Chadbourne & Parke LLP represented ACWA Power as sponsor in the approximately US$350 million financing of the 200 MW second stage of the Mohammed bin Rashid Al Maktoum solar photovoltaic project in Dubai. The lenders included First Gulf Bank, National Commercial Bank and Samba Financial Group.
The second phase of the project will include more than 2.3 million solar PV panels and produce enough electricity to power 30,000 homes. According to the Dubai Electricity and Water Authority, the project will occupy 4.5 square kilometers and will achieve a reduction of approximately 400,000 tons of carbon emissions by 2020.
The Chadbourne team working on the project included London partner Agnieszka Klich, Dubai international partner Yasser Balall Yaqub, London international counsel Julie Scotto, Dubai counsel Simon Schmidt, and London associates Karolina Reiter and Richard Oliver.
Chadbourne was recently ranked as the top global legal adviser for project finance transactions in the first half of 2015 (H1 2015), according to research prepared by IJ Global. The firm handled US$35.997 billion in transactions, more than US$10 billion ahead of the second-ranked firm. In addition to the global ranking, Chadbourne ranked first among Middle East and North Africa top legal advisers in H1 2015 with US$8.416 billion in transactions.
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