Jun 27 2011 |
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Baker & Mckenzie Limited Advises Saudi Electricity Company On Its Export Credit Financing Of Shoaiba Iii Thermal Power Plant South Of Jeddah
Manama, Bahrain, Monday 27th June 2011 -Baker & McKenzie Limited ("Baker & McKenzie") has advised Saudi Electricity Company (" SEC "), the largest utility company in the Kingdom of Saudi Arabia, on its COFACE backed financing of SEC's Shoaiba III thermal power plant located in the red sea coast, South of Jeddah.HSBC acted as a coordinating arranger, initial mandated lead arranger and agent of the US$ 989.1 million, twelve year term facility to SEC . The group of lending banks consisted of HSBC , Bank of Tokyo-Mitsubishi , Citibank , Deutsche Bank and Sumitomo Mitsui Financial Group. The proceeds of the loan will be used to pay for the purchase of equipment from the French engineering group, Alstom.
The transaction was led by banking and finance partner Ian Siddell who was assisted by corporate partner, Dr Nasser Alfaraj and banking and finance associate, Fatima Ghaith. Commenting on the transaction, Ian Siddell, Partner and Head of the Gulf Banking & Finance practice, stated: " Saudi Electricity Company is one of the most high-profile clients of Baker &
Baker & McKenzie recently announced the opening of its fifth MENA office in Doha, Qatar, and has been active in the region since the mid-1970s, opening its Riyadh office in 1980, Cairo in 1985, Bahrain in 1998 and Abu Dhabi in 2009.
About Baker & McKenzie
Founded in 1949, Baker & McKenzie advises many of the world's most dynamic and successful business organizations through more than 3,750 locally qualified lawyers and over 5,700 professional staff in 69 offices in 41 countries. Baker & McKenzie is known for having a deep understanding of the language and culture of business, an uncompromising commitment to excellence, and world-class fluency in its client service. Baker & McKenzie's global revenues for the fiscal year ended June 30, 2010, were US$2.104 billion. Eduardo Leite is Chairman of the Firm's Executive Committee. (www.bakermckenzie.com)
Baker & McKenzie is a member of Baker & McKenzie International, a Swiss Verein with member law firms around the world. In accordance with the common terminology used in professional service organizations, reference to a "partner" means a person who is a partner, or equivalent, in such a law firm. Similarly, reference to an "office" means an office of any such law firm.
© Press Release 2011
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