Norton Rose advises in US$2.2bn Investment in Abu Dhabi’s Project Wave

Global law firm Norton Rose Fulbright has provided legal counsel to a consortium of financiers in their investment of approximately US$2.2 billion into a new independent water treatment (IWP) and transportation system project in Abu Dhabi known as Project Wave, which was procured by ADNOC. 

The lending consortium includes prominent financial institutions such as Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, Commercial Bank of Dubai, Emirates Development Bank, Emirates NBD, First Abu Dhabi Bank, Gulf Investment Bank, Natixis, and Warba Bank. 

Project Wave encompasses nano-filtration plants in Mirfa, water transportation pipelines, a pumping station, and an in-field distribution system located at the Bab and Bu Hasa oil fields in Abu Dhabi. 

This new IWP and transportation system will replace the existing aquifer water injection systems across ADNOC’s onshore operations and will incorporate seawater as an additional source for enhanced oil recovery-based injection into the fields, ultimately increasing energy efficiency by up to 30 percent. 

ADNOC and TAQA jointly hold a 51 percent majority stake in the project company, while the remaining 49 percent is owned by a consortium consisting of Orascom Construction and Metito Utilities. 

Dubai-based Partner Angela Croker (pictured), who led the Dubai and Singapore-based Norton Rose Fulbright team advising on the deal, said: 

“We are proud of playing an integral role on a project of this size and complexity, and of our involvement in yet another strategically important project for the UAE, which will see the energy efficiency of ADNOC’s operations increase by up to 30 percent.” 

The Norton Rose Fulbright team also included Partners Nicholas Kramer, who led on the project agreements; Robin Balmer, who led on the Islamic finance aspects; Colin Rice, who led on the hedging related aspects; and Nicholas Robinson, who led on UAE law aspects. They were assisted by Counsel Aditya Rebbapragada; Senior Associates Lindsay Crawford, Francesca North and Hesa Alsaad; and Associates Hena Sial, Knowhee Myung and Lyna Luo; with further support provided by Thomas Quigley, Robert Winter and Su Xin Lim. 

Norton Rose Fulbright’s Dubai office boasts a comprehensive practice and extensive experience in various sectors, including energy, infrastructure, financial institutions, transport, technology, real estate, and hospitality. The team provides guidance on critical local laws and regulations, representing government entities, corporations, and financial institutions in both domestic and international business matters.