Norton Rose Fulbright advises ACWA Power on SAR2.8 billion sukuk

Global Press release - Business June 2021

Global law firm Norton Rose Fulbright has advised Saudi Arabia’s ACWA Power on its SAR2.8 billion sukuk, the first Islamic bond issuance by the company.

ACWA Power is a leading Saudi developer, investor and operator of power generation and desalinated water production plants and is currently present in 13 countries in the Middle East, Africa, Central Asia and Southeast Asia. ACWA Power’s portfolio includes 64 assets with an investment value of SAR248 billion (USD 66 billion), producing 42 GW of power and 6.4 million m3/day.

HSBC Saudi Arabia and Saudi Arabia’s Samba Capital and Investment Management Company are joint lead arrangers on the transaction.

Farmida Bi, chair, Europe Middle East, and Asia and European head of the firm’s Islamic finance practice, led the cross-border Norton Rose Fulbright team which included partner Nikolai Mikhailov, counsel Andrew Coote and associate Jessica Sorah in London and partner Paul Lockyer in Riyadh. 

Farmida Bi commented: “We are delighted to have advised ACWA Power on its first ever sukuk which will help support the company’s long-term ambitions and its growing portfolio of assets.” 

Norton Rose Fulbright’s Islamic finance lawyers have long-standing experience in delivering pioneering legal advice on complex Islamic finance transactions for Islamic financial institutions, conventional banks and corporates around the world.

For further information please contact:

Louise Nelson, Head of PR – Europe, Middle East and Asia

Tel: +44 20 7444 5086; Cell: +44 79 0968 4893