Linklaters and Al Tamimi & Company have jointly advised Saudi Power Procurement Company (SPPC) on the development and financial close of the second phase of the landmark Taiba and Qassim independent power producer (IPP) projects in Saudi Arabia.
Linklaters has been advising SPPC as procurer of all four of the Taiba and Qassim IPPs for the past three years, working alongside Cranmore Partners and Fichtner, a source close to the matter told Law Middle East. The lead deal team comprised partners Matthew Keats and Jonathan Inman, and counsel Leila Amos.
Al Tamimi provided support on local law matters, including the finalisation of project documents, review of required consents and approvals, and completion of financial close for all four projects, according to a statement. The team was led by senior associate Aurangzeb Maqsood, with support from associate Faizan Toor.
The Taiba 2 and Qassim 2 IPP projects were developed by Aljomaih Energy & Water Company, in collaboration with consortium members Ajlan & Bros Holding Group, Buhur for Investment Company, and the EDF Group.
AS&H Clifford Chance advised Ajlan & Bros Holding Group, according to a statement. The team was led by partner Omar Rashid, with support from partners Richard Parris on the project due diligence and Jeremy Barker on the financing documentation.
Saudi Arabia has committed to diversifying its energy resources as it advances towards Vision 2030.
These Combined Cycle Gas Turbine (CCGT) projects align with the goals of Vision 2030 by enhancing electricity generation efficiency, reducing costs, and displacing liquid fuels in power plants. They have a total capacity of 3.96 gigawatts (GW), and they are the first CCGT projects in Saudi Arabia with a provision for carbon capture in line with the Kingdom’s Vision 2030 and the Saudi Green Initiative.
Taiba 2 and Qassim 2 IPPs have been financed through a combination of equity bridge financing and senior debt for the approximate value of US$3.9 billion (SAR 14.6 billion).
