Al Tamimi & Company, Bracewell, and Clifford Chance advised parties on the successful close of a $1.1 billion solar Independent Power Producer (IPP) project in Saudi Arabia by a consortium led by the Abu Dhabi Future Energy Company (Masdar).
The Al Sadawi project is a two-gigawatt (GW) solar photovoltaic (PV) plant located in Saudi Arabia’s Eastern Province. It is part of the country’s National Renewable Energy Programme (NREP), managed by the Ministry of Energy.
It will be developed on a build, own, and operate basis, with a 25-year Power Purchase Agreement (PPA) signed with the Saudi Power Procurement Company (SPPC) last year.
It is set to be one of the world’s largest solar plants when operations commence in 2027, and a major step towards Saudi Arabia’s goal of generating 50% renewable energy by 2030.
Masdar led the consortium, alongside partners GD Power Development Company and Korea Electric Power Corporation (KEPCO).
Bracewell represented the consortium in relation to the successful bid, development, financing, and shareholder arrangements, with a team led by Dubai partners Oliver Irwin and Tom Swarbrick.
Al Tamimi & Company provided advice to the consortium in relation to local matters, a source told Law Middle East.
Project finance was secured with eight regional and international lenders, covering a substantial part of the total costs.
Clifford Chance advised the lenders, which included Abu Dhabi Commercial Bank (ADCB), Abu Dhabi Islamic Bank (ADIB), Bank of China, BNP Paribas, HSBC, The Export-Import Bank of Korea (K-Exim), Société Générale, and Standard Chartered.
The Clifford Chance team was led by Dubai partners Jeremy Barker and Richard Parris, and Abu Dhabi partner Inaamul Laher.
Masdar’s chief executive officer Mohamed Jameel Al Ramahi said: “Masdar is actively committed to supporting Saudi Arabia’s clean energy objectives, and this landmark project will add to our growing portfolio in the Kingdom.”
“We look forward to working closely with our partners to achieve full energisation for the project, which will help shape the future of clean energy for the Kingdom,” he said.
