London team advises on financing of three Sukkur solar PV power projects

Global Press release - Business April 2023

Global law firm Norton Rose Fulbright has advised Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden (FMO), Faysal Bank Limited and other Pakistan banks on the non-recourse debt financing of the Helios, Meridian and HNDS solar PV power projects in Sukkur, Pakistan.

The financings were structured by way of a US dollar facility provided by FMO, rupee commitments provided under commercial facilities and Musharaka structures by the Pakistan lenders.

The projects are owned by Scatec Solar ASA with its local partner, Nizam Energy. Together, the projects will generate a total energy of 150MW of solar energy.

The Norton Rose Fulbright team was led by head of banking and finance, Europe, Middle East and Asia, Madhavi Gosavi, and included partner Chris Down, senior associate Jessica Melville, associates Christopher Aird and Yolanda Dladla.

Madhavi Gosavi commented: “We are proud to have advised the lenders on the successful financing of these important solar PV power projects, particularly amid the challenging global economic landscape. These projects have the potential to significantly reduce Pakistan’s use of fossil fuels and help the country to reach its renewable energy goals. They also play a vital role in helping to ease the ongoing power crisis in Pakistan.”

This now marks five Pakistan renewables projects, which Norton Rose Fulbright has advised on in the past five years. The team also advised the sponsors on the 50 MW Zephyr wind power plant in Gharo and the lenders on the 50 MW Lakeside wind power plant in the District Thatta, Sindh.

Norton Rose Fulbright’s projects practice is one of the largest in the world, with over 350 project and project finance lawyers located across its more than 50 offices. The team represent lenders, sponsors, developers, institutional investors, contractors, operators and government entities in major domestic and cross-border projects and project financings, acting on some of the most innovative, complex and challenging projects globally.

For further information please contact:

Marie Fryatt, PR Manager

Tel: +44 207 444 2695  


Head of Banking and Finance, EMEA