This Practice Note considers the meaning of the term ‘structure’ in a project finance transaction and identifies the key issues which may inform the approach to structuring such a transaction. It explains a ‘plain vanilla’ project finance structure and then contrasts that with some of the innovations employed in the Azura Edo IPP project, a conventional power project in Nigeria. This Practice Note was produced in partnership with Julian Nichol at Akin Gump Strauss Hauker & Feld who has experience in the EMEA project finance markets and who co-advised (along with Clifford Chance LLP) emerging markets investor, Actis, on its acquisition of a majority stake in the Azura Edo IPP post-financial close.
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