Burges Salmon advises EDFI ElectriFI on funding to REDAVIA Solar Power
The firm has advised social impact investor EDFI on funding of industry-leading solar farm provider
Burges Salmon’s Project Finance team has advised EDFI Management Company on the multi-million USD denominated loan facilities made available to REDAVIA Solar Power, and the amendment of the Common Terms Agreement which governs REDAVIA’s multi-source financing.
EDFI Management Company administers the Electrification Financing Initiative (EDFI ElectriFI), a social impact investment facility that funds projects aimed at increasing and improving access to affordable, reliable, sustainable and modern energy in developing countries.
REDAVIA provides industry-leading pre-configured solar farms to businesses in Africa, facilitating sustainable development through solar power. EDFI ElectriFI’s financing will be used to expand REDAVIA’s offering in Kenya, enabling more people to benefit from cost-effective, reliable and clean solar energy without the deterrent of a significant upfront cost.
Burges Salmon worked with ENS Africa in Kenya, and Vandenbulke in Luxembourg, to ensure compliance with all local law requirements on this multi-jurisdictional financing.
The Burges Salmon team advising EDFI ElectriFI on this transaction was led by partner Stuart McMillan and associate Luke Addison from the firm’s Project Finance team, with support from trainee solicitor Olivia Hoh. This deal is the latest in a collection of renewable energy project-financings on which Stuart and Luke have recently advised in Africa.
Quentin Antoine, Senior Investment Officer of EDFI ElectriFI, says: “REDAVIA delivers strong impacts by decarbonising small and medium-sized enterprises in industrialising African economies. Stuart and Luke were instrumental in successfully delivering this transaction. Their proactivity, thoughtfulness and dedication helped bring the transaction to successful completion. We look forward to working with them again.”
Stuart McMillan adds: “EDFI ElectriFI’s latest funding to REDAVIA will have a transformative impact in Kenya and beyond, improving the lives of many people. With the completion of this transaction, REDAVIA can provide further renewable energy solutions to its customers, supporting the reduction of carbon emissions.”