Eversheds Sutherland advises InfraCo on investment in one of Africa's first geothermal power projects developed with private capital


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The transaction involves a multi-step investment by Taranis into the Corbetti project, with Taranis acquiring a majority stake in Corbetti HoldCo and InfraCo retaining a significant minority ownership interest. The deal also includes a US$9.5 million convertible loan facility from Taranis to fund exploration drilling. The Corbetti Geothermal project is among Africa's first geothermal power projects to be developed using private capital. The project is located in Corbetti in the Federal Democratic Republic of Ethiopia and is operated by Corbetti Geothermal PLC, an Ethiopian entity wholly owned by Corbetti HoldCo Limited (Mauritius). The project is underpinned by a Power Purchase Agreement and an Implementation Agreement, both entered into on 31 March 2020 with Ethiopian Electric Power and the Government of Ethiopia. Partner Jason Lovell led the Eversheds Sutherland team advising on the transaction, and was assisted by Senior Associate Kwadwo Owusu and Associate Bethany Brabner. The transaction involved a restructuring of the existing shareholding and corporate structure, including the exit of Africa Renewable Energy Holdings Limited (AREHL). It is structured across multiple inter-conditional steps, including: the exit of minority shareholders; a share swap and a share buyback; new equity subscriptions by both InfraCo (c. US$6.74 million) and Taranis (c. US$17.1 million); capitalisation of certain exiting loans; and a transfer of shares. The transaction required various third-party approvals, including COMESA approval for the Taranis investment and Ethiopian merger control approval for the exit by AREHL. Jason Lovell, Eversheds Sutherland, commented: "The Corbetti project demonstrates the role that long-term private investment can play in bringing complex energy infrastructure projects forward. It has been a pleasure to support InfraCo on this transaction, which brings together investors with a shared commitment to the project's next stage of development and Ethiopia's renewable energy ambitions." Tim Jackson, InfraCo, commented: “Eversheds Sutherland provided outstanding support throughout the transaction. Jason and the team demonstrated deep experience of complex infrastructure investments and consistently delivered practical, commercial advice. Their responsiveness, attention to detail and commitment to finding solutions were instrumental in helping us successfully complete this investment." Eversheds Sutherland takes all reasonable care to ensure that the materials, information and documents, including but not limited to articles, newsletters, reports and blogs (""Materials"") on the Eversheds Sutherland website are accurate and complete. 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Eversheds Sutherland has advised InfraCo Africa Business Development Limited (InfraCo), part of the Private Infrastructure Development Group (PIDG), on its investment alongside Taranis Operations Limited (Taranis) in Corbetti HoldCo Limited, the holding company behind the Corbetti geothermal project in Ethiopia.

The transaction involves a multi-step investment by Taranis into the Corbetti project, with Taranis acquiring a majority stake in Corbetti HoldCo and InfraCo retaining a significant minority ownership interest. The deal also includes a US$9.5 million convertible loan facility from Taranis to fund exploration drilling.

The Corbetti Geothermal project is among Africa's first geothermal power projects to be developed using private capital. The project is located in Corbetti in the Federal Democratic Republic of Ethiopia and is operated by Corbetti Geothermal PLC, an Ethiopian entity wholly owned by Corbetti HoldCo Limited (Mauritius).

The project is underpinned by a Power Purchase Agreement and an Implementation Agreement, both entered into on 31 March 2020 with Ethiopian Electric Power and the Government of Ethiopia.

Partner Jason Lovell led the Eversheds Sutherland team advising on the transaction, and was assisted by Senior Associate Kwadwo Owusu and Associate Bethany Brabner.

The transaction involved a restructuring of the existing shareholding and corporate structure, including the exit of Africa Renewable Energy Holdings Limited (AREHL). It is structured across multiple inter-conditional steps, including: the exit of minority shareholders; a share swap and a share buyback; new equity subscriptions by both InfraCo (c. US$6.74 million) and Taranis (c. US$17.1 million); capitalisation of certain exiting loans; and a transfer of shares.

The transaction required various third-party approvals, including COMESA approval for the Taranis investment and Ethiopian merger control approval for the exit by AREHL.

Jason Lovell, Eversheds Sutherland, commented:

"The Corbetti project demonstrates the role that long-term private investment can play in bringing complex energy infrastructure projects forward. It has been a pleasure to support InfraCo on this transaction, which brings together investors with a shared commitment to the project's next stage of development and Ethiopia's renewable energy ambitions."

Tim Jackson, InfraCo, commented:

“Eversheds Sutherland provided outstanding support throughout the transaction. Jason and the team demonstrated deep experience of complex infrastructure investments and consistently delivered practical, commercial advice. Their responsiveness, attention to detail and commitment to finding solutions were instrumental in helping us successfully complete this investment."

Eversheds Sutherland takes all reasonable care to ensure that the materials, information and documents, including but not limited to articles, newsletters, reports and blogs (""Materials"") on the Eversheds Sutherland website are accurate and complete. However, the Materials are provided for general information purposes only, not for the purpose of providing legal advice, and do not necessarily reflect the present law or regulations. The Materials should not be construed as legal advice on any matter.

The Materials may not reflect the most current legal developments. The content and interpretation of the Materials and the law addressed in the Materials are subject to revision.

No representation or warranty, express or implied, is made as to the accuracy or completeness of the Materials and therefore the Materials should not be relied upon. Eversheds Sutherland disclaims all liability in respect of actions taken or not taken based on any or all of the contents of the Materials to the fullest extent permitted by law. The Materials are not intended to be comprehensive or to include advice on which you may rely. You should always consult a suitably qualified Lawyer/Attorney on any specific legal matter.

Any views expressed through the Materials are the views of the individual author and may not reflect the views of Eversheds Sutherland or any other individual Lawyer/Attorney.