LONDON AND DUBAI – Bracewell (UK) LLP represented the consortium comprising Abu Dhabi Future Energy Company (Masdar), Korea Electric Power Corporation (KEPCO) and GD Power in relation to the successful bid, development, financing and shareholder arrangements in relation to the 2-GW Al Sadawi solar PV project in the Kingdom of Saudi Arabia.
The Al Sadawi Independent Power Producer (IPP) Project marks a significant milestone in the Kingdom’s journey toward achieving its energy mix target of 50 percent renewable energy by 2030. This project is set to be one of the world’s largest solar plants, and will contribute substantially to sustainable development and reduce carbon emissions in the Kingdom of Saudi Arabia.
The financier group included The Export-Import Bank of Korea (K-Exim), Standard Chartered Bank, Abu Dhabi Commercial Bank, Bank of China, BNP Paribas, HSBC, Société Générale and Abu Dhabi Islamic Bank.
Oliver Irwin, who led the transaction for Bracewell, commented: “We are very proud to have supported Masdar, KEPCO and GD Power on this highly significant landmark project in the Kingdom. This is the latest in a number of successful bids that our award-winning team at Bracewell have advised sponsors and financiers on in the Saudi REPDO/NREP programme.”
Bracewell lawyers involved in the transaction include:
Partners: Oliver Irwin and Tom Swarbrick
Senior Counsel: Bagyasree Nambron and Shane Jaftha
Senior Associates: Jess Hastings and Nick Meyer
Associates: Sameer Ahuja, Tess Luijcx and Brandon Price
