Ashurst advises anchor investors EAAIF AfDB and Norfund on PEPT II social securitisation to be listed on BRVM

Ashurst advised EAAIF (Emerging Africa & Asia Infrastructure Fund), the African Development Bank (AfDB) and Norfund as anchor investors in the second social securitisation of the Electricity for All Programme (PEPT II). Ashurst was assisted on local law aspects by Cabinet Jean‑François Chauveau. The transaction comprises the issuance of the FCTC Electricity For All 2025–2040, a social securitisation totalling 60 billion FCFA intended to finance access to electricity for low‑income households. The operation attracted both regional and international investors and follows a first issuance of the same size in 2023, bringing the total resources raised by the PEPT Fund through securitisation to 120 billion FCFA. The structure benefits from an IFC guarantee of 15.8 billion FCFA, representing 26% of the issuance, which materially improves the transaction’s risk profile. The bonds carry a GSS (Green, Social, Sustainable) label as confirmed by Moody’s and have been rated by GCR Rating West Africa as follows: Tranche A (7 years) AA, Tranche B (10 years) AA‑, and Tranche C (15 years) A+. The issuance is expected to finance approximately 800,000 new household connections between 2024 and 2027 and represents the first subscription by the AfDB and Norfund to a local‑currency social bond in the UEMOA region. The bonds will be listed on the Bourse Régionale des Valeurs Mobilières (BRVM). Ashurst represented EAAIF, the African Development Bank and Norfund with a team composed by: Ouns Lemseffer, Partner and Head of Morocco (Casablanca); Agathe Burtz, Associate (Paris); and Tom Longmuir, Partner (Paris), who advised on the IFC guarantee. Cabinet Jean‑François Chauveau assisted Ashurst in advising EAAIF, the African Development Bank and Norfund on local law aspects with a team composed by: Arnaud Gnéfré, Senior Legal Counsel.

Ashurst advises anchor investors EAAIF AfDB and Norfund on PEPT II social securitisation to be listed on BRVM

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