Clifford Chance closes two African financings in nine days

Clifford Chance closes two African financings in nine days

The firm advised BII and FMO on Zambia’s US$52m Kafue Solar and IFC and Attijariwafa on Pickalbatros’s US$250m sustainability-linked package in Morocco.

October 17, 2026

Clifford Chance has acted for the lenders on two African financings announced in October: a US$52m solar project in Zambia and a US$250m hospitality package in Morocco.

Kafue Solar, Zambia (7 October)

The firm advised British International Investment and FMO on US$52m of financing for Globeleq’s Kafue Solar Project, two 20MW AC plants that are the first under Zambia’s GET FiT programme to reach financial close. Paris partner Delphine Siino Courtin led, with London partner Edward Bretherton on construction.

Pickalbatros, Morocco (15 October)

The firm advised IFC and Attijariwafa Bank on US$250m of sustainability-linked financing for Pickalbatros Hotels & Resorts: an IFC loan of up to US$165m and a further US$135m mobilised from other lenders. The money funds the acquisition of three hotels and upgrades in Casablanca, Marrakech and Agadir, and refinances existing debt. Total project cost is US$386m. ADNA acted as legal counsel to Pickalbatros and Zilla Capital as its financial adviser (Morocco World News).

The pattern

Both deals place an international firm on the development-finance side while sponsor counsel and local work sit elsewhere. Lender-side DFI mandates remain one of the most consistent sources of African work for international firms, and both deals now count in The Meridian’s transaction record.

Photo: OthmaneEL / Wikimedia Commons, CC BY-SA 4.0 (illustrative).

The Meridian Editorial Team

Andrew U. — Editorial Director | Damilare A. — Intelligence Director | Amaka Nwoye — Senior Legal Research Analyst | Salome Mensah — Market Intelligence Analyst | May Ndlovu — Editorial Researcher | K.K. Lawal — Senior Correspondent | The Meridian’s editorial team brings experience across West African legal markets, commercial law, market intelligence and structured research. Our standard is simple: evidence first, independent judgement, and analysis grounded in how legal work happens in practice.