Deji Adegoke is a partner in the Energy, Infrastructure, Project and Asset Finance Group in London. Deji's practice is focused on the infrastructure, oil and gas, power and metals and mining sectors in emerging markets, with a particular focus on Africa. Deji has extensive experience advising commercial banks, institutional investors, private equity funds, ECAs, DFIs, sponsors and borrowers in project finance transactions, reserve based lendings and corporate and acquisition financings.
Representation of the lenders in connection with a US$1.4 billion loan to Chevron and Nigerian National Petroleum Company (NNPC) (acting as joint venture parties) to help monetise reserves, increase production and support the energy transition through the production of gas for domestic supplies. Awarded "Middle East and African Deal of the Year" at the PFI Awards 2022.
Representation of the financiers on a landmark US$20 billion project financing of Mozambique's first onshore LNG development, Mozambique LNG, one of the largest ever foreign direct investments into Africa. Project costs will be funded by a combination of equity, pre-completion cashflows and up to US$16 billion of senior debt facilities. The senior debt comprises a mix of ECA facilities and commercial bank facilities, and a loan facility with the African Development Bank.
Representation of Vale S.A. and Mitsui & Co., Ltd in connection with the development and financing of the Nacala Project. The project includes the construction and financing of a new rail line to connect the Moatize mine in Tete to the existing railway line in Malawi, the rehabilitation of the existing line in the Malawi rail network, and in Mozambique between Nkaya and Monapo, the construction of a new branch line, connecting the existing railway line and the port, and the construction of a new coal port terminal in Nacala-à-Velha. This transaction was awarded "Transportation and Infrastructure Team of the Year" by The African Legal Awards, "Logistics Deal of the Year" (2018) by Project Finance International "Best Africa Infrastructure Deal of the Year" (2018) by Jeune Afrique Magazine "African Transport deal of the Year" (2017) by IJGlobal and the deal team was awarded, The Lawyer's "Energy and Infrastructure Team of the Year" (2018).
Representation of Qatar Holding LLC an affiliate of the Qatar Investment Authority, in its US$200 million acquisition of a minority stake in Airtel Mobile Commerce B.V., a subsidiary of LSE listed Airtel Africa Plc. and a provider of telecommunications and mobile money services, with a presence in 14 countries across Africa.
Representation of TNOG Oil and Gas Limited, a related company of Heirs Holdings Limited and Transnational Corporation, on the acquisition financing of OML 17 from the Shell Petroleum Development Company of Nigeria Limited. This is a highly innovative financing that includes a reserves based lending tranche, a senior debt tranche, a junior debt tranches, a working capital facility and a bond issuance of senior unsecured structured notes. The total financing is in excess of US$1 billion and the Borrowers have the ability to increase the commitments across the entire capital structure from time to time, subject to the satisfaction of certain conditions.
Representation of International Finance Corporation and the mandated lead arrangers in connection with the US$1.2 billion expansion financing of a world scale urea fertilizer production facility in Nigeria. This transaction was awarded "Africa Petchem Deal of the Year" (2018) by PFI.