White & Case and the Law Office of Megren M. Al-Shaalan Advise on Procurement and Financing of Largest Solar PV Project in Saudi Arabia
2 min read
Global law firm White & Case LLP and The Law Office of Megren M. Al-Shaalan (LOMAS) have advised the Saudi Power Procurement Company (SPPC) on the procurement and financing of the 1.5 GW Sudair solar photovoltaic (PV) power project in the Sudair Industrial City, Kingdom of Saudi Arabia.
"The Sudair solar project is critical to the Kingdom of Saudi Arabia's goal of increasing the use of renewable energy in the country," said White & Case partner Alexander Malahias, who co-led the Firm’s deal team. "For decades White & Case has been the market leader in advising on Saudi Arabia's most important power projects and this latest project is expected to help transform the domestic energy landscape in the Kingdom."
Once constructed, the plant will have a total capacity of 1.5 GW making it one of the largest single-contracted solar PV plants in the world and the largest of its kind in Saudi Arabia. Such an achievement is even more notable when considering that the Sudair project also benefits from the second lowest solar tariff ever recorded.
"This first-of-its-kind transaction is a significant milestone for Saudi Arabia’s solar IPP programme" said White & Case partner Yasser Riad, who co-led the Firm's deal team. "We utilised our cross-practice and cross-border experience to deliver on this strategically important transaction for SPPC."
The PIF-backed and ACWA Power led consortium that is developing the project have signed a 25 year power purchase agreement with SPPC. Once constructed, the Sudair PV IPP will be capable of powering 185,000 homes and offsetting nearly 2.9 million tons of emissions annually. The project’s initial commissioning is expected during the second half of 2022.
White & Case partner Michael Watson, who leads the Firm's Energy Transition Focus Group, said: "The closing of the Sudair PV IPP is the latest example of White & Case's successful involvement in the most important renewable deals in the region, such as the Rabigh PV IPP, the Jeddah PV IPP in Saudi Arabia and the Al Dhafra PV2 IPP in the UAE. It also demonstrates that we are at the forefront yet again, as the go to law firm for clients that are leading the way on energy transition."
The White & Case and LOMAS team that advised on the transaction included partners Alexander Malahias and Yasser Riad (both Abu Dhabi), local partner Ibrahim Bakhurji (LOMAS, Riyadh) and associates Jennifer Riddle, Stephan Guderian and Shamim Khan (all Abu Dhabi) and Elaf Al-Wohaibi and Nezar Al Abbas (both LOMAS, Riyadh).
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