05/27/2024 | News release | Distributed by Public on 05/27/2024 03:35
Clifford Chance advises ENGIE, GIC, Kyuden and SIO on US$1.20 billion refinancing of the Al Dur Power & Water Project in Bahrain
Global law firm Clifford Chance has advised Al Dur Power and Water Company B.S.C.(C) (the "Company)" and project sponsors including ENGIE, Gulf Investment Corporation (GIC), Kyushu Electric Power Company (Kyuden), and Social Investment Organization (SIO) ("the Sponsors") on the US$1.20 billion refinancing of the Al Dur Power & Water Project in Bahrain.
Al Dur power and Water Company is a special purpose vehicle beneficially owned by the consortium, comprising ENGIE, Gulf Investment Corporation (GIC), Kyushu Electric Power Company (Kyuden) and the Social Insurance Organisation (SIO). The Al Dur IWPP is a flagship power project in Bahrain, accounting for significant portion of the country's power and water production, with capacity of 1,243MW in respect of power and 48 MIGD in respect of water per day.
The new 11-year US$1.20 billion refinancing involved a wide range of commercial lenders active in the European and Middle Eastern project finance markets, and allowed the Company to refinance its existing project-level debt on terms reflecting the status of the project as an asset with no construction risk and a proven operating history. The financing included over 15 regional and international lenders and hedge providers, via conventional and Islamic facilities.
Mohamed Hamra-Krouha, lead partner for Clifford Chance, commented: "We are delighted to have completed this important refinancing for the Company and the Sponsors. Our market-leading Project Finance team worked alongside ENGIE to ensure this project achieved its ambitious timeline".
The global Clifford Chance team was led by partner Mohamed Hamra-Krouha (Abu Dhabi) with assistance from partner Chirag Sanghrajka (Dubai), legal consultant Igor Bichenkov (Dubai), senior associate Greg Jehle (Abu Dhabi) and associates Marya Manna (Dubai) and Remo Mogodi (Abu Dhabi). The hedging workstream was led by partner Anne Drakeford (London) with assistance from senior associate Brij Patel (London), lawyer Kritika Vidyarthi (London) and trainee solicitor Adelina Maghet (London). The team was further supported by counsel Mike Niekoop (Amsterdam), associate Mariam Al-Zubaidy (Amsterdam) and associate Samuel Van Eijnatten (Amsterdam).