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Laure Berthelot
Special Counsel
London +44 20 7067 2051 lberthelot@cov.com Download V-card

Laure Berthelot advises developers, lenders, multilateral agencies, and governmental organisations on international project financing, privatisations, and acquisitions. She has an emphasis on emerging markets, electricity (conventional and renewable power) and infrastructure, including in anglophone and francophone Africa, the Middle East, Turkey, and Eastern Europe. She has represented clients on some of the largest power transactions to date in Africa.

  • Advised Sithe Global and Industrial Promotion Services (an affiliate of the Aga Khan Fund for Economic Development) in connection with their bid for the 147 MW Ruzizi III hydroelectric power project on the Ruzizi River in the Great Lake Regions, to supply energy to Rwanda, the Democratic Republic of Congo and Burundi.
  • Advised Sithe Energies and Industrial Promotion Services (an affiliate of the Aga Khan Fund for Economic Development) in connection with the development and the $682 million debt financing of the 250 MW Bujagali hydroelectric power project on the River Nile in Uganda, one of the largest power sector project financings in Sub-Saharan Africa, with financing involving 10 lenders before syndication.
  • Advised Bujagali Energy Limited (BEL) in relation to the $400 million debt refinancing for the Bujagali hydroelectric power project in Uganda by IFC, AfDB, FMO, Proparco, DEG, CDC, ABSA and Nedbank.
  • Advised Bujagali Energy Limited (BEL) in relation to the acquisition of SG Bujagali Holdings, Ltd (SGBH)'s partial interest in BEL by Norwegian hydropower company SN Power AS.
  • Advised a co-developer in relation to the financing of the Coral South floating liquefied natural gas (FLNG) project in Mozambique.
  • Advised a consortium led by AES, Mitsui and Nebras Power on the development and financing of a 50 52 MW solar PV project in Jordan. The U.S. $39.5 million financing is provided by Overseas Private Investment Corporation (OPIC), and Sumitomo Mitsui Banking Corporation (SMBC), with insurance cover from Nippon Export and Investment Insurance (NEXI).
  • Advised a developer consortium on the development and financing of a utility-scale solar PV project in the first round of the direct proposal process in Jordan.
  • Advised Aldwych in connection with the tender for the development and financing of a 100MW power project in Burkina Faso.
  • Advised AES in connection with the sale of its Cameroonian electricity generation and distribution assets for $202 million to emerging market investor Actis. The transaction included the sale of a 56 per cent interest in Cameroon's national electricity utility, Société Nationale d’Electricité (Sonel), and in two independent power plants: Kribi, a 216 MW gas-fired power plant, and Dibamba, an 86 MW heavy fuel oil-fired plant, the country's first two IPPs.
  • Advised Globeleq in connection with the 120MW expansion of the existing 216 MW gas-fired Kribi power plant in Cameroon.
  • Advised the Morocco state-owned utility Office National de l’Electricité et de l’Eau Potable (ONEE) in connection with the development and the approximately $2.6 billion financing of the 1,380 MW ultra-supercritical Safi coal-fired power IPP project to be located at Safi, Morocco. The approximately $2.1 billion debt financing of the project by the sponsors, GDF-Suez, Mitsui and Nareva, includes ECA-debt and direct lending. Financing includes JBIC, Nexi-covered facilities, the Islamic Development Bank, as well as international and local commercial lenders. The transaction has been named 2014 "North African Power Deal of the Year" by Project Finance International and 2014 "African Power deal of the Year" by Infrastructure Journal and Project Finance Magazine.
  • Advised the Morocco state-owned utility Office National de l’Electricité et de l’Eau Potable (ONEE) in respect of the development of the $590 million, 300 MW Tarfaya Wind Project, the largest wind project in Africa, to be developed by TAREC, a joint venture between Moroccan developer Nareva and GDF Suez International Power (IP). Dh4 billion ($470 million) debt financing is provided by Moroccan commercial banks.
  • Advised the Morocco state-owned utility Office National de l’Electricité et de l’Eau Potable (ONEE) in connection with the $1.4 billion, 700 MW extension of the existing 1,350 MW coal-fired power project at Jorf Lasfar, Morocco (Morocco’s first IPP). Financing of the project by sponsor, Abu Dhabi National Energy Company PJSC (TAQA) includes JBIC and KEXIM facilities, as well as international and local commercial lenders. This is the first time Japanese and Korean export credit agencies have participated in project financing in Morocco. The transaction has been named 2012 "African Power Deal of the Year" by Project Finance Magazine.
  • Advised the International Company For Water And Power Projects (ACWA) in relation to a proposed coal fired power project in South Africa.
  • Advised the developer in relation to the financing of a proposed 40MW hydroelectric power project in Uganda.
  • Advised Globeleq and Songas in connection with the Songo Songo independent gas to electricity project in Tanzania.
  • Advised Globeleq in respect of contemplated acquisition of an interest in a power plant in Senegal.
  • Advised Australian joint-venture SUB 161 in relation to a proposed liquefied natural gas project and gas sales agreements in Tanzania.
  • Advised an operator in relation to the O&M agreement for an FSRU in Indonesia.
  • Advised a consortium of lenders (including The Export-Import Bank of Korea (KEXIM), Proparco and Islamic Development Bank) led by BNP Paribas in respect of the financing of the 370 MW gas/fuel fired combined cycle power plant to be developed by Qatrana Electric Power Company (owned by Korea Electric Power Corporation and Xenel), at Al-Qatrana, Jordan.
  • Advised AES Entek Elektrik Üretimi A.S. in relation to the proposed acquisition of a renewable power project in Turkey.
  • Advised AES Entek Elektrik Üretimi A.S. and Koc Holding A.S. in relation to a proposed cogeneration power project in Turkey.
  • Advised a consortium led by AES in connection with the tender for the 4000 MW gas and fuel oil-fired combined cycle Qurayyah IPP project in Saudi Arabia.
  • Advised a consortium led by AES in connection with the tender for the 1500 MW natural gas-fired combined cycle Sur IPP project in the Sultanate of Oman.
  • Advised AES and Mitsui on the development and financing of the 370 MW gas-fired CCGT Amman East IPP power project in Jordan.
  • Advised AES and Mitsui on the development and financing of the 250 MW HFO/Gas IPP4 power project in Jordan.
  • Advised the International Finance Corporation (IFC) and the European Bank for Reconstruction and Development (EBRD) in respect of the financing of the development of international airports in Tbilisi and Batumi in Georgia.
  • Advised IFC in respect of a $95 million financing package for the construction and operation of the 120,361-square-meter Megalogix warehouse and logistics center in Novosibirsk, Russia.
  • Advised EBRD in respect of a Euro 60 million loan increase (total value of the loan, Euro 88.5 million) to a Ukrainian company for the acquisition of particleboard manufacturers in Ukraine.
  • Advised Liberty Media Corporation on the acquisition of its interest in Formula One, the iconic global motorsports business, from a consortium of sellers led by CVC Capital Partners.

  • Chambers UK, Energy & Natural Resources and Power "Associate to Watch" (2018)
  • Legal 500 UK, Power (including Electricity, Nuclear and Renewables) (2017)