International legal practice Norton Rose Group has advised the sponsors of the 2,000MW development and financing of the Sur independent power project in Oman.
A team from Norton Rose Group’s London and Tokyo offices advised a consortium led by Japanese trading company Marubeni Corporation, and including Chubu Electric Power Co., Inc., the Japanese utility company, Qatar Electricity and Water Company (Q.S.C.) and local Omani sponsor, Multitech LLC (part of the Suhail Bahwan Group (Holding) LLC).
Sur is the largest gas-fired power project in Oman to date, at a total cost of US$1.55 billion. Senior debt has been provided by the Japanese Bank for International Cooperation (JBIC) and the Bank of Tokyo-Mitsubishi UFJ, KfW IPEX-Bank GmbH, Mizuho Corporate Bank, Ltd., Standard Chartered Bank, Sumitomo Mitsui Banking Corporation and The Sumitomo Trust and Banking Company Limited and supported by Nippon Export and Investment Insurance (NEXI). The project reached financial close on 28 November 2011.
The team was led by energy projects partners Charles Whitney and Peter Hall in London.
Assistance came from partners George Gibson and Dean Naumowicz and associates Steffan Shute, Chris Down, Emma Clark, Gemma Pike, Jamie Munro, Sarah Shakir, Shatha Ali, Kate Kortenbout, Jessica Bethel-Jones and Kate Freeman.
Charles Whitney, partner, Norton Rose LLP, said:
“We are delighted to have had the opportunity to advise the sponsors on this significant transaction. Their achievement in closing this financing at the height of the European sovereign debt crisis is made all the more impressive by the fact that they submitted their winning bid in March 2011 at the peak of the ‘Arab Spring’ and had to recover from the Great East Japan Earthquake disaster later in that month. This achievement gives rise to the project company's name, Phoenix Power Company, something which the sponsors are very proud of.”
For further information please contact:
Jane Lougher, PR manager, Norton Rose LLP
Tel: +44 (0)20 7444 2063; Mob: +44 (0)7595 886 200