White & Case Advises Ruwais Power Company and Its Sponsors on US$825,000,000 Bonds Issuance and Related Refinancing of the US$2.3 Billion Shuweihat 2 Project | White & Case LLP International Law Firm, Global Law Practice
White & Case Advises Ruwais Power Company and Its Sponsors on US$825,000,000 Bonds Issuance and Related Refinancing of the US$2.3 Billion Shuweihat 2 Project

White & Case Advises Ruwais Power Company and Its Sponsors on US$825,000,000 Bonds Issuance and Related Refinancing of the US$2.3 Billion Shuweihat 2 Project

Global law firm White & Case LLP has advised Ruwais Power Company PJSC and its sponsors - shareholders Abu Dhabi National Energy Company PJSC, Abu Dhabi Water and Electricity Authority, International Power S.A., Marubeni Corporation and Osaka Gas Co., Ltd - on the inaugural issuance of US$825,000,000 6 percent Senior Secured Bonds due 2036 and the related refinancing of the US$2.3 billion Shuweihat 2 IWPP.

This transaction represents the first project bond offering by an independent power and water project in the Middle East. The project bond was used to partially refinance existing facilities with commercial lenders and Japan Bank for International Cooperation.

Citigroup, BNP Paribas, HSBC, Mitsubishi UFJ Securities, National Bank of Abu Dhabi and Standard Chartered Bank were mandated as Joint Lead Managers for the transaction, with Mizuho Securities being mandated as Co-Manager.

"There has been a lot of discussion surrounding the use of project bonds as an alternative source of financing for infrastructure projects," said White & Case partner Sean Johnson. "This project bond clearly illustrates that the capital markets are a viable source of financing for infrastructure projects. We expect that this project bond offering will set precedent for others to follow, both in the Middle East and in Europe."

White & Case partner Mark Castillo-Bernaus said: "We were pleased to have worked closely with the sponsors and Ruwais Power Company PJSC on this benchmark project financing transaction. Coordinating a large team of experienced lawyers, from multiple practice areas, to navigate and successfully conclude this transaction, emphasizes the value we are able to provide to our clients, in particular in the project bond market."

The White & Case team was led by London based partner Mark Castillo-Bernaus and Abu Dhabi based partner Sean Johnson and assisted by New York based partner Alexander Kritzalis and associates Laurence Coman, Carina Radford and Andrzej Omietanski (London), Catherine Andrews and Alison Russell (Abu Dhabi) and Raymond Azar (New York).

White & Case has extensive capital markets experience in the Middle East having advised participants including sovereign issuers, project sponsors, underwriters and hedge counterparties. Recent transactions include advising Saudi Arabian Oil Company in connection with a US$2 billion sukuk issuance in the Kingdom of Saudi Arabia, to provide financing for the Sadara petrochemical complex, and representing Qatar Petroleum on its JPY 85 billion (approximately US$1 billion) Samurai bond offering in Japan, the first yen bond offering by a Qatari entity.

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