Investing in the African electricity sector Ghana
|
|
- Darrell Thomas
- 8 years ago
- Views:
Transcription
1 Financial institutions Energy Infrastructure, mining and commodities Transport Technology and innovation Life sciences and healthcare Investing in the African electricity sector Ghana Ten things to know Attorney advertising
2 Investing in the African electricity sector Ghana 01 Why consider Ghana? The power sector in Ghana has approximately 2,443MW of installed capacity, of which a proportion is already provided by independent power producers (IPPs). Demand is predicted to exceed 5,000MW by 2016, primarily as a result of the Ministry of Energy s objective of becoming a major exporter of electricity into the West Africa Power Pool, coupled with an increase in demand domestically, as the government seeks to increase the electrification rate to 80 per cent by This is further fuelled by a high annual GDP growth rate (14.4 per cent in 2011). The Government recognises the importance of IPPs to the achievement of these international and domestic expansion objectives. In terms of renewable energy projects, Ghana has wind and solar energy resources, as well as biomass and hydropower. Around 65 per cent of Ghana s installed capacity is currently provided by the large-scale Akosombo and Kpong hydropower projects. Biomass also makes a significant contribution to the energy mix. The government is targeting to increase the contribution of wind and solar power to 10 per cent of the country s capacity by 2020 and has recently enacted the Renewable Energy Law to support this objective. 02 What is the structure of Ghana s power sector? The Ministry of Energy is responsible for setting energy policy, including in the power sector. Prior to 2008, the Volta River Authority (VRA) was the state utility responsible for electricity generation, transmission and distribution throughout Ghana. The VRA is wholly owned by the Government of Ghana and was established in 1961 under the Volta River Development Act. Through its subsidiary company, the Northern Electricity Department (NED), the VRA remains responsible for (and is the sole distributor of) electricity in the northern regions of Ghana (being the Brong-Ahafo, Northern, Upper East, Upper West, and parts of Ashanti and Volta Regions of Ghana). As a result of the unbundling process completed in 2008, another state utility, the Electricity Company of Ghana (ECG), was established for the purpose of purchasing electricity from the VRA at a bulk tariff and distributing power in the southern regions. ECG is a private limited company that is wholly owned by the Government of Ghana. As part of power sector reforms implemented in 2005, the VRA s mandate was restricted to electricity generation and the electricity transmission functions of VRA have been transferred to the Ghana Grid Company Limited (GridCo) (a process completed in 2008). GridCo is responsible for operation of the National Interconnected Transmission System (including dispatch), bulk power purchase of electricity from generators and sale to NED and ECG. It is also intended that the VRA s distribution functions in the northern region of Ghana, currently vested in NED, will be transferred to the ECG, thereby creating a national distribution utility. Generators wishing to be connected to the transmission system must enter into an electrical connection agreement with GridCo. Ghana has two regulatory entities for the electricity sector. Generation licences are granted by the Energy Commission, which is also responsible for formulating electricity policy and rules governing the electricity sector, including a grid code. The Energy Commission is essentially a technical regulator. The Public Utilities Regulatory Commission (PURC) is responsible for the economic regulation of the electricity sector in Ghana (as well as gas and water), including the setting of tariffs. 03 Does the Government participate in IPPs? The government has interests in most of the four IPPs in Ghana, indirectly, as a result of the participation of VRA or the Social Security and National Insurance Trust in the equity of the project. However the government s main role in IPPs is as the power purchaser. Whilst VRA, GridCo and ECG all have the ability to purchase power from IPPs, none of them has sufficient covenant strength to facilitate the financing of a project where they are the offtaker without some form of government support. There is no consistent approach to providing government support for the IPPs that have been developed in Ghana to date. The issue has been approached in slightly different ways on two of the more recent IPPs for which power purchase agreements (PPAs) have been signed. In one case the Ministry of Energy entered into the PPA directly with the project company. In the other case the PPA was entered into by ECG and the Government of Ghana entered into a support agreement with the project company to augment the risk allocation and credit profile of the project. The Ministry of Energy has recently commented, in the context of renewable energy projects, that it is reluctant to provide government guarantees to support power projects. Instead it prefers developers to seek World Bank support 02 Norton Rose Fulbright
3 in the form of MIGA/partial risk guarantees. It remains to be seen whether this signals a shift in policy and, if so, whether it is confined to the renewable sector or will apply to thermal power projects as well. 04 How are tariffs established? Historically, one of the disincentives to private sector investment in power generation projects in Ghana was the prevailing level of tariffs, which were considered to be too low to be economic. This was partly due to the legacy by which the majority of Ghana s power was generated by hydropower projects, as the costs per kilowatt hour are lower for hydropower than for a thermal power project. Tariffs have been increased on numerous occasions by PURC, with the aim of moving towards a more cost reflective tariff. However there is competing pressure to keep consumer tariffs as low as possible, which hampers the establishment of fully cost-reflective tariffs that would support IPPs. IPP developers have preferred to enter into power purchase agreements directly with the Government of Ghana or with the ECG, in order to establish an economic tariff. Notwithstanding this, the continued move towards costreflective tariffs by PURC will be a key factor in the growth of the IPP sector in Ghana. 05 What are the fuel supply risks? Possibly the biggest constraint to the development of thermal IPPs in Ghana, as is the case in many emerging markets, is the availability of a reliable fuel supply. Take for example, the privately developed Sunon Asogli 560MW power plant at Tema. The project is a Ghanaian and Chinese joint venture which was not project financed and therefore not subject to the usual bankability requirements of a project financed IPP (such as a secure long-term fuel supply). Although construction of the first phase of the project was completed in mid-2009 it is not currently generating electricity, as it is reliant upon gas supply from the West African Gas Pipeline (WAGP). It had been anticipated that WAGP would play a major role in delivering Ghana s energy security and is encouraging the development of gas fired IPPs. However, the supply of gas through WAGP has been repeatedly delayed or suspended through a combination of vandalism in Nigeria and other Nigerian supply constraints. It is unlikely that developers, lenders and indeed the Ghanaian government acting as offtaker would be willing to assume the supply risk that would be inherent in relying on the delivery of gas from WAGP until a regular and reliable supply of gas through WAGP is established. The only alternative supply of gas, being associated gas from the Jubilee field development in the West of Ghana, is unlikely to come on-stream for at least two years and is dependent upon the construction of suitable processing and pipeline infrastructure. The lack of a reliable gas supply has resulted in a number of existing power plants being configured to operate on both gas and liquid fuel, such as the 340MW Cenpower project in Tema and the nearby Kpone Project being developed by African Finance Corporation and Infraco. 06 What is the typical risk allocation for IPPs in Ghana? As discussed earlier there is no standard form of PPA in the Ghanaian market. Nevertheless, the power sector is relatively small and the negotiation of new PPAs tends to be supervised from the government s perspective by staff who have been involved in earlier PPA development and negotiations. Some of the PPAs that have been entered into to date have provided developers with a robust risk allocation that is in line with project finance norms for emerging markets. Therefore developers should be able to achieve a bankable risk allocation. The tariff structure under precedent PPAs in Ghana (which are for thermal plants) provides for the payment of capacity charges for dependable capacity and energy charges for electrical energy delivered. Fuel is sometimes tolled by the offtaker, therefore the need for fuel costs to be passed through the project company is avoided. However, a fuel adjustment payment/deduction is included to ensure that the project company takes the energy conversion risk. It has been customary for the government to accept responsibility and to provide revenue protection to the project company for risks typically classified as political risks (ie, by paying capacity charges on the basis of a deemed available capacity during periods when the project company (or offtaker, where applicable) is adversely affected by political risks). This includes risks such as war, civil commotion, expropriation, embargo, changes in law, etc. Whilst revenue protection is not provided for natural force majeure events (as is customary in project financed transactions in emerging markets), some PPAs provide for an extension to the term of the PPA that is sufficient to enable the project company to receive capacity charges that it was not able to earn as a result of a natural force majeure event together with any increased costs suffered as a result of such natural force majeure event. Norton Rose Fulbright 03
4 PPAs have also imposed a requirement on the offtaker to provide a stand-by letter of credit in an amount equal to three months capacity and energy payments on a revolving basis. This provides increased credit enhancement for projects. 07 What governmental approval is required for PPAs? Article 181(5) of the Ghanaian Constitution provides that any international business or economic transaction to which the State is a party requires parliamentary approval before it can become effective. Prior to May 2012 it was generally considered by Ghanaian lawyers, in the absence of judicial interpretation, that Article 181(5) applied to transactions to which the State and international companies were parties. Therefore, where the Government of Ghana contracted with a Ghanaian project company, albeit one that was majority owned by international sponsors, the general view was that such contracts did not constitute international business transactions and therefore parliamentary approval was not required for them to become effective. However, in the case of Attorney General v Balkan Energy Co. LLC (a project company supplying power generated by a power barge to the Government under a PPA), the Supreme Court of Ghana found that the PPA constituted an international business transaction for which Parliamentary approval was required but had not been obtained. As a result of the decision in the Balkan case, developers and investors are advised to obtain either: (a) Parliamentary approval for the transaction; or (b) certification by the Attorney General in respect of the particular transaction, post structuring of the transaction, to confirm that the substance of the transaction is not international and the transaction is an ordinary commercial transaction rather than a major transaction that could fall within Article 181(5) of the Constitution. It is possible that future legislation will clarify the scope of Article 181(5) of the Constitution. However, in the interim, developers and investors should take a cautious approach to ensuring that any contract with the Government is binding on the Government. 08 What protections do foreign investors receive? Ghana s exchange controls were relaxed substantially in 2006, so that now it is only necessary for the repatriation of funds to be done by authorised dealer banks. These banks report foreign exchange transactions to the Bank of Ghana, but no exchange controls are imposed. Businesses with foreign investment in Ghana are required to register with the Ghana Investment Promotion Centre, which guarantees that dividends, foreign debt service costs and distributions of equity following the winding up of the business are freely convertible without restriction. An authorised dealer bank must be used to execute the conversion. 09 What is the scope of a typical Ghanaian security package? In our experience the typical Ghanaian law security package on a project financed power project in Ghana has included: legal mortgage over the land forming the site (which can also be granted over leasehold interests in land, including sub-leases which are commonly encountered, particularly on projects located in the Tema industrial area, as well as freehold interests); fixed charges over movable assets, account balances, book debts, contractual rights, goodwill and intellectual property rights; floating charge over the entire undertaking of the project company; and a pledge of shares in the project company (usually a Ghanaian limited liability company). A legal mortgage is a registrable security interest under the Land Titles Registration Law 1982 (in the case of land situated in a registration district) and under the Land Registry Act 1960 (in the case of other land). It creates a right for the mortgagee to take possession and to obtain an order for the sale of the mortgaged property in the event that the mortgagor defaults on the loan secured by the mortgage. If a legal mortgage is not registered it will be void. Certificates of registration take a significant amount of time to be obtained, therefore the practice is for lenders to allow financial close to occur in reliance on evidence that the document creating the mortgage has been lodged for registration with the relevant registry. Fixed and floating charges over assets of a company are subject to registration with the Registrar of Companies pursuant to the Companies Code 1963 and also with the Collateral Registry maintained by the Bank of Ghana under the Borrowers and Lenders Act Filing must be completed within 28 days of creation of the charge, failing which the charge will be void (and all monies secured by it become immediately due and payable). A share pledge is created by an agreement requiring the chargee to deposit share certificates and an executed share transfer form with the chargor to enable the chargor to 04 Norton Rose Fulbright
5 effect a transfer of the shares upon an enforcement event under the share pledge agreement. Share pledges must be registered with the Collateral Registry. The chargor should also serve notice on the company of its interest in the shares to ensure that the company is required to note the security interest in its register of members. Following notice, the company is prevented from registering any transfer of the secured shares without the chargor s consent. Stamp duty is payable on any instrument executed in Ghana, or which relates to property in Ghana. Documents creating security over assets in Ghana are therefore subject to stamp duty. The rate of stamp duty varies, but can be up to 1 per cent of the value of the secured property. The effect of a failure to have a document stamped is that it cannot be used as evidence in any proceedings in Ghana and, in the case of a security document, it cannot be registered. projects (such as VRA s 2MW solar PV plant that has been constructed in the north of Ghana). The lack of clarity on the level of the feed-in tariff and the determination of renewable energy procurement targets would appear to somewhat undermine the effectiveness of the Renewable Energy Act in the short term. Prepared by in conjunction with Oxford & Beaumont Solicitors (Ghana). Ghanaian law security can be held on trust for the secured finance parties. Enforcement of security is subject to a minimum 30 days waiting period pursuant to the Borrowers and Lenders Act 2008, following the expiry of which the security trustee can take possession of the charged asset and dispose of it without the need for court enforcement proceedings. 10 Are incentives offered to renewable energy producers? The Renewable Energy Act 2011 introduces a feed-in tariff and provides for the establishment of a renewable energy fund which will be used to pay for the promotion and development of renewable energy sources as well as to fund the feed-in tariff. Ghana already has extensive hydropower and biomass generation capacity but it is intended that the Renewable Energy Act will stimulate a significant increase in the country s solar, wind and biomass installed capacity. The Act provides renewable power producers with rights of grid access. The feed-in tariff levels are being established by PURC on the basis of, among other things, the technology and the installation costs. The Renewable Energy Act also imposes minimum renewable energy purchase quotas on the distribution companies, however the actual quantification of the quotas is under development by PURC. The government is looking to pay for the renewable energy fund through a mixture of a levy on biofuels exports, government money and EU funding. In addition to providing fiscal incentives, the fund will be used to pay for capacity building in the renewable energy sector, grid expansion and the development of technology and pilot Norton Rose Fulbright 05
6 Total package We have been active throughout Africa as legal advisers on transactions in the power sector for many years. Power generation and transmission projects are a core part of our business. We have extensive experience working with and advising sponsors, lenders, developers, bilateral and multilateral organisations and governments in Africa. We also advise on the regulatory changes which are being introduced in the energy sector of many African countries. More generally, teams from across Norton Rose Fulbright have worked on a wide range of project and trade financings, mergers and acquisitions, securities offerings, investment trusts, privatisations and dispute resolutions. Most of these transactions have involved substantial due diligence and extensive dealings with the relevant governmental authorities, companies concerned and local counsel. Accordingly, we are familiar with the requirements and structures usually sought by project sponsors, lenders and governments alike. Awards and accolades This is a top firm the lawyers have a reputation for being hands-on, and have an innovative and client facing approach. Projects and Energy, Africa wide They cover all asset classes and have exceptional strength in numbers. Asset Finance, Global wide Projects and Energy, Power The team has a real focus on climate change, and has invested hugely in it. The firm is definitely up there when it comes to international emissions trading. Climate Change Tier 2 Projects Tier 2 Power Legal 500 Banking and Finance: Project Finance, South Africa IFLR Law Firm of the Year City AM Awards 2012 Middle East & Africa Renewables Deal of the Year, Lesadi & Letatsi PV Project Finance Awards 2012 African Solar Deal of the Year, KSolar CPS Project Finance Magazine 2012 African Renewables Deal of the Year, Addax Bioenergy Project Finance Magazine 2011 African Power Deal of the Year, Kivuwatt Project Finance Magazine 2011 Rankings, awards and accolades included in this publication pre-date the combination of Norton Rose and Fulbright and Jaworski LLP on June 3, Norton Rose Fulbright
7 Contacts If you would like further information please contact: Beijing Tom Luckock Tel +86 (10) Cape Town Matt Ash Director Norton Rose Fulbright South Africa (incorporated as Deneys Reitz Inc) Tel +27 (0) Dar es Salaam Adam Lovett Director Norton Rose Fulbright South Africa (incorporated as Deneys Reitz Inc) Tel Durban Gary Rademeyer Director Norton Rose Fulbright South Africa (incorporated as Deneys Reitz Inc) Tel +27 (0) Johannesburg Julian Jackson Director Norton Rose Fulbright South Africa (incorporated as Deneys Reitz Inc) Tel +27 (0) London Simon Currie Tel +44 (0) Madhavi Gosavi Tel +44 (0) Richard Metcalf Tel +44 (0) Bayo Odubeko Tel +44 (0) Arun Velusami Tel +44 (0) Charles Whitney Tel +44 (0) Chris Down Senior associate Tel +44 (0) Paris/Casablanca Anne Lapierre Tel +33 (0) / Arnaud Bélisaire Tel +33 (0) Poupak Bahamin Tel poupak.bahamin@nortonrosefulbright.com Singapore Nick Merritt Norton Rose Fulbright (Asia) LLP Tel nick.merritt@nortonrosefulbright.com Tokyo George Gibson Norton Rose Fulbright Gaikokuho Jimu Bengoshi Jimusho Norton Rose Fulbright (Asia) LLP Tel +81 (0) george.gibson@nortonrosefulbright.com Norton Rose Fulbright 07
8 nortonrosefulbright.com Norton Rose Fulbright Norton Rose Fulbright is a global legal practice. We provide the world s pre-eminent corporations and financial institutions with a full business law service. We have more than 3800 lawyers based in over 50 cities across Europe, the United States, Canada, Latin America, Asia, Australia, Africa, the Middle East and Central Asia. Recognized for our industry focus, we are strong across all the key industry sectors: financial institutions; energy; infrastructure, mining and commodities; transport; technology and innovation; and life sciences and healthcare. Wherever we are, we operate in accordance with our global business principles of quality, unity and integrity. We aim to provide the highest possible standard of legal service in each of our offices and to maintain that level of quality at every point of contact., Norton Rose Fulbright Australia, Norton Rose Fulbright Canada LLP, Norton Rose Fulbright South Africa (incorporated as Deneys Reitz Inc) and Fulbright & Jaworski LLP, each of which is a separate legal entity, are members ( the Norton Rose Fulbright members ) of Norton Rose Fulbright Verein, a Swiss Verein. Norton Rose Fulbright Verein helps coordinate the activities of the Norton Rose Fulbright members but does not itself provide legal services to clients. This publication was produced prior to June 3, 2013 when Fulbright & Jaworski LLP became a member of Norton Rose Fulbright Verein. References to Norton Rose Fulbright, the law firm, and legal practice are to one or more of the Norton Rose Fulbright members or to one of their respective affiliates (together Norton Rose Fulbright entity/entities ). No individual who is a member, partner, shareholder, director, employee or consultant of, in or to any Norton Rose Fulbright entity (whether or not such individual is described as a partner ) accepts or assumes responsibility, or has any liability, to any person in respect of this communication. Any reference to a partner or director is to a member, employee or consultant with equivalent standing and qualifications of the relevant Norton Rose Fulbright entity. The purpose of this communication is to provide information as to developments in the law. It does not contain a full analysis of the law nor does it constitute an opinion of any Norton Rose Fulbright entity on the points of law discussed. You must take specific legal advice on any particular matter which concerns you. If you require any advice or further information, please speak to your usual contact at Norton Rose Fulbright. NRF /13 (UK) Extracts may be copied provided their source is acknowledged.
Investment Brief for the Electricity Sector in Ghana
Investment Brief for the Electricity Sector in Ghana Overview Ghana s economy growth decelerated sharply to an estimated 4.2% in 2014, down from 7.4 % in 2013. Manufacturing and oil production from the
More informationMoroccan plan for solar energy
Moroccan plan for solar energy FINANCIAL INSTITUTIONS ENERGY INFRASTRUCTURE AND COMMODITIES TRANSPORT TECHNOLOGY Briefing October 2010 MASEN 500MW Phase One Solar Power Complex at Ouarzazate The Kingdom
More informationClimate Parliament Climate Change & Energy Access for the Poor March 26-28, 2010, Limbe, Cameroun
Climate Parliament Climate Change & Energy Access for the Poor March 26-28, 2010, Limbe, Cameroun SHEP Ghana s Self-help Electrification Programme By Henry Vanderpuye Energy Consultant, Ministry of Energy
More informationRENEWABLE ENERGY WORKSHOP
RENEWABLE ENERGY WORKSHOP Development of Bankable PPAs and Opportunities for Cooperation with ECG GIZ House, Reichpietschufer, Berlin January 18, 2016 OUTLINE OF PRESENTATION Introduction and Overview
More informationKEY CONSIDERATIONS IN POWER PURCHASE AGREEMENT (PPA) RISK ALLOCATION AND COMMON CLAUSES WHICH FORM PART OF A PPA
KEY CONSIDERATIONS IN POWER PURCHASE AGREEMENT (PPA) RISK ALLOCATION AND COMMON CLAUSES WHICH FORM PART OF A PPA AFRICA UTILITY WEEK CONFERENCE Yesufu Longe Alonge Head, Power Procurement & Power Contracts
More informationFeasibility. A guide to feasibility planning for junior mining companies
Financial institutions Energy Infrastructure, mining and commodities Transport Technology and innovation Life sciences and healthcare Feasibility A guide to feasibility planning for junior mining companies
More informationListed company long-term executive share incentive plans
Financial institutions Energy Infrastructure, mining and commodities Transport Technology and innovation Life sciences and healthcare Listed company long-term executive share incentive plans Incentivising
More informationBig Data and the Internet of Things
Financial institutions Energy Infrastructure, mining and commodities Transport Technology and innovation Life sciences and healthcare Big Data and the Internet of Things Protecting rights, controlling
More informationAsset management. Strategic use of technology and outsourcing to address cost pressures and enhance market position
Financial institutions Energy Infrastructure, mining and commodities Transport Technology and innovation Life sciences and healthcare Asset management Strategic use of technology and outsourcing to address
More informationTax considerations for US companies offering international equity incentive programmes
Financial institutions Energy Infrastructure, mining and commodities Transport Technology and innovation Life sciences and healthcare Tax considerations for US companies offering international equity incentive
More informationInvesting in the African electricity sector
FINANCIAL INSTITUTIONS ENERGY INFRASTRUCTURE, MINING AND COMMODITIES TRANSPORT TECHNOLOGY AND INNOVATION PHARMACEUTICALS AND LIFE SCIENCES Investing in the African electricity sector Mozambique Ten things
More informationPensions. Duties of employers, trustees and administrators to members: recent Pensions Ombudsman determinations. Briefing. Summary
Financial institutions Energy Infrastructure, mining and commodities Transport Technology and innovation Life sciences and healthcare Pensions Duties of employers, trustees and administrators to members:
More informationVenezuela. Ten things to know when investing by way of debt or equity
Financial institutions Energy Infrastructure, mining and commodities Transport Technology and innovation Life sciences and healthcare Venezuela Ten things to know when investing by way of debt or equity
More informationAsset management. Briefing. Establishing an asset management presence in Hong Kong and Singapore. Introduction. Hong Kong
Asset management FINANCIAL INSTITUTIONS ENERGY INFRASTRUCTURE, MINING AND COMMODITIES TRANSPORT TECHNOLOGY AND INNOVATION PHARMACEUTICALS AND LIFE SCIENCES Briefing August 2011 Establishing an asset management
More informationTaxation of aircraft financing in Germany
Financial institutions Energy Infrastructure, mining and commodities Transport Technology and innovation Life sciences and healthcare Taxation of aircraft financing in Germany Briefing September 2013 1
More informationMiFID II/MiFIR series
Financial institutions Energy Infrastructure, mining and commodities Transport Technology and innovation Life sciences and healthcare MiFID II/MiFIR series Impact on commodities and commodity derivatives
More informationChina new healthcare reform 2020
Financial institutions Energy Infrastructure, mining and commodities Transport Technology and innovation Life sciences and healthcare China new healthcare reform 2020 Ten things to know Norton Rose Fulbright
More informationWorking and ordinarily working in the UK
Financial institutions Energy Infrastructure, mining and commodities Transport Technology and innovation Life sciences and healthcare Working and ordinarily working in the UK Briefing January 2015 Introduction
More informationRegistration of foreign loans in Brazil - ROF
Registration of foreign loans in Brazil - ROF - November, 2013 November 2013 2 Registration of Foreign Loans in Brazil - ROF (Registro de Operações Financeiras) The 2014 FIFA World Cup and 2016 Olympics
More informationShip finance leasing in China
Ship finance leasing in China FINANCIAL INSTITUTIONS ENERGY INFRASTRUCTURE, MINING AND COMMODITIES TRANSPORT TECHNOLOGY AND INNOVATION PHARMACEUTICALS AND LIFE SCIENCES Jonathan Silver Of Counsel, Norton
More informationCompliance issues for pharmaceutical companies in Germany
Financial institutions Energy Infrastructure, mining and commodities Transport Technology and innovation Life sciences and healthcare Compliance issues for pharmaceutical companies in Germany Ten things
More informationSolar Energy in Africa Experiences from Ghana
Solar Energy in Africa Experiences from Ghana AfricaSolar Conference 2015, 25 27 June 2015, Ouagadougou David A. Quansah Kwame Nkrumah University of Science and Technology (KNUST) Kumasi Ghana 26 June
More informationNorton Rose Group expands across Canada, Latin America and Kazakhstan. Creating one of the world s leading energy and mining practices
Norton Rose Group expands across Canada, Latin America and Kazakhstan Creating one of the world s leading energy and mining practices Norton Rose Group expands across Canada, Latin America and Kazakhstan
More informationGHANA. www.dlapiper.com 01
GHANA www.dlapiper.com 01 Introducing Reindorf Chambers and the Ghanaian legal environment Key information on Ghana Formerly known as the Gold Coast, Ghana is located in West Africa, and became independent
More informationMiFID II/MiFIR series
Financial institutions Energy Infrastructure, mining and commodities Transport Technology and innovation Life sciences and healthcare MiFID II/MiFIR series Trading venues and market infrastructure Briefing
More informationInternational Swaps and Derivatives Association, Inc. COLLATERAL LAW REFORM GROUP UNITED KINGDOM COUNTRY REPORT
International Swaps and Derivatives Association, Inc. COLLATERAL LAW REFORM GROUP UNITED KINGDOM COUNTRY REPORT Supplement to Collateral Arrangements in the European Financial Markets: The Need for National
More informationFINANCIAL INSTITUTIONS ENERGY INFRASTRUCTURE, MINING AND COMMODITIES TRANSPORT TECHNOLOGY AND INNOVATION PHARMACEUTICALS AND LIFE SCIENCES
Nuclear Finance Basics FINANCIAL INSTITUTIONS Offtakers Regulators Developers People International Stakeholders Government Operators Suppliers Public Legacy Managers Financers Insurers 2 NEPIO Government
More informationCORPORATE FINANCE FINANCIAL INSTITUTIONS ENERGY AND INFRASTRUCTURE. Undertakings. Norton Rose LLP June 2012. PAR-#4041659-v1 1
CORPORATE FINANCE FINANCIAL INSTITUTIONS ENERGY AND INFRASTRUCTURE Undertakings Norton Rose LLP June 2012 1 UNDERTAKINGS What is an undertaking? 1 In general terms, an undertaking is simply an enforceable
More informationNMRC AND THE NIGERIAN MORTGAGE MARKET:
NMRC AND THE NIGERIAN MORTGAGE MARKET: An Intermediate Step to a full Secondary Mortgage Market 2014 CAPITAL MARKET COMMITTEE (CMC) RETREAT & CONFERENCE Sonnie Ayere Interim CEO, NMRC Chairman, Dunn Loren
More informationHow to Make a Foreign Investment in Myanmar
Financial institutions Energy Infrastructure, mining and commodities Transport Technology and innovation Life sciences and healthcare M&A law in Myanmar Acknowledgement We gratefully acknowledge the assistance
More informationPolish RES support system from the perspective of offshore wind energy - current status and anticipated changes
Polish RES support system from the perspective of offshore wind energy - current status and anticipated changes Rafał Hajduk Legal adviser / Partner Norton Rose Fulbright Piotr Strawa i Wspólnicy, sp.
More information4 DAY Course Outline. Power Purchase Agreements. for Emerging Countries
4 DAY Course Outline Power Purchase Agreements for Emerging Countries Overview This intensive and highly interactive four day hands-on course will provide a comprehensive analysis of issues associated
More informationElectricity in Egypt
T: (+20) 2 3760 4592 F: (+20) 2 3760 4593 A: 16 Hussein Wassef Street, Messaha Square Dokki, Giza, Egypt 12311 www.ide.com.eg Electricity in Egypt Policy and Regulatory Reform November 2015 Electricity
More informationJapan. Nagahide Sato and Sadayuki Matsudaira. Nishimura & Asahi
Nagahide Sato and Sadayuki Matsudaira Nishimura & Asahi 1 Policy and law What is the government policy and legislative framework for the electricity sector? The electricity sector in is governed by the
More informationCourse Brochure. New York. Doha
Course Brochure LONDON New York Dubai Hong Kong Singapore Johannesburg Doha Aberdeen abuja kuala lumpur Table of contents Background page 3 Oil & Gas Faculty pages 5-8 Mining Faculty pages 9-11 Public
More informationHSBC Mutual Funds. Simplified Prospectus June 8, 2015
HSBC Mutual Funds Simplified Prospectus June 8, 2015 Offering Investor Series, Advisor Series, Premium Series, Manager Series and Institutional Series units of the following Funds: HSBC Global Corporate
More informationFull Scale Program for Renewable Energy in Egypt
Full Scale Program for Renewable Energy in Egypt Contents Evolution of Egypt Needs of Electricity and its supply mix Renewable Energy Policy and Targets Renewable Energy Program Components Conclusions
More informationPensions. Briefing. Summary. May 2012
Pensions FINANCIAL INSTITUTIONS ENERGY INFRASTRUCTURE, MINING AND COMMODITIES TRANSPORT TECHNOLOGY AND INNOVATION PHARMACEUTICALS AND LIFE SCIENCES Briefing May 2012 High Court considers scope of transferring
More informationAGREEMENT BETWEEN THE GOVERNMENT OF THE ITALIAN REPUBLIC AND THE GOVERNMENT OF ON THE PROMOTION AND PROTECTION OF INVESTMENTS
AGREEMENT BETWEEN THE GOVERNMENT OF THE ITALIAN REPUBLIC AND THE GOVERNMENT OF ON THE PROMOTION AND PROTECTION OF INVESTMENTS The Government of the Italian Republic and the Government of the..., hereafter
More informationSuccess in Renewables. Glossary of Terms Investment and Renewables
Success in Renewables Glossary of Terms Investment and Renewables If you re new to renewable energy or investment, then it can be a minefield of new language and terminology. What seems totally normal
More informationJapan. Nagahide Sato and Sadayuki Matsudaira Nishimura & Asahi
Nagahide Sato and Sadayuki Matsudaira Nishimura & Asahi 1 Policy and law What is the government policy and legislative framework for the electricity sector? The electricity sector in is governed by the
More informationPensions. Briefing. The PPF Entry Process. Stage 1. Stage 2. December 2011. Summary
Pensions FINANCIAL INSTITUTIONS ENERGY INFRASTRUCTURE, MINING AND COMMODITIES TRANSPORT TECHNOLOGY AND INNOVATION PHARMACEUTICALS AND LIFE SCIENCES Briefing The PPF Entry Process December 2011 Summary
More informationHow To Understand The New Financial Regulations In European Law
Seventh Annual MIG seminar: The Impact of MiFID II and EMIR on Commodities Hannah Meakin (Partner) and Cat Blake (Associate) 5 March 2014 Overview MiFID II: What are financial instruments? Additions and
More informationSTANDARD LIFE INVESTMENTS PROPERTY INCOME TRUST LIMITED
This document is issued by Standard Life Investments Property Income Trust Limited (the "Company") and is made available by Standard Life Investments (Corporate Funds) Limited (the AIFM ) solely in order
More informationTITLE 20. COMMERCE, FINANCIAL INSTITUTIONS, AND INSURANCE CHAPTER 4. DEPARTMENT OF FINANCIAL INSTITUTIONS ARTICLE 1. GENERAL
TITLE 20. COMMERCE, FINANCIAL INSTITUTIONS, AND INSURANCE CHAPTER 4. DEPARTMENT OF FINANCIAL INSTITUTIONS ARTICLE 1. GENERAL Section R20-4-102. Table A. Definitions Licensing Time-frames ARTICLE 9. MORTGAGE
More informationHong Kong is increasingly seen as a necessary operations
1 TIMOTHY LOH Financial Services & Law Review Setting Up In Hong Kong: A Guide for the Finance Industry Hong Kong is increasingly seen as a necessary operations center for the financial industry. It is
More informationGhana s Legal Framework for Secured Transactions
Ghana s Legal Framework for Secured Transactions M A R E K D U B O V E C M D U B O V E C @ N A T L A W.C O M Organization of the Presentation 1) Current Substantive Legal Framework 2) Assessment against
More informationELECTRICITY MARKET ACT
1 NB: Unofficial translation Ministry of Trade and Industry, Finland ELECTRICITY MARKET ACT (386/1995; amendments up to 1172/2004 included) In accordance with a decision by Parliament, the following is
More informationCORPORATE MEMBERS OF LIMITED LIABILITY PARTNERSHIPS
1. INTRODUCTION CORPORATE MEMBERS OF LIMITED LIABILITY PARTNERSHIPS 1.1 This note, prepared on behalf of the Company Law Committee of the City of London Law Society ( CLLS ), relates to BIS request for
More informationTrade finance in Nigeria: Structured commodity financing as an instrument for mitigating risk
Trade finance in Nigeria: Structured commodity financing as an instrument for mitigating risk By Olutola Bella, Banwo & Ighodalo The buoyancy of international trade and access to trade finance are key
More informationHSBC Mutual Funds. Simplified Prospectus June 15, 2016
HSBC Mutual Funds Simplified Prospectus June 15, 2016 Offering Investor Series, Advisor Series, Premium Series, Manager Series and Institutional Series units of the following Funds: Cash and Money Market
More informationMEMORANDUM OF ASSOCIATION
THE COMPANIES ACTS, 1963 TO 2006 A PUBLIC COMPANY LIMITED BY SHARES AN UMBRELLA TYPE INVESTMENT COMPANY WITH VARIABLE CAPITAL AND HAVING SEGREGATED LIABILITY BETWEEN SUB-FUNDS NATIXIS INTERNATIONAL FUNDS
More informationESBI Carbon Solutions. Partnering with Countries to Achieve their Full Carbon Credit Potential
ESBI Carbon Solutions Partnering with Countries to Achieve their Full Carbon Credit Potential ESB International ESB International (ESBI) is a growing international energy company and one of Europe s leading
More informationEstablishing a business
Establishing a business in Singapore legal guide Published November 2012 HERBERT SMITH FREEHILLS Establishing a business in Singapore 03 Introduction This guide provides an overview of common issues encountered
More informationTurkey Promulgates Renewable Energy Regulations
September 28, 2011 Turkey Promulgates Renewable Energy Regulations Turkey's Ministry of Energy and Natural Sources (the "Ministry of Energy") and Energy Market Regulatory Authority ("EMRA") promulgated
More informationGerman Stock Corporation Act (Aktiengesetz)
Financial institutions Energy Infrastructure, mining and commodities Transport Technology and innovation Life sciences and healthcare German Stock Corporation Act (Aktiengesetz) English translation as
More informationLaw of Mongolia on Concessions
Economic Policy Reform and Competitiveness Project April 2005 Ulaanbaatar, Mongolia This publication was produced for review by the United States Agency for International Development The views expressed
More informationAntitrust-approval risks:
Financial institutions Energy Infrastructure, mining and commodities Transport Technology and innovation Life sciences and healthcare Antitrust-approval risks: Issues and pitfalls in international M&A
More informationThe UK solar gold rush: Navigating the end of the RO regime and preparing for CfDs ORRICK 1. In association with
The UK solar gold rush: Navigating the end of the RO regime and preparing for CfDs ORRICK 1 In association with U.S. RENEWABLE ENERGY FINANCING AND REGULATORY OUTLOOK 2015 2 ORRICK US renewable energy
More informationA GUIDE TO DOING BUSINESS IN NIGERIA
A GUIDE TO DOING BUSINESS IN NIGERIA Copyright Abraham & Co. CONTENT Page Forms of Business Enterprise 3 Registration of a Company and Application for 5 Start-up Approvals The Tax System 8 Checklist for
More informationMortgage Brokerages, Lenders and Administrators Act, 2006. Additional Draft Regulations for Consultation
Mortgage Brokerages, Lenders and Administrators Act, 2006 Additional Draft Regulations for Consultation Proposed by the Ministry of Finance January, 2008 Mortgage Brokerages, Lenders and Administrators
More informationFINANCING PERSPECTIVE
C1 FINANCING PERSPECTIVE European Forum for Science and Industry Olivier Musset Energy Finance Société Générale DISCLAIMER This Presentation has been prepared by Société Générale Corporate and Investment
More informationSTELLENBOSCH MUNICIPALITY
STELLENBOSCH MUNICIPALITY APPENDIX 9 BORROWING POLICY 203/204 TABLE OF CONTENTS. PURPOSE... 3 2. OBJECTIVES... 3 3. DEFINITIONS... 3 4. SCOPE OF THE POLICY... 4 5. LEGISLATIVE FRAMEWORK AND DELEGATION
More informationStatus of Capital Adequacy
Capital Adequacy Ratio Highlights 204 Status of Consolidated Capital Adequacy of Mizuho Financial Group, Inc. 206 Scope of Consolidation 206 Consolidated Capital Adequacy Ratio 208 Risk-Based Capital 210
More informationIn accordance with Listing Rule 12.10, Computershare Limited attaches its updated Share Trading Policy.
MARKET ANNOUNCEMENT Computershare Limited ABN 71 005 485 825 Yarra Falls, 452 Johnston Street Abbotsford Victoria 3067 Australia PO Box 103 Abbotsford Victoria 3067 Australia Telephone 61 3 9415 5000 Facsimile
More informationPRC REGULATORY OVERVIEW
Our business is mainly conducted in China. The key laws and regulations regulating our business operations in China include the following: Measures on the Administration of Foreign Investment in the Leasing
More informationTAX ISSUES RAISED BY LNG PROJECTS
TAX ISSUES RAISED BY LNG PROJECTS Jon Lobb Baker Botts L.L.P. ABSTRACT This paper discusses tax issues that may be encountered by a company investing in an LNG project. 1. Income Taxes A seller's income
More informationBankruptcy and Restructuring
doing business in Canada 102 p Bankruptcy and Restructuring 1. Legislation and Court System The Canadian bankruptcy and insolvency regime is divided between the federal and provincial levels of government
More informationUnited Arab Emirates
United Arab Emirates Afridi & Angell Amjad Ali Khan BASIC INFORMATION ON THE TYPES OF LIMITED LIABILITY COMPANIES AND ON THE RIGHTS OF SHAREHOLDERS 1. What types of companies enjoy limited liability? If
More informationSUMMARY PROSPECTUS. BlackRock Liquidity Funds Select Shares California Money Fund Select: BCBXX FEBRUARY 29, 2016
FEBRUARY 29, 2016 SUMMARY PROSPECTUS BlackRock Liquidity Funds Select Shares California Money Fund Select: BCBXX Before you invest, you may want to review the Fund s prospectus, which contains more information
More informationFEED-IN OF EXCESS ENERGY AND SELF CONSUMPTION: NEW REGULATIONS IN GHANA S ENERGY SECTOR JULIUS NKANSAH-NYARKO ENERGY COMMISSION
FEED-IN OF EXCESS ENERGY AND SELF CONSUMPTION: NEW REGULATIONS IN GHANA S ENERGY SECTOR JULIUS NKANSAH-NYARKO ENERGY COMMISSION NOVEMBER 20, 2014 PRESENTATION OUTLINE Overview of Ghana s Energy Situation
More informationSedgman enters agreement to acquire MDM Engineering
Sedgman Limited [ASX: SDM] ABN 86 088 471 667 Head Office Level 2, 2 Gardner Close Milton QLD 4064 AUSTRALIA Ph: +61 7 3514 1000 Fax: +61 7 3514 1999 Postal Address PO Box 1801 Milton BC QLD 4064 Email:
More informationThe Mortgage Brokerages and Mortgage Administrators Regulations
1 AND MORTGAGE ADMINISTRATORS M-20.1 REG 1 The Mortgage Brokerages and Mortgage Administrators Regulations being Chapter M-20.1 Reg 1 (effective October 1, 2010) as amended by Saskatchewan Regulations,
More informationNEWSFLASH October 2009
NEWSFLASH October 2009 INVESTING IN INFRASTRUCTURE IN VIETNAM Vietnam's need for investment in infrastructure to keep pace with and to sustain economic growth has been voiced loudly. To date, the State
More informationSolicitors Professional Liability Proposal 2013-14
Solicitors Professional Liability Proposal 2013-14 Proposer Details Practice Title(s) (including service companies) Principal Address line one Principal Address line two City and postcode Telephone number
More informationUnited Kingdom: Main Market - IPO Overview
United Kingdom: Main Market - IPO Overview 1 Regulatory Background 1.1 Overview of Regulatory Requirements The requirements for listing on the Main Market (premium and standard) of the London Stock Exchange
More informationOFF-TAKE UNDER THE CFD - BUSINESS AS NORMAL? Electricity Market Reform: Edging Towards Delivery 24 September 2014
OFF-TAKE UNDER THE CFD - BUSINESS AS NORMAL? Electricity Market Reform: Edging Towards Delivery 24 September 2014 Statkraft providing Pure Energy Statkraft is Europe s largest generator of renewable energy
More informationMORTGAGE BROKER AGREEMENT
MORTGAGE BROKER AGREEMENT This Mortgage Broker Agreement (the "Agreement") is entered into by and between: ST. CLOUD MORTGAGE, a California Corporation (the "Lender"), and (the "Mortgage Broker") as of
More informationLetter of Intent for Acquisition Purchase of Stock of the Business for a Combination of Cash and Purchaser s Stock (Pro-Buyer Oriented)
Form: Letter of Intent for Acquisition Purchase of Stock of the Business for a Combination of Cash and Purchaser s Stock (Pro-Buyer Oriented) Description: This is a sample Letter of Intent for the acquisition
More informationInfrastructure Development Funding and Financing
Infrastructure Development Funding and Financing 09 December 2013 2 Presentation outline 1. Role of infrastructure development 2. Public sector infrastructure investment 3. Funding options i. Recent airport
More informationM&G HIGH INCOME INVESTMENT TRUST P.L.C
This document is issued by M&G Securities Limited as the alternative investment fund manager (AIFM) of M&G High Income Investment Trust PLC (the "Company") solely in order to make certain information available
More informationDoing Business. A Practical Guide. casselsbrock.com. Canada. Dispute Resolution. Foreign Investment. Aboriginal. Securities and Corporate Finance
About Canada Dispute Resolution Forms of Business Organization Aboriginal Law Competition Law Real Estate Securities and Corporate Finance Foreign Investment Public- Private Partnerships Restructuring
More informationFrom: Hong Kong Wah Sun Company [mailto:wahsuntradinghongkong@outlook.com] Sent: Friday, October 23, 2015 3:39 PM Subject: Conflict Check
From: Hong Kong Wah Sun Company [mailto:wahsuntradinghongkong@outlook.com] Sent: Friday, October 23, 2015 3:39 PM Subject: Conflict Check Legal Matter in process to review of proposed transaction contract
More informationSECTOR ASSESSMENT (SUMMARY): ENERGY. 1. Sector Performance, Problems, and Opportunities
Country Operations Business Plan: Philippines, 2013 2015 SECTOR ASSESSMENT (SUMMARY): ENERGY 1. Sector Performance, Problems, and Opportunities 1. Challenges. Economic growth has been impeded in the Philippines
More informationT he restrictions of Sections 23A and Regulation W
BNA s Banking Report Reproduced with permission from BNA s Banking Report, 100 BBR 109, 1/15/13, 01/15/2013. Copyright 2013 by The Bureau of National Affairs, Inc. (800-372-1033) http://www.bna.com REGULATION
More informationThird Renewable and Distributed Generation Task Force Meeting. San Diego, California March 27, 2007
BARRIERS TO FINANCING INDIAN RENEWABLE ENERGY RENEWABLE ENERGY PROJECTS THE LEGAL PERSPECTIVE Third Renewable and Distributed Generation Task Force Meeting San Diego, California March 27, 2007 Mark J.
More informationHow to set up a company in South Africa
How to set up a company in South Africa Business entities and registration procedures The most common business entities in South Africa are: 1. Companies 2. Close corporations 3. Partnerships and sole
More informationST IVES PLC ST IVES LONG TERM INCENTIVE PLAN 2010. Approved by shareholders of the Company on. Adopted by the board of the Company on
DISPLAY VERSION ST IVES PLC ST IVES LONG TERM INCENTIVE PLAN 2010 Approved by shareholders of the Company on Adopted by the board of the Company on The Plan is a discretionary benefit offered by St Ives
More informationINTERNATIONAL EMPLOYMENT GROUP. Employment Services in Oman
INTERNATIONAL EMPLOYMENT GROUP Employment Services in Oman We continue to recommend them to others because of their strength in dealing with detail CHAMBERS GLOBAL 2015 10-5112821-9 0 Addleshaw Goddard's
More informationThe Kansai Electric Power Company, Incorporated and Subsidiaries
The Kansai Electric Power Company, Incorporated and Subsidiaries Consolidated Financial Statements for the Years Ended March 31, 2003 and 2002 and for the Six Months Ended September 30, 2003 and 2002 The
More informationAgreements, bonds and guarantees
Agreements, bonds and guarantees SPV Formation The Special Project Vehicle (SPV) may take a variety of forms, including a corporation, limited liability company, general partnership, limited partnership,
More informationNew UAE Commercial Companies Law: Legal reforms to strengthen the legal and regulatory landscape of doing business in the UAE
from Legal Middle East New UAE Commercial Companies Law: Legal reforms to strengthen the legal and regulatory landscape of doing business in the UAE May 2015 In brief After years of speculation regarding
More informationRenewable Energy Strategy for 2020 and Regulatory Framework. Eng. Hatem Amer Egyptian Electric Regulatory and Consumer Protection Agency
Renewable Energy Strategy for 2020 and Regulatory Framework Eng. Hatem Amer Egyptian Electric Regulatory and Consumer Protection Agency Objectives of the Agency Regulate, supervise, and control all matters
More informationReal estate. A guide to commercial property investment in England and Wales
Financial institutions Energy Infrastructure, mining and commodities Transport Technology and innovation Life sciences and healthcare Real estate A guide to commercial property investment in England and
More informationTanzania. Rex Attorneys. Introduction
Rex Attorneys Introduction Key legislation and regulatory structure s upstream oil and gas sector is currently enjoying a boom experienced elsewhere in East Africa following major discoveries of natural
More informationIn practice, foreigners usually establish LLCs. Partnerships and joint stock companies are only established in exceptional cases.
Company Laws The Companies Law is the principal body of legislation governing companies. Saudi company law recognizes eight forms of companies. The most common forms are limited liability companies (LLC),
More informationQUALIFICATIONS REQUIREMENTS FOR INVESTORS TO PARTICIPATE IN FEED-IN TARIFF SCHEME
Ministry of Electricity and Renewable Energy Egyptian Electricity Holding Company Egyptian Electricity Transmission Company QUALIFICATIONS REQUIREMENTS FOR INVESTORS TO PARTICIPATE IN FEED-IN TARIFF SCHEME
More informationCollective Investment Undertakings of the Closed-Ended Type
P a g e 1 Listing Conditions Chapter 14 Collective Investment Undertakings of the Closed-Ended Type 1 P a g e 2 14.1 APPLICATION This chapter applies to securities issued by collective investment undertakings
More informationCompanies Act No. 71 of 2008 An Implementation Guide
Companies Act No. 71 of 2008 An Implementation Guide The New Companies Act An Implementation Guide It has been announced that the new Companies Act No. 71 of 2008 (New Act), which will repeal the existing
More informationPRIMARY DEALER AGREEMENT REGARDING SWEDISH GOVERNMENT BONDS
PRIMARY DEALER AGREEMENT REGARDING SWEDISH GOVERNMENT BONDS 29 November 2013 [THE PRIMARY DEALER] and THE KINGDOM OF SWEDEN REPRESENTED BY RIKSGÄLDSKONTORET NOTICE: This is an unofficial translation of
More information