The African Business Group of Addleshaw Goddard has advised Seven Energy International in securing $255m (£152m) of new equity capital, which will enable the group to further develop gas supply opportunities in Nigeria’s domestic energy market.
Singapore investment company Temasek has committed $150m; the International Finance Corporation (IFC), a member of the World Bank Group, has committed $75m; and the IFC African, Latin American and Caribbean Fund (IFC ALAC Fund) has committed $30m.
The investments will be in two tranches, the timing of which is subject to the satisfaction of certain conditions in the investment agreements.
The Addleshaw Goddard team advising Seven Energy was led by corporate and energy partner Angus Rollo and included partner Guy Winter and corporate finance associate Karen Orr.
This new equity capital will assist Seven Energy in the development of its growing portfolio of assets in Nigeria, where the group is focusing on the development of upstream reserves and resources and gas infrastructure to provide gas to the domestic market for power generation and industrial consumption.