October 30, 2009 – LawFuel.com Legal Newswire Service – Chadbourne & Parke represented the borrower, Ruwais Power Company, in the financing of the US$2.7 billion Shuweihat 2 project in Abu Dhabi.
The independent water and power plant (IWPP) reached financial close on October 23, 2009, with a total of US$2.2 billion committed in long-term debt.
“The size of the Shuweihat 2 project has required perserverance and creativity on the part of the development, finance and legal teams involved,” said Chadbourne partner Agnieszka Klich. “I am very proud that our team was a part of that monumental effort.”
Other members of the Chadbourne team working on the project were associates Julie Scotto and Marwan Azzi.
The project’s sponsors were Abu Dhabi Water and Electricity Authority (wholly-owned by the government of Abu Dhabi), GDF SUEZ and Marubeni. Just over half of the debt was arranged by the Japan Bank for International Cooperation, with the other US$1.1 billion in debt arranged by a group of 14 commercial lenders.
The 1,500MW and 100 MIGD project is being built by Siemens, Samsung and Doosan. Construction has been underway since the end of 2008.