Womble Bond Dickinson advised Renewable Energy Performance Platform and ElectriFI as co-lenders on a US$10 million syndicated financing of a solar home systems project in Nigeria.
UK-government funded REPP and EC-sponsored ElectriFI have agreed to provide US$2.2 million and US$3 million of initial loans respectively to scale up efforts to bring electricity to some of Nigeria’s most isolated communities. The loan syndication comprises a US$10 million senior term loan facility with a five-year tenor that will enable UK-based project developer PAS Solar Limited to bring in additional accordion lenders.
With more than 3,500 solar home systems already installed for households and micro enterprises with early stage funding assistance from REPP, PAS Solar plans to increase the number of installations to at least 35,000 over the next five years. This will mean that over 150,000 Nigerians will be getting access to first-time clean energy.
A team from WBD, led by London-based banking and finance partner Charlie Reid (Picture) and solicitor Luke Addison, advised the syndacate.
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