Shearman & Sterling advised a syndicate of international and local banks in connection with the development and financing of the US$870 million 1.17 GW Sweihan Solar PV Independent Power Project located near Sweihan in Abu Dhabi.
The project is being developed by a consortium comprised of Marubeni Corporation, Jinko Solar and the Abu Dhabi Water and Electricity Authority (ADWEA). The transaction represents the largest solar photovoltaic (PV) project in the world and is expected to reach commercial operation in April 2019. It also represents a significant step in Abu Dhabi's solar power development in alignment with the UAE's Energy Plan 2050 which aims to cut carbon dioxide emissions by 70 percent and increase clean energy use by 50 percent between now and mid-century.
The lenders included BNP Paribas Fortis SA/NV, Credit Agricole Corporate & Investment Bank, Mitsubishi UFJ Trust and Banking Corporation, The Bank of Tokyo-Mitsubishi UFJ, Ltd., The Norinchukin Bank, First Abu Dhabi Bank PJSC (formerly The National Bank of Abu Dhabi PJSC), Natixis and Sumitomo Mitsui Banking Corporation.
The Shearman & Sterling team was led by partner Patrick Clancy (London-Finance); counsel Gregor Page (London-Project Development & Finance); and associates Ibrahim Bakhurji, Evelina Petraviciute (both Abu Dhabi-Project Development & Finance), Sara Couling, Charlotte Rice (both London-Finance), Colm Ó hUiginn and Charlotte Hawkins (both London-Project Development & Finance).