Marianna Sédéfian | White & Case LLP International Law Firm, Global Law Practice
 Marianna Sedefian
 Marianna Sedefian

Marianna Sédéfian

Counsel, Paris

T +33 1 55 04 15 15

E [email protected]


Marianna Sédéfian is a counsel in the Energy, Infrastructure, Project and Asset Finance group of the Paris office.

Her principal fields of expertise are project finance.

In project finance, Marianna has a vast experience assisting banks, French and foreign credit institutions and advising national and international sponsors on their project financing transactions (notably in France and in Africa), generally based on PPP and concession agreements.

Her practice mainly includes all aspects of the structuring and financing of major infrastructure and industrial and energy projects (notably regarding railways, roads and bridge), as well as their corporate law specificities.

Marianna managed several large projects in France (railway projects, motorways, road tunnel, wind farms) and Africa (motorway, bridge, water, mining and energy projects). She gained significant practice in drafting finance documentation relating to large transactions.

In acquisition finance, Marianna has assisted French and foreign banks, mezzanine funds, investment funds. She also advises companies on leveraged buyouts transactions, syndicated financings and debt restructuring.

Bars and Courts

  • Paris Bar


  • Master in International Business Law (DJCE) – International Option, Business Law Institute Aix en Provence
  • Maîtrise in Business Law and Foreign Languages (English – Russian)


  • French
  • English
  • Russian
  • Armenian
  • Spanish


A355 French motorway financing, 2018

Representation of the lenders of Arcos, a subsidiary of Vinci Concessions in respect of the financing, construction and operation of the A355 motorway concession project in France.

Agadir desalination plant, 2014 – 2018

Representation of BMCE Bank as lender to two special purpose vehicles (SEDA and AMAN EL BARAKA) in connection with the financing, design, construction, operation and maintenance of a desalination plant located in Agadir, Morocco. Marianna also represented BMCE Bank as the sole lender supporting the consortium composed of Abengoa Water and InfraMaroc on the original financing of the project, a large scale PPP and the first delegated management contract of this importance in Morocco under the law n° 54-05.

A28 French motorway refinancing, 2017

Representation of Deutsche Bank and HSBC as joint arrangers and bookrunners on the refinancing of Autoroute de Liaison Seine-Sarthe (Alis), which operates the A28 motorway in France. This is the first public project bond refinancing in France in the motorway sector, which operates a motorway between the city of Alençon and the Rouen area in France.

Ciprel power plant in Côte d’Ivoire, 2012 - 2017

Representation of CIPREL, an Ivorian independent electricity producer, controlled by Eranove, itself a subsidiary of a pan-African investment fund, Emerging Capital Partners, in relation to the financing of the expansion of its power unit. We are currently advising the company on the fourth phase of the project. This transaction was named Best Sustainability Deal of the Year 2015 in Africa by EMEAFinance.

Sud Europe-Atlantique high-speed railway in France, 2011 - 2017

Representation of BNP, KFW, BBVA and SMBC as lenders in connection with the negotiation of an additional line of credit (LLGT) secured by the European Bank of Investment for the financing of France's Sud Europe-Atlantique (LGV SEA) high-speed railway line commissioned in July 2017. Marianna also represented the lenders (including nine commercial banks, the European Investment Bank and the Caisse des Dépôts et Consignations) to a consortium led by Vinci for the construction and operation of this high-speed railway line which, with an amount of €8 billion, is the largest project finance deal to be awarded in the French railway sector and the first contract concluded with a French state guarantee provided under the new French recovery plan. This transaction was named “Europe Rail Deal of the Year” by Project Finance International, "European Rail Deal of the Year" by Project Finance, and "Transport Deal of the Year" by Infrastructure Journal for 2011.

Loan to Orange Côte d’Ivoire, 2016

Representation of Société Générale de Banques en Côte d'Ivoire (SGBCI) and Société Générale as arrangers, and a group of lenders (comprising SGBCI, Société Générale group, Société Ivoirienne de Banque, Banque Atlantique de Côte d'Ivoire, Banque Internationale pour le Commerce et l'Industrie de Côte d'Ivoire, BNP Paribas Fortis, Chaabi International Bank Offshore and Standard Chartered Bank), on the negotiation of an FCFA 190 billion (€290 million) loan agreement granted to Orange Côte d'Ivoire to refinance its external growth transactions in West Africa, notably the acquisition of telecommunications companies Cellcom Telecommunication Inc. (Liberia) and Airtel Mobile Commerce Burkina Faso S.A. and Airtel Burkina Faso S.A. (Burkina Faso).

European Investment Bank's project bond issuance for the refinancing of Axione Telecoms, 2014

Representation of the European Investment Bank (EIB) on the project bond which refinances 11 French telecoms concessions that are owned by Axione Infrastructures. This transaction awarded the European Telecoms Deal of the Year by IJ Global 2015. This is the first project bond with EIB credit enhancement product issued in France and the first in Europe issued for digital infrastructure. It is also the first project bond listed on Euronext Paris.

The financing of a toll motorway in Senegal, 2010 and 2014

Representation of  the project company formed by Eiffage in connection with the concession, financing, building and operation of a €121 million new section of the Dakar toll road to be fund by the Senegalese government, AFD, Eiffage and its lenders. These additional 16,5 km will connect the first section of the Dakar-Diamniadio Toll Road to the new Blaise Diagne international airport.

The financing of the third-largest French wind farm, 2014

Representation of HSH Nordbank AG on the project financing of the third-largest French wind farm Seine Rive Gauche Nord located in the Department Aube and includes 30 Nordex N100 wind turbines. The total electricity output of the park is aimed to be 75 megawatt. The wind park is already under construction and is scheduled to start operating in 2015. The project also includes a dedicated transformer substation that will establish a direct grid connection to the high voltage RTE Transmission network, which makes it unique on the French energy market.

The Abidjan Toll Bridge in Côte d'Ivoire, 2012

Representation of the lenders of a Consortium led by Bouygues Travaux Publics (including AfDB, PAIDF, BOAD, EBID, AFC, BMCE Bank and FMO) for the financing, design, construction and operation of a toll bridge in Abidjan under a concession scheme with a debt and equity coverage from MIGA. This transaction was awarded "African Transport Deal of the Year" by Project Finance 2012.

Cruise Vessel financing, 2011

Representation of Société Générale Corporate & Investment Banking and HSBC on a comprehensive package for the financing of the construction by STX France, and the acquisition by Royal Caribbean Cruise Lines (second largest cruise company in the world), of the Oasis 3 Cruise Vessel for an amount of EUR 1.1 billion. This cruise ship with a capacity of 5 400 passengers and 2 100 crew members, will be the largest cruise vessel ever built in the world, featuring the most innovative technology and amenities in the cruise industry.  The financing was made of (i) a EUR 892 M COFACE covered Export Credit, with SG CIB, HSBC and BNP Paribas acting as Mandated Lead Arrangers and (ii) a EUR 735 M Pre-Financing Facility, with SG CIB and HSBC acting as Mandated Lead Arrangers.


  • Financements de projets: nouveaux acteurs et nouveaux challenges, Magazine des Affaires, Nov 2011, (co-author with Paule Biensan)