Orrick Advises on Renewable Energy Transaction Awarded Green Finance Deal of the Year by The Banker

Version Française: Orrick a conseillé Société Générale, Crédit Agricole Corporate and Investment Bank et la Banque Africaine de Développement dans le cadre d’une opération élue « Transaction de l’année 2020 » pour la région Afrique par The Banker, dans la catégorie Finance durable

Our Banking & Finance team in Paris advised Société Générale, Crédit Agricole Corporate and Investment Bank and the African Development Bank on the first large-scale local currency securitization arrangement used to finance the off-grid renewable energy sector in Africa. The transaction was awarded “Deal of the Year 2020” for the Africa region by The Banker, in the Green Finance category.

This transaction resulted in an €18 million loan being granted to NEoT Côte d'Ivoire, a special purpose vehicle, to finance the purchase of receivables arising from the sale of domestic solar kits by ZECI, a joint venture between EDF and Offgrid Electric.

The completion of this project will provide more than 100,000 households in rural areas with access to electricity. In addition, the use of mobile payments for the payment of the kits will improve financial inclusion in rural areas, thanks to digitalization. The Grameen Crédit Agricole Foundation will monitor the social and environmental performance of the arrangement.

This award from The Banker (a publication of The Financial Times Group) is the recognition of the complex and highly innovative nature of the transaction, and of its utmost significance in terms of environmental and social impact.

The Orrick team was led by partner Olivier Bernard, and included finance associate Aurélien Parent.