ACWA Power’s $400 Million 500-MW Ibri II Solar Project


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.

Ibri II will be built at a 1,300-hectare (3,212 acres) site in Dhahirah governorate and is expected to become operational by June 2021. 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.

The Dentons Finance team was led by partner Udayan Mukherjee (Picture), with assistance from counsel Michelle Teng, senior associate Carina Onzer, associate Annabel Vince 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.

Involved fees earner: Sadaf Buchanan – Dentons; Andrew Figgins – Dentons; Justine Harding – Dentons; Udayan Mukherjee – Dentons; Carina Onzer – Dentons; Michelle Teng – Dentons; Annabel Vince – Dentons;

Law Firms: Dentons;

Clients: ACWA Power; Alternative Energy Projects Co. (AEPC); Gulf Investment Corporation;

Author: Michael Patrini.