Clifford Chance has advised A.P. Moller Capital on the deal.
A.P. Moller Capital, through the Africa Infrastructure Fund, acquired a 44% stake in Cape Verdean wind energy producer Cabeolica S.A. (“Cabeolica”) from Africa Finance Corporation (“AFC”).
Cabeolica is Cape Verde’s largest IPP and renewable energy producer and, together, A.P. Moller Capital and AFC, who will remain a shareholder, will focus on further improving supply of renewable energy in Cape Verde.
Cabeolica sells electricity to the national utility, Electra S.A.R.L under a long-term power purchase agreement. With wind farms located on four islands in the Cape Verde archipelago with a total capacity of 25.5MW, the company has provided reliable renewable power to the grid since the start of its operations in 2011. The acquisition is also a good indication of the positive investment environment in Cape Verde and testimony to the country’s ability to attract large international actors notwithstanding the relative size of its economy. AFC will continue to hold a 50% stake in Cabeolica, alongside the Government of Cape Verde and Electra, who together own the remaining 6% stake.
The core Clifford Chance team on the transaction was led by Jason Mendens (Picture), with assistance from senior associates Gareth Dray and Rezwan Azam in Dubai, as well as partner Jeremy Connick and associate Yemi Adekoya in London.
Law Firms: Clifford Chance;
Clients: A.P. Moller Capital;