Shearman & Sterling has advised the Export-Import Bank of Korea, the Bank of Tokyo-Mitsubishi UFJ, Ltd., KfW IPEX – Bank GmbH, The National Commercial Bank, Sumitomo Mitsui Banking Corporation and Islamic Development Bank as lenders to Engie on the development and financing of the combined heat and power facility at the Fadhili Gas Complex in Saudi Arabia. The project will generate 1,200 – 1,600 MW of electricity, 3,190,000 pounds per hour of steam generation and 768.8 tons per hour of water generation. The Saudi Electricity Company ("SEC") will purchase the power and Saudi Aramco will purchase the steam and water for use it in its Fadhili Gas Plant. The Fadhili IPP will be the largest project of its type in the GCC and the largest co-production project with separate off-takers to be developed globally as an IPP.
The US$1.2 billion project is being developed by ENGIE who will own 40% of the share capital and by SEC and Saudi Aramco who each hold 30% of the shares on the project company.