Leading international law firm Clifford Chance has advised 15 lenders - 11 development finance institutions (AfDB, AFC, AFD, CDC, DEG, EAIF, EIB, FMO, IFC, OFID and Proparco) and 4 local commercial banks (BICEC, SCB Cameroon, Société Générale Cameroun and Standard Chartered Bank Cameroon) - on the financing of a 420-MW hydropower project on the Sanaga river near the Nachtigal Falls, located 65 km to the north-east of Yaoundé, Cameroon for a total project cost of 1.2 billion Euros.

Nachtigal is the largest IPP planned in West Africa and, when operational, will contribute 30 percent of Cameroon's total electricity generation capacity. The project is being developed by NHPC (Nachtigal Hydro Power Company), currently owned by EDF (40%), IFC (30%) and the Republic of Cameroon (30%).

The project also benefits from Political Risk Guarantees (PRG) for a total of 257 million and 192 million, respectively provided by the International Bank for Reconstruction and Development (IBRD) and Multilateral Investment Guarantee Agency (MIGA).

Nachtigal is part of the Cameroon government's plans to improve energy security by diversifying its energy mix and enhancing the use of renewable energy to meet the country's rapidly increasing energy demand.

Clifford Chance advised on the project, construction and finance documentation as well as on the Political Risk Guarantees. The team was led by Delphine Siino Courtin, Partner. Delphine was supported by Senior Associate Corinne Duvnjak and Associate Hugues Martin-Sisteron. Fabien Jacquemard, Counsel, advised on the hedging documents.

Delphine Siino Courtin said: "We are very honoured to have advised on this exciting and ambitious project, which serves as another example of our ability to successfully close first-of-a-kind projects in Africa. This was a landmark financing that drew upon the strength of our market leading African practice and of over 15 years of experience in advising on power projects in Cameroon for its success. Lawyers working across various practice areas helped the 15 lenders negotiate a complex finance package and successfully sign the transaction. It is a project with great potential benefits to the Cameroonian power sector and we are delighted to have advised on this transaction."