AI Dur Power & Water project ‘s refinancing: the advisors

Clifford Chance advised AI Dur Power and Water Company and project sponsors including Engie, Gulf Investment Corporation (GIC), Kyushu Electric Power Company (Kyuden), and Social Investment Organization (SIO) on the US$1.20 billion refinancing of the Al Dur Power & Water Project in Bahrain. Latham & Watkins advised the commercial banks, islamic financiers and hedging banks on the refinancing, which consists of a commercial term loan facility and an Ijara facility.

AI Dur Power and Water Company

Al Dur Power and Water Company is a special purpose vehicle beneficially, which the consortium comprising Engie, Gulf Investment Corporation (GIC), Kyushu Electric Power Company (Kyuden) and the Social Insurance Organisation (SIO) own. The Al Dur IWPP is a flagship power project in Bahrain, accounting for a significant portion of the country’s power and water production, with a capacity of 1,243 MW of power and 48 MIGD of water per day.

About the refinancing

The new US$1.20 billion, 11-year refinancing involved a broad range of commercial lenders active in the European and Middle Eastern project finance markets and enabled the company to refinance its existing project-level debt on terms that reflect the project’s status as an asset with no construction risk and a proven operating history. The financing included more than 15 regional and international lenders and hedging providers through conventional and Islamic facilities.

Latham & Watkins’ team

London finance partner Tom Bartlett (pictured right) led the team, together with associates Sam Burleton and Daniel Chen, and Dubai associate Isabel Overton. Advice on derivative matters was provided by London counsel Delyth Hughes and associate Alexia Leckie.

Tom Bartlett
Clifford Chance’s team

Partner Mohamed Hamra-Krouha (pictured above), based in Abu Dhabi, led the global Clifford Chance team, with assistance from partner Chirag Sanghrajka (Dubai), legal consultant Igor Bichenkov (Dubai), senior associate Greg Jehle (Abu Dhabi) and associates Marya Manna (Dubai) and Remo Mogodi (Abu Dhabi). Partner Anne Drakeford (London), led the hedging workstream with assistance from senior associate Brij Patel (London), lawyer Kritika Vidyarthi (London) and trainee solicitor Adelina Maghet (London). The team was further supported by counsel Mike Niekoop (Amsterdam), associate Mariam Al-Zubaidy (Amsterdam) and associate Samuel Van Eijnatten (Amsterdam).