The Hassyan clean coal power station was honored as the “Middle East & Africa Power Deal of the Year” at the annual PFI Awards hosted by Project Finance International. Chadbourne & Parke LLP represented the sponsors of the US$2.9 billion project, which reached financial close in November 2016. The awards were presented at the annual PFI Awards Dinner, which took place on February 1, 2017 in London.
The 2,400-MW Hassyan station is being developed by Saudi Arabia’s International Company for Water and Power Projects (ACWA), Harbin Electric International Company Limited and Silk Road Fund Co., Ltd., under a procurement contract from Dubai Electricity and Water Authority (DEWA). A consortium of international lenders provided approximately US$2.4 billion in debt financing for the project, which is currently under construction and expected to reach completion in 2023.
ACWA has signed a 25-year power purchase agreement (PPA) with DEWA, and will source the fuel from EDF Trading Limited under a long-term supply contract. The initial 2,400-MW phase will consist of four 600-MW units, and the subsequent 1,200-MW phase of the project will include a further two 600-MW units.
The Chadbourne team was led by partner Agnieszka Klich, who was aided by senior associate Ali Donat, associate Karolina Reiter and trainee solicitors Florence Cock and Pauline Mutuc.
The PFI Awards capped another great year for Chadbourne’s project finance practice. The firm’s practice was named one of Law360’s “Practice Groups of the Year,” as well as one of Financial Times’s most innovative law firms in North America for 2016.
About Chadbourne & Parke LLP
For more than a century, Chadbourne & Parke has counseled innovators around the world. We are a full-service law firm that leverages the extraordinary talent from our network of international offices to offer the highest caliber client service in more than 80 countries and across every region on the globe. Today, we are recognized internationally for our groundbreaking work in emerging economies and our deep experience in pharmaceutical collaboration transactions, energy and infrastructure, corporate and finance transactions, international disputes, and bankruptcy and financial restructuring.
Originally prepared by Chadbourne & Parke. Chadbourne & Parke combined with Norton Rose Fulbright US LLP on June 30, 2017 and is now known as Norton Rose Fulbright US LLP.