Dubai/Muscat—Dentons has advised ACWA Power and the Sponsors in reaching financial close on the US$400 million 500-MW Ibri II photovoltaic (PV) solar independent power project (IPP), in Oman. The plant will become the largest utility-scale solar park in Oman.

ACWA Power led the consortium of sponsors, which includes Kuwait’s Gulf Investment Corporation (GIC) and Alternative Energy Projects Co (AEPC). The power project, financed on a 70/30 debt to equity ratio, has received US$275 million in senior debt funding from a group of six lenders. The lending consortium includes the Asian Infrastructure Investment Bank (AIIB), Bank Muscat, Riyad Bank, Siemens Bank, Standard Chartered Bank and Warba Bank.

Partner Udayan Mukherjee commented, "We are delighted to have been able to assist the Sponsors to close this transaction, particularly given the challenges in the current environment. This is a landmark project as it is the largest renewables project in Oman and will be the first renewables IPP for AIIB in the region, with a consortium of international and regional banks also participating". 

The Dentons Finance team was led by partner Udayan Mukherjee, with assistance from counsel Michelle Teng, senior associate Carina Onzer, associate Annabel Vincent and trainee Asila Al Hinai. Dentons' Oman office also advised on the local law aspects, led by partners Sadaf Buchanan and Andrew Figgins, with assistance from counsel Justine Harding and paralegal Safa Al Bulushi.

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