Norton Rose Fulbright advises on world’s largest solar PV project in Abu Dhabi

Business May 24, 2017

Global law firm Norton Rose Fulbright has advised Marubeni Corporation (Marubeni) and JinkoSolar Holding Co., Ltd (JinkoSolar) in relation to the US$ 900 million financing for the Sweihan IPP (independent power project) in Abu Dhabi which will be the world’s largest solar PV project in the world once construction is completed.

The project will have a power generation capacity of 1,177 MW (DC), with one of the most competitive tariffs for energy. The project commercial operation date is expected to occur in April 2019. Financial close occurred on May 19, 2017.

Marubeni, the largest Japanese overseas power producer, and JinkoSolar, a global leader in module manufacturing, together with Abu Dhabi Water and Electricity Authority, will own the project through a special purpose company that will construct, operate and maintain the PV plant under a 25 year Power Purchase Agreement  (PPA). 

The financing was supported by a bank group comprising senior lenders BNP Paribas S.A., The Bank of Tokyo-Mitsubishi UFJ, Ltd., Credit Agricole S.A., Mitsubishi UFJ Trust and Banking Corporation, Natixis and The Norinchukin Bank and Sumitomo Mitsui Banking Corporation, DIFC Branch Dubai. The Bank of Tokyo-Mitsubishi UFJ, Ltd. acted as documentation bank and global facility agent.

Charles Whitney, partner, Norton Rose Fulbright, comments:

“We are delighted to have been involved in another Abu Dhabi IPP to achieve financial close. The relatively swift timespan in which financial close was reached following signing of the PPA indicates the appetite on all sides for this milestone project to get underway.

“The financing was well structured by the sponsors, who brought a unique combination of IPP development skills and experience in the solar PV market, which when combined with the successful privatisation programme established by ADWEA over many years, made this a compelling project for the bank group, led by The Bank of Tokyo-Mitsubishi UFJ, Ltd.” 

The Norton Rose Fulbright team advising on the financing was led by partner Charles Whitney with partners Chris Down advising on the PPA and Peter Hall on the construction arrangements. The team included of counsel, Kate Kortenbout, senior associates Jared Franicevic and Marta Kawecka and associates, Alexandra Jeffreys, Tom Lindley and Maksmyllian Jarzabek.

This follows a string of leading projects in the Middle East and North African region in which Norton Rose Fulbright’s global energy team has been involved, including most recently advising Infinity 50 for Renewable Energy S.A.E. on the finance and project documentation for a 50MW solar PV park in Egypt, and the Moroccan Agency for Sustainable Energy (Masen) on the NOOR PV I Programme comprising three separate PV projects with a combined capacity of 170MW.

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Notes for editors:

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