Dubai – Allen & Overy has advised Saudi Electricity Company (SEC) on a landmark financial transaction.
A Dubai-based team from A&O’s banking practice advised SEC on a USD500 million untied green financing facility signed with JBIC (Japan Bank for International Cooperation).
This is the first untied green facility for SEC and it will support renewable interconnection, reliability and energy efficiency projects in transmission and distribution networks. The transaction fits squarely in line with SEC’s objectives to pursue green financing opportunities, deploying investments with clear environmental and social benefits. It builds on the MoU signed between SEC and JBIC in December 2020, under the Saudi Japan Vision 2030.
A&O’s Dubai office Managing Partner, Khalid Garousha, commented: “This deal continues our long- established partnership with SEC, having advised on the majority of its conventional and Islamic finance matters over the past eight years. It is particularly pleasing to be helping clients such as SEC as they move forward with significant ESG-focused transactions, especially on innovative financings such as this.”
Partner Joe Clinton led the banking team advising on the facility, assisted by senior associate Sajjad Juma and associate Jonathan Beech. Scott Neilson and Akira Takahashi, partner and senior associate respectively in our Tokyo office, also assisted on the transaction. The Allen & Overy team worked in collaboration with Khoshaim & Associates partners Zeyad Khoshaim and Karim Wali.
Allen & Overy means Allen & Overy LLP and/or its affiliated undertakings. Allen & Overy LLP is a limited liability partnership registered in England and Wales with registered number OC306763. Allen & Overy (Holdings) Limited is a limited company registered in England and Wales with registered number 07462870. Allen & Overy LLP and Allen & Overy (Holdings) Limited are authorised and regulated by the Solicitors Regulation Authority of England and Wales.
The term partner is used to refer to a member of Allen & Overy LLP or a director of Allen & Overy (Holdings) Limited or, in either case, an employee or consultant with equivalent standing and qualifications or an individual with equivalent status in one of Allen & Overy LLP’s affiliated undertakings. A list of the members of Allen & Overy LLP and of the non-members who are designated as partners, and a list of the directors of Allen & Overy (Holdings) Limited, is open to inspection at our registered office at One Bishops Square, London E1 6AD.
Allen & Overy is an international legal practice with approximately 5,500 people, including some 550 partners, working in more than 40 offices worldwide. A current list of Allen & Overy offices is available at allenovery.com/locations.
© Press Release 2021
Disclaimer: The contents of this press release was provided from an external third party provider. This website is not responsible for, and does not control, such external content. This content is provided on an “as is” and “as available” basis and has not been edited in any way. Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release.
The press release is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Neither this website nor our affiliates shall be liable for any errors or inaccuracies in the content, or for any actions taken by you in reliance thereon. You expressly agree that your use of the information within this article is at your sole risk.
To the fullest extent permitted by applicable law, this website, its parent company, its subsidiaries, its affiliates and the respective shareholders, directors, officers, employees, agents, advertisers, content providers and licensors will not be liable (jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive or exemplary damages, including without limitation, lost profits, lost savings and lost revenues, whether in negligence, tort, contract or any other theory of liability, even if the parties have been advised of the possibility or could have foreseen any such damages.