Clifford Chance and Abuhimed Alsheikh Alhagbani Law Firm in co-operation with Clifford Chance (AS&H) have advised a consortium led by Marubeni Corporation (Marubeni) in relation to the limited recourse US$500 million financing for the construction, operation and maintenance of the Shuqaiq 3 Independent Water Project (the Project) in Saudi Arabia.
The Project will generate 450,000m3/day of water, serving a population of approximately two million. Water produced by the plant will be sold over the course of a 25-year period beginning in 2021, during which the construction of the plant is scheduled to be completed.
Given the growing demand for water in Saudi Arabia as the population grows, the Project is the latest in a region-wide trend for reverse osmosis (RO) based desalination plants. The Project is also a reflection of the growing appetite for renewable energy across the Middle East since RO desalination plants do not rely on a fire-based power plant for operation.
The team was led by Clifford Chance Partner Peter Avery, who commented: "We were delighted to work with the Marubeni-led consortium on this ground-breaking project in Saudi Arabia, and to further deepen our already very strong relationship with Marubeni in the water and power sectors".
The Clifford Chance team comprised Peter Avery (Partner), Richard Parris (Partner), Jason Mendens (Partner), Inaamul Laher (Head of Construction, MENA), Cheuk-Yin Cheung (Counsel), Abimbola Lawore (Senior Associate), Jeremy Barker (Senior Associate), Tom Bamford (Associate), Ashley Cywicki (Associate) and Fizel Nejabat (Associate).
The AS&H team comprised Yasser Alhussein (Partner, AS&H), Khalid Abdulkareem (Partner, AS&H), Amro Bakhaidar (Senior Associate, AS&H), Abdulkhaliq Elshayyal (Senior Associate, Clifford Chance seconded to AS&H), Ali Moiz Ansari (Associate, Clifford Chance seconded to AS&H) and Reema Alhamoud (Associate, AS&H).
Finance for the Project was provided by MUFG, Crédit Agricole Corporate and Investment Bank, The National Commercial Bank, The Norinchukin Bank, Samba Financial Group and Sumitomo Mitsui Banking Corporation.
For further information about Clifford Chance see www.cliffordchance.com.
For further information about AS&H in co-operation with Clifford Chance see www.ashlawksa.com.
For further information about this release contact:
Roshan Khan on +971 4 503 2661 or via e-mail atroshan.khan@cliffordchance.com
Mohammed Bahelmi on +966 11 481 9725 or via e-mail at mohammed.bahelmi@ashlawksa.com
Abuhimed Alsheikh Alhagbani Law Firm in co-operation with Clifford Chance (AS&H) is Saudi Arabia's leading law firm. It commenced operations in November 2016 and delivers world class legal services in the Kingdom of Saudi Arabia. AS&H has had a long term presence in the market as Clifford Chance Law Firm in Saudi Arabia between 2014 and 2016 and as Al-Jadaan & Partners Law Firm in co-operation with Clifford Chance between 1998 and 2014.
AS&H in co-operation with Clifford Chance has eight partners (of whom three are seconded from Clifford Chance), more than any other law firm in the Kingdom, offering Saudi and international clients the greatest depth of top Saudi and internationally qualified foreign lawyers as well as continuity and stability. The team's cutting edge work and commitment to clients has been consistently recognised by all the major legal directories and commentaries and the team has won more awards than any other Saudi law firm.
Clifford Chance is one of the world's pre-eminent law firms with significant depth and range of resources across five continents. As a single, fully integrated, global partnership, we pride ourselves on our approachable, collegiate and team-based way of working. We always strive to exceed the expectations of our clients, which include corporates from all the commercial and industrial sectors, governments, regulators, trade bodies and not-for-profit organisations. We provide them with the highest quality advice and legal insight, which combines the firm's global standards with in-depth local expertise.
Clifford Chance was ranked 'Band 1' in more cross-border tables than any other firm in the Chambers Global 2018 Directory. This independent analysis focuses on firms' legal ability, professional conduct, client service, and commercial awareness, and these rankings provide outstanding recognition for the firm's breadth of expertise and consistency of quality across global markets.
In January 2019, Clifford Chance won 10 awards at the IFN Middle East Deal of the Year Awards noting successes in key categories such as construction finance, infrastructure and project finance, Islamic finance and securitisation.
© Press Release 2019Disclaimer: 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.
