Key factors for project finance, potential risks, mitigation tools and more discussed during webinar held by BonelliErede in collaboration with RES4Africa Foundation
ADDIS ABABA, Ethiopia, 27 May 2021 -/African Media Agency(AMA)/- BonelliErede a leading international law firm, along with the RES4Africa Foundation, an organisation dedicated to promoting renewable energy in Africa, recently held a webinar which covered the management of bankability issues regarding renewable energy projects in Ethiopia with governmental counterparties.
The latest in a series of such sessions organized by BonelliErede, it covered important points including the key factors for project finance, potential risks, mitigation tools and more. The agenda of the seminar was shared by Managing Associate at BonelliErede, Michele Saponaro, who then gave the floor to H.E Tsion Teklu, State Minister at the Ministry of Foreign Affairs of Ethiopia, and Andrea Pascali Deputy Head of the Consular Chancery, First Secretary of the Italian Embassy in Ethiopia, to deliver the opening remarks.
H.E Teklu and Mr. Pascali spoke at length about the potential of renewable energy to combat climate change and the lack of energy security in Ethiopia, in addition to the government’s willingness to embrace the transition from biomass to more sustainable alternatives.
Duncan Keil, Managing Partner of Africa FX led the discussion that involved Riccardo Bicciato, Partner at BonelliErede, and Matteo Cavadini, Matteo Cavadini, Head of Business Development East and West Africa – Enel Green Power.
Riccardo Bicciato touched on several matters in his presentation, including:
Matteo Cavadini, followed with an overview on:
Closing marks were delivered by Antonio Passero, Sub Saharan Program Manager at the RES4Africa Foundation, who stressed the importance of the private sector working with the Ethiopian government to see that renewable energy projects come to fruition in the nation. Commenting on the webinar, Riccardo Bicciato said “Ethiopia embarked on a bold journey when it announced its Climate Resilient Green Economy (CRGE) Strategy, with objective of transitioning the nation into a climate resilient green economy by 2025. The significant opportunity for renewable energy to form a key pillar of this plan is clear, however project finance issues associated with such projects pose a threat to their viability. At BonelliErede, we remain committed to counselling clients on how to overcome these hurdles with practical mitigation actions. It is our firm belief that together with private lenders and leading energy players, we can help Ethiopia drive the most value from its natural resources and ensure energy security for its people for years to come.”
“Ethiopia has a huge potential in terms of photovoltaic, hydroelectric, geothermal and wind energy.” commented Roberto Vigotti, RES4Africa’s Foundation Secretary General “To exploit the renewable resources of this country is the strategy to pursue and guarantee its sustainable development. Both the public and private sectors play a crucial role in this process and promoting this type of synergies is at the heart of the work that RES4africa carries out together with its partners.”
BonelliErede has been operating in Africa since 2016 with offices in Cairo and Addis Ababa. In Ethiopia, the law firm operates in cooperation with Tameru Wondm Agegnehu Law office. The team is headed by Gianpiero Succi, partner at BonelliErede, and Tameru Wondm Agegnehu, Founding Partner of Tameru Wondm Agegnehu Law office in cooperation with BonelliErede and Of Counsel BonelliErede and is composed of an integrated group of around 10 lawyers who offer a complete range of legal services to international investors and major local corporations.
Distributed by African Media Agency (AMA) on behalf of BonelliErede..
About BonelliErede:
BonelliErede is the market leader for legal services in Italy, covering all areas of business and corporate criminal law. Thanks to its offices in Europe and Africa and to the partnerships with independent law firms around the world, BonelliErede is also a true international player.By combining the skills of its professionals, the firm also offers support through specialised working groups organised by sector and practice: the focus teams.The focus teams are organised by sector and practice area and pool their individual legal expertise and their in-depth sector knowledge to offer clients assistance with all aspects of their businesses.
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