Al Kharsaa 800MW Solar PV IPP’s US$330 Million Construction Financing

Clifford Chance advised Mizuho Bank, Ltd. and the Japan Bank for International Cooperation.

Mizuho Bank, Ltd. and the Japan Bank for International Cooperation provided US$330 million (approximately) financing for the construction, operation and maintenance of the Al Kharsaa 800MW Solar PV IPP (the Project) being developed near Doha in Qatar.

The project will be owned by Siraj Energy (a joint venture of Qatar Electricity & Water Company and Qatar Petroleum), Marubeni Corporation (Marubeni) and Total Solar International (TOTAL), under the build, own, operate and transfer (BOOT) model for a period of 25 years. The project is expected to be fully commissioned in April 2022.

Al Kharsaa is TOTAL’s biggest solar project to date and Marubeni’s third large-scale solar PV independent power project (IPP) in the Middle East and North Africa (MENA) region.

The total capacity of the project will be able to meet 10% of the peak electricity demand in the country. The project will serve the objective of Qatar National Vision 2030 and contribute to the country’s commitment to host a carbon-neutral FIFA World Cup in 2022.

The Clifford Chance team was led by Consultant Peter Avery and Partner Richard Parris. They were assisted by: Jeremy Barker (Senior Associate), Suzanne Dand (Associate) and Mahmoud ElBanhawi (Trainee) on the finance documents aspects; Inaamul Laher (Head of Construction, MENA) and Isabella Van Zyl (Associate) on the project documents aspects, Cheuk-Yin Cheung (Counsel), Mae Yen Teoh (Senior Associate) and Yaru Chia (Associate) on the senior hedging, Graham Brewer (Picture – Partner), Abimbola Lawore (Senior Associate), Ilaria Ribis (Associate) and Shema Begum (Trainee) on the equity bridge loans (EBLs), Paul Landless (Partner), Miles Binney (Senior Associate) and Kate Wilson (Trainee) on the hedging for the EBLs, Hein Tonnaer (Partner), Nanette Rutgers (Counsel), Mike Niekoop (Advocaat) and Carlijn Tenge (Advocaat) on the Dutch law aspects relating to the Dutch sponsor.

Involved fees earner: Peter Avery – Clifford Chance; Jeremy Barker – Clifford Chance; Miles Binney – Clifford Chance; Graham Brewer – Clifford Chance; Yaru Chia – Clifford Chance; Suzanne Dand – Clifford Chance; Inaamul Laher – Clifford Chance; Paul Landless – Clifford Chance; Abimbola Lawore – Clifford Chance; Mike Niekoop – Clifford Chance; Richard Parris – Clifford Chance; Ilaria Ribis – Clifford Chance; Nanette Rutgers – Clifford Chance; Carlijn Tenge – Clifford Chance; Hein Tonnaer – Clifford Chance; Isabella Van Zyl – Clifford Chance; Mae Yen Teoh – Clifford Chance; Cheuk yin Cheung – Clifford Chance;

Law Firms: Clifford Chance;

Clients: Japan Bank for International Cooperation – JBIC; Mizuho Bank;

Author: Michael Patrini.