Tobene Power’s Infrastructure Project Secures Financing

Conyers Dill & Pearman advised Banque Ouest Africaine de Développement, Citibank N.A., London branch, and The International Finance Corporation in connection with the financing of Tobene Power’s infrastructure project in Senegal.

Tobene Power SA, a subsidiary of Melec PowerGen Inc, is developing, building and will be operating a 90 Megawatt heavy fuel power plant in Senegal, providing affordable and reliable power to local utility Senelec. The power plant has the capacity to be converted to operate on natural gas. Melec PowerGen Inc, MPG is the Developper, Builder, Owner and Operator of power plants throughout Africa.

The PPA was signed in October 2011, and the plant is scheduled to be on the grid by end of 2015.

Tobene is a DCC plant (5 MAN 48/60 engines + steam turbine) using HFO as primary fuel, and expected to be converted to natural gas operation as soon as the gas is available. IFC is a joint developer of the project (with 10% of the equity), and will be responsible for arranging the debt package. Tobene Power will also be completely operated and maintained by Melec PowerGen personnel.

Sameer K. Tegally (Picture) of Conyers’ Mauritius office advised on the matter.

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Author: Andrea Canobbio