About

Number of years practice: 20+

Principal practice areas: Banking and finance, projects

Languages spoken: English and French

What is the geographical focus of your practice in Africa?

Pan-African practice.

Please describe the most important matters you have worked on in the African market in the last two years, including your role and the significance of the matter (if any) to the development of business and law.

Orrick advised ENEO on the development project of a 420 MW hydropower plant in Nachtigal, located on the Sanaga River in southern Cameroon. The development of this hydroelectric power plant is the largest ever funded in Africa, and the first to be finalised after the extension of the electricity sector reform in the country.
This project is a strategic priority for the Republic of Cameroon as the power plant will provide 30% of the country’s electricity, providing the country with a key additional source of stable electricity generation over 2020.

Orrick advised Africa Finance Corporation (AFC) on its US$140m investment in Gabon Special Economic Zone (GSEZ). GSEZ is a joint venture between Olam International and the Republic of Gabon developing a new generation of large scale infrastructure projects across a variety of sectors. These projects include Nkok Special Economic Zone, one of the biggest industrial parks in sub-Saharan Africa, as well as a bulk port, a general cargo port, electrical power lines and water supply networks. GSEZ also owns and operates the Port Gentil Special Economic zone, which is in early development.

Orrick advised EDF in relation to the design, financing, construction and operation of the Biovéa project, a 2×23 MW biomass power project located in Ivory Coast – this ongoing project will mark Africa’s largest biomass facility.

Why has Africa been a particularly strong focus for you?

Africa has always been a keen focus for Orrick, having practiced in the region for over 30 years. Our long standing and deep ties to the continent were cemented by the establishment of an affiliated office in Abidjan.

As one of the first offices of an international law firm in French-speaking sub-Saharan Africa, Orrick RCI is a genuine regional hub offering assistance on day-to-day client operations throughout Africa. The team’s ability to advise on OHADA law, local regulatory matters, and deep understanding of the government and regulatory actors truly sets us apart.

Across our global network, Orrick plays a vital role in advising clients on some of the most complex, challenging and sophisticated project currently shaping the continent. Our Africa clients are varied – development banks, commercial lenders, sponsor groups, multinational corporations, governments, funds and other private investors. Our work spans the continent’s energy, infrastructure, natural resources, large-scale agriculture complexes, telecommunications, technology and financial sectors. It is exciting to see the transformational nature of the project and transactions we are involved in.

What changes have you seen in the appetite for Africa-based ventures and investments over the last five years?

Private equity investment is fast becoming a major force for accelerating growth in African countries. Major growth sectors include natural resources, transportation, energy, real estate, fintech, healthcare and hospitality. Many private equity funds are developing the skills and experience to invest, grow and add value to innovative companies.

Africa offers huge opportunities for investments in energy, especially renewable energy. We’ve seen the size and number of large government funded, non-renewable power projects in Africa decrease while at the same time seeing an increase in public-private (or entirely private) off-grid power projects that benefit local end users. This is also evident in the work we have done for investors such as ResponsAbility and companies like Off-Grid Electric and EDF. With over 600 million people in Africa estimated to be without access to electricity, renewables, especially off-grid power solutions are set to sustain and expand investment while increasing affordability and access to electricity across Africa’s evolving energy landscape. Off-grid and mini-grid solutions can offer a faster way to close Africa’s power gap.

Ventures in technology and innovation as well as impact investments will also see a rise, Orrick have been working with Silicon Valley and/or London based clients going into untapped markets in Africa to provide intelligence and intimate knowledge of the operating environment, key players, market risks and opportunities.

Are there any aspects of the African legal market that you would like to see change?

Africa’s negative market perception can often be a barrier to investment. Despite high optimism, high growth and high returns, the perception gap still exists. Perception can ruin investor appetite and therefore slow development. There is still work to be done by Africa’s legal market participants to help articulate the African growth story.

Thankfully the story of Africa is slowly shifting from one of deficits and lack to one of opportunities, prospects, ventures and vast creativity.

The legal market Africa boasts a number of very reputable firms that bring industry, commercial, legal and non-legal expertise to each project and transaction.

Time has come to view investment and development opportunities in Africa through a different lens – one of reform, progress and growth. We are seeing so much activity around not just energy and infrastructure but in agriculture and innovation in technology and financing. Africa has the right environment to attract investors to the continent and reposition it as a viable alternative to other investment destinations.

What megatrends do you think will shape the African market over the coming five years? How (if at all) will these trends affect your practice?

Over the coming few years, Africa will continue to see a transformation that will both be very positive and generate challenges that need to be addressed. Based on current projections, in 50 years Africa will be the most populated continent with a projected two billion inhabitants, and a relatively young population.

The drivers of economic growth are likely to be youth and its dynamism and creativity; the phenomenal growth of the middle class of one billion consumers and the sustainable industrialisation of the continent. All this will necessitate massive infrastructure, energy investment and the adaptation to a financial system driven by technology and innovation.

To prepare for this, the developed world players are taking positions and investing to secure market share. The new participants to anticipate are African champions who will emerge as national or regional conglomerates. At Orrick, we focus on supporting our clients, but we are also positioning ourselves and building the teams that will be the best placed to serve these African champions, who will drive many of the most interesting deals in the future.