Pinsent Masons advises on Rabigh Solar PV IPP project financing
The financiers of the project are Japan Bank for International Cooperation, Mizuho Bank, and Al Rajhi Banking and Investment Corporation.
Multinational law firm Pinsent Masons has advised on the project financing of 300MW Rabigh Solar PV IPP project to be built by a consortium led by Marubeni Corporation in joint venture with Al Jomaih Energy & Water Company Limited.
The financiers of the project are Japan Bank for International Cooperation, Mizuho Bank, and Al Rajhi Banking and Investment Corporation.
In March 2021, a loan agreement for limited-recourse project financing for the Rabigh Solar PV IPP Project was signed.
As part of its National Renewable Energy Programme (NREP), the project forms part of Saudi Arabia’s plans to generate around 59GW of electricity from solar and wind energy by 2030.
The loan agreement took the form of co-financing between Japan Bank for International Cooperation, Mizuho Bank Ltd., and Al Rajhi Banking and Investment Corporation and comprised both conventional and Islamic financing instruments.
Pinsent Masons team was co-led by Middle East’s Tim Armsby, Head of Finance and Projects and David Platt, Finance and Projects Partner in Singapore, including Dubai-based lawyers Rita Allan, Jas Shoker, Matthew Escritt, Matt Dyson, Benedict Tse in Singapore and Michael Capsalis in Melbourne.
Commenting on the deal, Armsby said: “We congratulate the parties involved in the latest of a number of significant transactions in the Kingdom procured on a public-private partnership basis, marking the attraction for international investment.
“We are delighted to have played a role in the continuation of KSA’s journey as it transforms from an oil-dependent economy to a diverse, private sector one and in meeting its Vision 2030 plans and move towards greater use of renewable energy.”
Meanwhile, Platt said: “This was a complicated financing comprised of ECA, conventional and Islamic tranches and as a result threw up some challenging issues but was also very enjoyable to work on.”
Source: constructionweekonline
