Dentons, a global law firm with a major presence in the UAE, said it had played a major advisory role in helping Saudi-based Acwa Power and its consortium of sponsors reach the financial close on the 500-MW Ibri II photovoltaic (PV) solar independent power project (IPP) in Oman.
On completion, the $400 million facility will become the largest utility-scale solar park in Oman.
The consortium includes Kuwait’s Gulf Investment Corporation (GIC) and Alternative Energy Projects Company (AEPC).
The power project, financed on a 70/30 debt to equity ratio, has already received $275 million in senior debt funding from a group of six lenders.
The lending consortium includes the Asian Infrastructure Investment Bank (AIIB), Bank Muscat, Riyad Bank, Siemens Bank, Standard Chartered Bank and Warba Bank.
The Dentons Finance team was led by partner Udayan Mukherjee, with assistance from counsel Michelle Teng, senior associate Carina Onzer, associate Annabel Vince and trainee Asila Al Hinai.
Dentons' Oman office also advised on the local law aspects, led by partners Sadaf Buchanan and Andrew Figgins, with assistance from counsel Justine Harding and paralegal Safa Al Bulushi.
On the strategic role, Mukherjee said: "We are delighted to have been able to assist the Sponsors to close this transaction, particularly given the challenges in the current environment."
"This is a landmark project as it is the largest renewables project in Oman and will be the first renewables IPP for AIIB in the region, with a consortium of international and regional banks also participating," he added.-TradeArabia News Service
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