Norton Rose Fulbright with consortium banks on Al Ajban PV financing
Norton Rose Fulbright has advised a consortium of six banks on the cross-border project financing of the UAE’s new 1,500-megawatt-ac Al Ajban Solar Photovoltaic IPP plant in Abu Dhabi. The project was awarded to a consortium comprising EDF Renewables and Korea Western Power (KOWEPO), as international shareholders, and Abu Dhabi Future Energy Company (Masdar), as the local shareholder.
Norton Rose Fulbright team
Norton Rose Fulbright acted as English, UAE, Abu Dhabi Global Market and French counsel for the financing of the plant, which was procured by Emirates Water and Electricity Company (EWEC) with a team led by Dubai-based partner Angela Croker (pictured left) and London-based partner Nicky Davies (pictured right).
They were supported by partners Nicholas Robinson in Dubai, Colin Rice in Singapore, and Alexandre Roth in Paris. The team was further assisted by special counsel Chris Wright in Singapore; senior associates Lindsay Crawford in Dubai and Dima Khuffash in London; associates Yolanda Dladla, Liam Shiel-Dick and Jordan Fry in London, Andrea Lim in Singapore, and Emilie Jacques and Elahé Hoseiny in Paris; and paralegal Thomas Quigley in Newcastle
Banks consortium
The firm negotiated the senior financing and project agreements for a consortium of six banks: The Export-Import Bank of Korea (KEXIM), BNP Paribas, Crédit Agricole Corporate and Investment Bank, HSBC, Standard Chartered Bank and Sumitomo Mitsui Bank Corporation.
About the project
Following a successful bid submission, the project company owned by EDF Renewables and KOWEPO (20% stake each) as lead members, and Masdar as local shareholder (60% stake) signed a 30-year Power Purchase Agreement (PPA) with the Emirates Water and Electricity Company (EWEC), and will design, finance, build and operate the plant. The new solar plant will generate enough electricity to power approximately 160,000 homes across the UAE. Once commercially operational, it is expected to reduce Abu Dhabi’s CO2 emissions by more than 2.4 million metric tonnes per year.
Angela Croker commented:
We are thrilled to support our clients on the financing of this strategic solar project in the UAE. Our ability to deploy a multi-jurisdictional team, coupled with a deep understanding of the renewable energy market and the regional project financing landscape, ensured that we successfully met the requirements of our clients with expertise and efficiency from bid submission all the way up to financial close