Global law firm Ashurst has advised BNP Paribas, HSBC, Crédit Agricole CIB, Standard Chartered, SMBC and MUFG as underwriters on the US$870,750,000 project bond refinancing the original financing for the Al Dhafra Solar Photovoltaic (PV) independent power project in Abu Dhabi. The Al Dhafra Solar PV project is a cornerstone of the UAE's renewable energy programme and a key contributor to the Emirate's long-term clean energy objectives.
Ashurst advised the underwriting syndicate across all aspects of the transaction, including the offering and disclosure framework, due diligence and the interface between the capital markets documentation and the project's existing contractual and financing arrangements to ensure a seamless refinancing. The project bond provides long-term funding from the capital markets to replace the project's existing bank debt, further diversifying the capital structure and facilitating broader investor participation in Abu Dhabi's energy transition. The transaction delivers a landmark capital markets refinancing for a flagship utility-scale renewable energy asset procured by Emirates Water and Electricity Company (EWEC).
The Ashurst team was led by partner Matthew Wood, supported by partners Jacques McChesney, Natasha Kavanagh and Grant Batten, senior associates Chloe McWeeny and Femi Omosuyi, and associates Jessica Chan and Bryony Singleton.
Commenting, lead partner Matthew Wood said: "We are pleased to support the underwriters on this significant transaction which underscores sustained international capital markets appetite for high-quality UAE infrastructure assets and the depth of support for Abu Dhabi's energy transition."
