The Rise of the Put-Call Option Agreement
Part 3: How should international investors deal with dispute resolution issues in Ethiopia: sovereign immunity
Kenya Bribery Act 2016: a precis for businesses operating in Kenya
Investor protections – are your ABC provisions robust enough?
African Infrastructure Investment in Decline
A bright future for PPP in East Africa – Part 2: Key challenges and regulatory reform
A bright future for PPP in East Africa – Part 1: Market Observations
Solar PV in Africa
Following the successful financial close of Africa’s first solar photovoltaic independent power project outside of South Africa in 2014 it was anticipated that solar PV in Africa was now viable.
What are the new approaches to climate finance?
Climate finance is vital to transforming the global economy to meet the challenge of climate change. It has been one of the key factors in ‘unlocking’ the climate negotiations for many years.
Africa’s energy value chain
Anne Lapierre, head of energy for Europe, Middle East and Africa discusses the energy value chain at this year's Africa Energy Forum 2017.
Falling battery storage costs fuel opportunities for renewables investment in Africa
The US Trade and Development Agency (USTDA), a Kenyan renewable energy developer and a US battery storage manufacturer have teamed up to develop a solar PV plant with integrated lithium-ion battery storage.
Transmission is the key to unlocking African renewables
The African continent is enormous. By virtue of its size, the implementation of renewable energy projects and distribution of power faces inevitable challenges.
Nigeria’s central bank relaxes FX rules for investors
With effect from 24 April 2017, the Central Bank of Nigeria (CBN) will allow investors to engage in foreign exchange trading at rates set by the buyers and sellers.
Norton Rose Fulbright advises on the expansion and rehabilitation of essential energy projects in Zimbabwe
Norton Rose Fulbright has advised Zimbabwe Power Company (ZPC) on the expansion and rehabilitation of the Kariba South hydro power and Hwange coal-fired power plants.
When two elephants fight, it is the grass that gets trampled: US budget cuts and the impact on African energy infrastructure development
Lack of available energy is one of the biggest problems facing Africa. This problem needs a solution. History to date has shown that inward investment is needed to create solutions to this problem.
Climate change impacts to be assessed as part of the environmental authorisation process
The matter of Earthlife Africa Johannesburg v The Minister of Environmental Affairs and others is South Africa’s first judgment relating to climate change impact.
An emerging African hydrogen economy?
The vision of non-polluting hydrogen fuel cell transport meeting the world’s needs still seems a long way off.
The Midas touch; Iamgold Essakane mine – an example of a hybrid solar-diesel mine in Africa
The Iamgold Essakane gold mine is one of the most recent mines in Africa to capitalise on the potential benefits and cost-savings to be made by introducing a renewable element to their mining activities.
Protection for Foreign Investors in the DRC
The Democratic Republic of the Congo (the DRC) is one of the largest countries in sub-Saharan Africa. It is also one of the richest in natural resources, a substantial proportion of which are still untapped.
South Africa - Public Access to Environmental Records
Transparency and accountability in corporate governance are fundamental principles of environmental management in South Africa.
Watercourses and project development in South Africa – General authorisations for certain water uses under the National Water Act, 1998
The new general authorisation for section 21(c) and (i) water uses published in August 2016 (the New GA) replaces the need to obtain a water use licence for these water uses in certain circumstances.
Looking back on Power Africa in 2016
In 2013, the Obama administration launched Power Africa, a multi-faceted five-year financing and professional services initiative. The initiative aimed to double access to electricity in sub-Sahara Africa.
Part 3 Enforcing arbitration awards and English court judgments against Ghana
The final part to the enforcing arbitration awards and English court judgments against Ghana series looks into the practice and PPP and tender processes.
Part 2 Enforcing arbitration awards and English court judgments against Ghana
Following on from part 1 of the enforcement of arbitration awards, part 2 highlights the enforcement of English court judgements.
Part 1 Enforcing arbitration awards and English court judgments against Ghana
Once a favourable arbitration award or judgment has been rendered, investors in Ghana face certain hurdles when it comes to enforcement. We explore these in a series of three blog posts.
Niger - Electricity and renewable energy
Niger suffers from a weak GDP (USD 7.143 billion in 2015; around 0.01 percent of the world economy), and according to the World Bank only 14.4% of the population has access to electricity.
Banking in sub-Saharan Africa: recent trends and digital financial inclusion – EIB Report
The European Investment Bank (EIB) has recently published a report on Banking in sub-Saharan Africa: Recent Trends and Digital Financial Inclusion.
New report encourages corporates to support renewable energy globally
Together with EY. we have authored a report for the World Business Council for Sustainable Development (WBCSD) looking at Corporate Renewable Power Purchase Agreements (PPAs).
A closer look at branch companies in OHADA
The OHADA Uniform Act relating to Commercial Companies and Economic Interest Groups was revised in 2014. Key changes included the introduction of a Société par Actions Simplifiés.
Angola beckons foreign investment
Angola’s ratification of the New York Convention is an invitation to foreign investors to start spending in the oil rich country struggling to maintain its balance sheet.
Compounding fears: Kenya’s controversial interest-rate cap on bank loans becomes law
On 14 September, Uhuru Kenyatta’s Kenyan government shocked the banking industry by passing the Banking (Amendment) Act 2016.
Zimbabwe to issue new bond notes to bolster liquidity
The Governor of the Reserve Bank of Zimbabwe (RBZ), Dr Mangudya announced on the 15 September 2016, that “bond notes” will be issued by the end of October.
Creation of Botswana Energy Regulation Authority is approved
The long-awaited, much-promised Bill to create a new regulatory agency – the Botswana Regulatory Authority (or BERA ) - to oversee energy matters in Botswana has been passed by the Parliament of Botswana.
The Modern Slavery Act 2015 – Do the new reporting obligations apply to you?
Certain companies incorporated in, or doing business in, Africa will be impacted by recent legislation in the UK designed to provide law enforcement agencies with stronger tools to tackle modern slavery.
Currency conundrums in Zimbabwe
Zimbabwe abandoned the use of its own currency, the Zimbabwe dollar, in February 2009 and adopted a multi-currency regime.
Recognition of EEA bail-in rights in Africa update – amendment to UK rules
The scope of the existing PRA rules on contractual recognition is broad and in some circumstances, particularly in the trade finance context, compliance with the rules may be impracticable.
Part 2 Implications of Brexit: the possible opportunities for Africa
Brexit provides a unique opportunity for African nations to join together to leverage their position and collective bargaining power to negotiate more advantageous trade deals.
Tanzania – the new president’s budget; putting energy, infrastructure and industrialisation first
The first budget of the new President, Dr Magufuli, aims to encourage economic growth through job creation and industrialisation.
Part 1 Implications of Brexit: the possible impacts for Africa
In this environment, investors operating on the African continent are trying to answer a complex and important question: how will Brexit impact Africa?
Competition law enforcement crosses African borders
On 26 May 2016, in a bold move toward cross-border cooperation, the competition authorities of eight members of the Southern African Development Community signed a memorandum of understanding (MoU).
Morocco – a strategic financial hub in Africa
Morocco benefits from a good strategic geographic position and political stability, especially when compared with its neighbors in North Africa and the Middle East. This makes it an attractive jurisdiction.
“Dubai: Gateway to Africa”…
…was the catchy theme of the African Global Business Forum held last November in Dubai. Dubai is successfully positioning itself as the main international hub for trade with the African continent.
Importing and exporting goods made easier: Receivables Financing in Africa
Obtaining conventional bank loans is still proving to be problematic for both foreign and local companies importing or exporting goods into or out of Africa.
Update on Zimbabwean indigenisation
The Zimbabwean Minister responsible for indigenisation published General Notice 9 of 2016, the “Frameworks, Procedures and Guidelines for Implementing the Indigenisation and Economic Empowerment Act".
Where is the diamond? A review of dispute credentials of Sub-Saharan Africa
This series will aim to locate the jewel in Africa’s crown. We focus on the enforcement of foreign arbitral awards, which is a key factor for investors considering potential markets in which to invest.
Uganda introduces Islamic Banking and Bancassurance
Driven by the need for a progressive and globally appealing financial sector Uganda recently enacted the Financial Institutions (Amendment) Act 2016 to amend the Financial Institutions Act 2004.
Djibouti: Becoming a key player in Africa
With a population of a mere 875,000 and a GDP figure of $1.58 billion, the state of Djibouti rarely makes international headlines. But things are changing.
What comfort does South Africa’s Protection of Investment Act provide to foreign investors?
South Africa’s current radical approach to investment protection is raising questions amongst foreign investors.
Financing projects in Africa: looking back and it’s not all doom and gloom
Lower commodity prices made 2015 a somewhat challenging year for project finance but despite the negative outlook, African deals are still being brought to market, securing finance for longer term investments.
Renewable energy generation and the need to store it
The interplay between energy storage technology and renewable energy generation is particularly relevant in Africa as it holds the potential to unlock economic growth.
Recognition of EEA bail-in rights in Africa – amendment to UK rules
Good news for UK financial institutions doing business in Africa under local law contracts.
A clean power initiative for Africa
300GW of renewable energy capacity by 2030. This is the ambitious target which the Africa Renewable Energy Initiative (AREI) has set itself to boost renewable energy investment and bring power to 645m people.
Recognition of EEA bail-in rights in Africa - update
At the end of 2015, the Loan Market Association and the Loan Syndications and Trading Association published suggested clauses for the contractual recognition of EEA regulators’ bail-in rights.
Rain, record temperatures... and risk
How extreme weather in Africa may impact our contracts.
Masen’s NOOR solar energy projects – the achievements of Morocco’s Solar Plan
As the tender process for the NOOR PV I program reaches shortlisted bidder stage, we take a brief look at the significant achievements of Morocco’s Solar Plan.
Recognition of EU bail-in rights in contracts governed by non-EU law
From 1 January 2016, EU financial institutions active in Africa will need to include a new clause in their non-EU law governed loan agreements, trade finance instruments and other agreements.
Investing in Africa – how to maximise your return
We will be producing a series of blog posts assisting clients looking to invest in Africa with achieving maximum return from their investments.
Africa’s fastest solar project
Guardian article highlights the speed of construction of the Rwanda 8.5MW solar PV project, but the project’s success was cemented well before construction.
Global African Investment Summit – setting the agenda for development
The Global African Investment Summit’s Hardtalk session on the challenges of investing in Africa identified two key issues for understanding the misperceptions and overcoming the barriers for investment.
MTN Fine: Implications for Doing Business in Nigeria
MTN announced that the Nigerian regulators have agreed to reduce the US$5.2 billion fine against it to US$3.4 billion.
Corridors of Power – Eskom’s African Transmission Development Plans
South Africa ranked 73rd in World Bank’s Doing Business Report
South Africa's ranking in the Doing Business Report exposes challenges for investment.
LMA launches new African documents
The Loan Market Association (LMA) has launched a new South African recommended form of loan agreement and revised the East African and Nigerian recommended loan agreement.
How Africa is implementing COP 21
In the run up to COP21 taking place in Paris from 30 November to 11 December 2015, we have created an online resource summarising the Intended Nationally Determined Contributions.
Tanzania develops first independent wind farm
The International Finance Corporation has partnered with Aldwych International and Six Telecoms to develop Tanzania’s first ever wind farm in the central town of Singida, north of Tanzania.
Investing in renewable energy with DFIs: Watts the deal?
The benefits (and challenges) of DFIs in African jurisdictions
Transfer of power – developing a regional electricity generation market across Southern Africa
After years in which regional transmission lines have become congested and cross-border sales have declined, there are signs that change is finally on the way.
Scaling photovoltaic IPPs in Africa
IFC initiative for Africa SPV projects.