DUBAI, United Arab Emirates, March 11, 2012 /PRNewswire/ --
Multi-sourced financing for the $2.795 billion gas-fired Qurayyah Independent Power Project by the ACWA Power Consortium earned Project Finance Magazine's "Middle East Power Deal of the Year for 2011."
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Baker Botts L.L.P. advises the Saudi Electricity Company (SEC) on all aspects (international and Saudi) of its IPP programme, including the Qurayyah IPP. Nigel Thompson, a partner in the firm's Dubai office, led the Baker Botts team advising SEC on financing for the Qurayyah IPP, which included Keith Bullen, an Associate in Dubai and Omar al Saab, an Associate in Riyadh.
This is the third consecutive year the SEC, with Baker Botts as its lead outside counsel for the company's IPPs, has secured Project Finance's "Middle East Power Deal of the Year." The company's $2.1 billion "groundbreaking" financing for Saudi Arabia's PP11 power project in 2010 earned this distinction from the magazine last year and Raqbigh IPP, the first in SEC's program, in 2009.
"Creativity by the ACWA consortium in securing financing for Qurayyah IPP was critical to moving this project forward," said Baker Botts' Thompson. "This is an example of how our firm continues to work with clients to develop new modules for financial matters -- particularly with respect to power projects such as the SEC's."
In announcing the Qurayyah IPP transaction as "deal of the year" for 2011, Project Finance editors said that the multi-sourced financing for the project by ACWA was notable for two reasons: pricing and competitive bidding. Pricing for Qurayyah "came in significantly lower" than Shuweihat 3, the other benchmark independent power deal in the region last year.
And, Project Finance editors said, "The ACWA Power-led bid for the project was equally as competitive on tariff, and ultimately wrong-footed the competition by enabling the grantor Saudi Electricity Company (SEC) to only have to tender once for what was originally to be two projects -- Qurayyah 1 and 2."
The ACWA Power Consortium -- comprised of ACWA Power International, Samsung C&T and the MENA Fund -- was established specifically for the development of the Qurayyah Independent Power Project (IPP) in the Kingdom of Saudi Arabia. The project, the third and largest plant in SEC's IPP Programme, is being developed by SEC to help meet the rapidly rising power demand in the Kingdom and the region, via the newly completed GCC interconnectors.
About Baker Botts L.L.P.
Baker Botts is an international law firm with over 725 lawyers and a network of 13 offices around the globe. Based on our experience and knowledge of our clients' industries, we are recognized as a leading firm in the energy, technology and life sciences sectors. Throughout our 172-year history, we have provided creative and effective legal solutions for our clients while demonstrating an unrelenting commitment to excellence. For more information, please visit http://www.bakerbotts.com.
