22 03 2016

Saudi Electricity refinances $1.14 bln loan for gas power plant

White & Case LLP has advised the commercial lenders, Islamic financiers and Export-Import Bank of the United States on the refinancing of the Riyadh PP11 Independent Power Project in the Kingdom of Saudi Arabia.


The refinancing comprises a U.S. dollar tranche and an Islamic tranche. The dollar tranche totalled $505 million, with participating banks including Sumitomo Mitsui Banking Corp, Mizuho, Sumitomo Mitsui Trust Bank, Mitsubishi UFJ Financial Group, Export Development Canada, KfW IPEX, Societe Generale and Standard Chartered. Two different Islamic portions totalled $635 million, with the banks involved including Saudi Arabia's National Commercial Bank and Alinma, Samba Financial Group, Banque Saudi Fransi and Saudi British. PP11 is a gas-fired independent power project which achieved commercial operation in 2013. The White & Case team was led by partners Mark Castillo-Bernaus (Picture) and Tom Bartlett and associate Meredith Campanale, with assistance from partner Adam Pierson, association partner Zeyad Al-Salloum and associates Sherief Rashed, Dina Elshurafa and Hiba Abdullahi. Involved fees earner: Mark Castillo-Bernaus - White & Case; Tom Bartlett - White & Case; Adam Pierson - White & Case; Meredith Campanale - White & Case; Zeyad Y. Al-Salloum - White & Case; Sherief Rashed - White & Case; Dina Elshurafa - White & Case; Hiba Abdullahi - White & Case;

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