White & Case advises Green Sky Capital on equity and debt raise for first Sustainable Aviation Fuel project in Africa and the Middle East

Global law firm White & Case LLP has advised Green Sky Capital on a landmark capital raise for a Sustainable Aviation Fuel (SAF) facility in Egypt and the establishment of a wider SAF development platform.

"This landmark project is the first SAF facility of its kind in Africa and the Middle East. It reflects continued momentum in the energy transition and marks an important milestone for sustainable aviation fuel development in the region," said White & Case partner Kamran Ahmad, who co-led the Firm's deal team. "The transaction not only breaks new ground for Egypt and the wider region, but also demonstrates continued investor and lender confidence in sustainable energy and the development of SAF plants at scale."

The Egypt project involves a SAF facility in the Suez Canal Economic Zone in Ain Sokhna, with an expected production capacity of approximately 145,000 metric tons per year. 

White & Case advised on all aspects of English and Egyptian law including the equity raise and establishment of the Green Sky Capital platform between Green Sky Capital Management, Al Mana Holding and Vision Invest.

White & Case also led negotiations in relation to the full suite of project documentation, including the offtake and feedstock agreements, EPC contracts and technology licence arrangements.

The Firm also advised Green Sky Capital on the senior debt financing arranged by The Emerging Africa & Asia Infrastructure Fund Limited (acting through Ninety One), The Arab Energy Fund (TAEF) and Qatar National Bank (QNB). The senior secured term loan facility forms part of a broader platform-wide capital raise including a substantial equity investment from Al Mana Holding based in Qatar and Vision Invest based in the Kingdom of Saudi Arabia.

Green Sky Capital will develop, own and operate the facility in Suez. The project is expected to deliver greenhouse gas emission reductions of up to 87% compared to conventional jet fuel.

Project revenues will be supported by a long-term take-or-pay offtake agreement with Shell covering 100 percent of the facility's output. The project will utilise Axens' proprietary VEGAN® hydroprocessing technology and renewable feedstocks, including used cooking oil and other lipid-based materials.

"Creating the first SAF facility in Africa and the Middle East is a defining moment for Green Sky Capital and for the deployment of sustainable fuels at scale," said Ali Shaikh, Founder and CEO of Green Sky Capital. "White & Case's responsiveness and expertise were instrumental throughout this complex transaction, and we are grateful for the team's support in reaching this milestone".

The White & Case team which advised on the transaction was led by partners Kamran Ahmad and Paddy Mohen (both London), local partners Ryan Gawrych (London) and Ziad Gadalla (Cairo), and supported by partner Tamer Nagy (Washington, DC) and associates Miguel Bovill Rose, Sofia Wake-Walker, Asad Khan, Nada Hussein, Ronald Lee and Fola Oginni (all London), Dylan Nathwani (Dubai), Mohannad Fathi, Mostafa Mahmoud and Nada Tarek (all Cairo).

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