She is a great lawyer and doing all types of OHADA law matters in energy, corporate and regulatory, so she has a lot of expertise."
  Chambers Global – Africa-wide - Corporate/Commercial: OHADA Specialists, 2022 - 2024
• Clifford Chance has a well-established presence in Morocco and is a popular choice of representation among financial institutions. The firm regularly advises on credit facilities, as well as assisting with the financing of large-scale projects in the renewable energy sector. In addition, it has extensive experience advising on banking M&A and regularly acts as issuer's counsel on high-value bond issuances and securitization transactions.
  “The work they do as a team is exceptional and very well global articulated with other offices in the network."
  “It is great to have a team who can combine local expertise and a global perspective on business.”
  Mustapha Mourahib "is very business-oriented and understands some of the key commercial issues from an international investor’s perspective and is able to find solutions that work in Morocco.”
  Ouns Lemseffer "is a clever person; she is straight to the point, firm and makes things happen" while "Her leadership and knowledge have really helped all over the process, also her ability to find ways to solve tricky situations during the deal is remarkable."
  Chambers Global – Banking & Finance - Morocco, 2022 - 2024 – only law firm in Band 1
• International law firm Clifford Chance is a hugely respected player in the Moroccan market. Its Casablanca group is regularly involved in very high-value private equity matters, and is also extremely well versed in M&A transactions arising in sectors as diverse as education and telecoms. The team also offers considerable know-how in the establishment of joint ventures and strategic partnerships, and is further noted for its experience acting for clients in the energy and infrastructure sectors on project developments.
  "Clifford Chance's deep knowledge of African markets, legal frameworks and regulatory landscapes proved invaluable."
  "Their advice is great. I know it is the best advice I am going to get."
  Mustapha Mourahib's "expertise and dedication made a significant impact […] His in-depth knowledge of the law and ability to apply it strategically were remarkable. His attention to detail and thoroughness in handling the legal aspects in our process were outstanding.”
  Chambers Global – Corporate/Commercial - Morocco, 2022 - 2024
• Paris-based Delphine Siino Courtin is increasingly active in the Tunisian market and assists clients with project finance and development in the energy transportation and sectors.
  Chambers Global – General Business Law (Expertise Based Abroad) – Tunisia, 2024
• Clifford Chance is well versed in advising on corporate matters and projects in Cameroon and throughout the region, with valued contributions from its Paris, London and Washington, DC offices.
  Chambers Global – General Business Law (Expertise Based Abroad) - Cameroon, 2022 - 2024
• Mustapha Mourahib, Delphine Siino Courtin, Ouns Lemseffer and Corinne Duvnjak are recognised in Jeune Afrique’s 2021 Top 100 lawyers in Francophone Africa.

• Initiative of the Year (Social Bond) – CRRH Financing, WAEMU region – Environmental Finance's Sustainable Debt Awards 2024
• National Law Firm of the Year: Morocco 2024 – IFLR Africa Awards
• Capital Markets Deal of the Year 2024 – Debt-for-Nature Conversion, Gabon – IFLR Africa Awards
• Ground-Breaking Deal of the Year 2024 – Debt-for-Nature Conversion, Gabon – Bonds, Loans & ESG Capital Markets Africa Awards
• Regional Law Firm of the Year: Francophone Africa 2024 - Chambers Africa Awards
• Morocco Law Firm of the Year 2024 - Chambers Africa Awards
• National Law Firm of the Year: Morocco 2022 – IFLR Africa Awards
• Morocco Law Firm of the Year 2022 – Chambers Africa Awards
• National Law Firm of the Year: Morocco 2021 – IFLR Africa Awards
• Restructuring Deal of the Year 2021 – TAV Airports Restructuring, Tunisia – IFLR Africa Awards
• Regional Law Firm of the Year: Francophone Africa 2021 – Chambers Africa Awards
• Local Currency Sovereign, Supra & Agency Bond Deal of the Year 2021 – Port Autonome de Dakar (PAD) XOF 60bn Senior Unsecured Bond, Senegal – Bonds & Loans Africa Awards
• Editor’s Choice Africa Award 2020 – Atinkou CCGT, Côte d'Ivoire - IJ Global Awards
• African Power Deal of the Year 2020 – Azito Phase IV Project, Côte d'Ivoire - IJ Global Awards
• African Transport Deal of the Year 2019 – New Owendo International Port PPP, Gabon - IJ Global Awards
• African Oil & Gas Deal of the Year 2019 – Gimi floating LNG vessel project, Senegal and Mauritania – IJ Global Awards
• African LNG Deal of the Year for 2019 – Gimi floating LNG vessel project – Senegal and Mauritania - PFI Awards
• Global Multilateral Deal of the Year 2018 – Nachtigal Hydro Project, Cameroon – PFI Awards
• African Power Deal of the Year 2018 – Nachtigal Hydro Project, Cameroon – IJ Global Awards
• African Wind Deal of the Year 2018 – Taiba N'Diaye, Senegal – IJ Global Awards
• African M&A Deal of the Year 2018 – AIIM acquisition of SEGAP stake - IJ Global Awards
• Africa Deal of the Year 2018 – Government of Morocco's debut sovereign Sukuk Ijarah of MAD1 billion, Morocco – Islamic Finance News Awards
• Africa Deal of the Year 2014 – Republic of Senegal CFA100 billion sukuk, Senegal – Islamic Finance News Awards