Shearman & Sterling advised the lenders on the project financing for a $12 billion world scale integrated gasification and combined cycle energy project within the Jazan refinery and terminal complex in the Kingdom of Saudi Arabia.
The project is being developed by a JV between Saudi Aramco, ACWA Power and Air Products and is the world’s largest integrated project for gasification (including hydrogen production) and combined cycle energy production.
The sophisticated financing structure includes the provision of $7.2 billion of senior debt facilities across multiple tranches from a combination of Islamic lenders (including both Istisna and Wakala lenders), and local, regional and international commercial banks. It represents one of the largest greenfield project financings worldwide to date in 2021. The bespoke financing involved many complex elements and was completed within a very short period of time. Financial close was achieved on October 18, 2021.
The Shearman & Sterling team below included associates Anna Lam (Singapore-PDF) and Andrew Sears-Black (London-PDF). The team coordinated globally across the London, Paris, Seoul, Abu Dhabi, Riyadh and Singapore offices, providing comprehensive multijurisdictional, cross border and cross practice advice and offering continuous and seamless service to our clients across all time zones.