DUBAI: – Hogan Lovells has advised JGC Corporation, United Infrastructure Development Company (part of Bahwan Engineering Group) and Doosan Heavy Industries & Construction, the successful bidder, on the Sharqiyah Independent Water Project ("IWP") in the Sultanate of Oman. Financial close was achieved today.
The Sharqiyah IWP is a reverse osmosis seawater desalination plant that will sell approximately 80,000m3 of desalinated water per day for 20 years to the Oman Power and Water Procurement Co. SAOC ("OPWP") – the single buyer of power and water for all independent power and water projects within Oman.
This is the first project of its kind in the Middle East, as the desalination plant will be developed in conjunction with a dedicated solar photovoltaic facility, which will contribute power to the desalination process.
The Sponsors commented:
"The selection of this consortium as the successful bidder is the result of positive evaluation by OPWP of the ability of this group to apply unique engineering knowledge to provide innovative ideas that enable the reduction of energy required to operate and to keep the unit cost of the water low."
MUFG Bank, Ltd., Sumitomo Mitsui Trust Bank, Limited and Shinsei Bank, Limited financed the 20 billion Yen (approximatelyUS$175,000,000) project. Nippon Export and Investment Insurance ("NEXI") provided the loan insurance – the first time they have provided insurance for a seawater desalination plant project in Oman, aligning themselves with the Japanese government's policy to strengthen its support for developing the water and renewable energy business overseas.
The Hogan Lovells team was led by Dubai-based projects partner Sohail Barkatali, with support from Rahail Ali (Partner, Dubai) and Tony Nicholson (Associate, Dubai),as well as lawyers from Hogan Lovells offices in Singapore, Australia and London.
Commenting on the project, Sohail Barkatali said:
"We are excited to be part of the first project in the region combining the desalination process with renewable energy and setting a model for similar projects in the future. We expect that this will be the first of many of its kind in the Middle East given environmental and economic benefits.” Rahail Ali said:
"Oman is a key jurisdiction for Hogan Lovells. We have advised on numerous water and power projects in the Sultanate, including two IWPs
in the last two years, which reached financial close. Our projects and energy team are dedicated to providing our clients with first-rate legal advice, not only in Oman, but across the wider Middle East region."
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About Hogan Lovells
www.hoganlovells.com Hogan Lovells is a leading global law firm providing business-oriented legal advice and high-quality service across its exceptional breadth of practices to clients around the world.
Our Middle East Projects & Energy lawyers have advised on several big ticket projects in Oman, including water projects such as Sohar IWP, Salalah IWPP, Barka I IWPP and Sharqiyah IWP, as well as power projects including the Sur IPP and Al Manah IPP. Sohail Barkatali, the lead partner on this project, is considered as a leading expert on Omani projects by several directories and publications, as well as his peers. On a global scale, our projects and energy team have over 1000 years of combined experience. We advise on some of the world’s largest and most challenging energy and infrastructure projects in the world, including the Middle East. We understand all sides of the deal.
"Hogan Lovells" or the "firm" is an international legal practice that includes Hogan Lovells International LLP, Hogan Lovells US LLP and their affiliated businesses. The word "partner" is used to refer to a member of Hogan Lovells International LLP or a partner of Hogan Lovells US LLP, or an employee or consultant with equivalent standing and qualifications, and to a partner, member, employee or consultant in any of their affiliated businesses who has equivalent standing. Where case studies are included, results achieved do not guarantee similar outcomes for other clients.
For more information about Hogan Lovells, the partners and their qualifications, see www.hoganlovells.com . Where case studies are included, results achieved do not guarantee similar outcomes for other clients.
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