EFL is the primary electricity generator in Fiji, owning a significant number of hydro and thermal fuel power stations. It is also the only energy retailer and owns and operates the transmission and distribution networks in Fiji. EFL was previously a state-owned statutory body that was corporatised as part of a significant energy regulatory change in Fiji.
FNPF is Fiji's largest financial institution, and the only superannuation fund in Fiji mandated by law to collect compulsory superannuation contributions, as well as being one of the largest property owners in the country.
The Fijian energy market is currently undergoing significant change in terms of regulation and this acquisition allows FNPF to benefit from the increased certainty associated with these changes. Furthermore, it is one of only a few previous privatization transactions in Fiji.
Partner Kylie Lane commented:
"We are delighted to have acted for FNPF on this important transaction, which will see it make a significant minority equity investment into EFL, Fiji's largest electricity company, during a period of significant regulatory change."
The Ashurst team was led by corporate partner Kylie Lane, with support from associate Ryan Kabat and graduate John Saunders. Competition and energy advice was provided by partner Justin Jones and senior associate Felicity Lee. Partner Matthew Bubb advised on banking while partner Rehana Box, senior associate Alex Nash and associate Kirstie Underwood advised on insurance. Advice on environmental aspects came from partner Jeff Lynn and senior associate Jane Hall. Consultant Richard Brooks advised on property with support from associate Tammy Kamil. Disputes advice was provided by partner James Clarke and associate Nicholas Mills, intellectual property advice from partner Stuart D'Aloisio and associate Carrick Brough, and digital economy advice from partner Emma Butler and senior associate Caroline Hogan. Partner Jane Harvey and senior associate Daniel Fawcett provided advice on employment aspects.
