Trowers & Hamlins LLP, Ernst & Young and GOPA-International Energy Consultants GmbH advised Dubai Electricity and Water Authority in relation to the fifth phase of the Mohammed bin Rashid Al Maktoum Solar Park.
With an estimated completion date of 2030, the MBR Solar Park will be largest single-site solar park of its kind in the world with a total capacity of 5,000 MW. The Project, which represents the fifth phase of the MBR Solar Park, will have a capacity of 900MW. The Project will generate enough clean energy to power approximately 270,000 homes in Dubai.
The successful bidder submitted a then new world-record low tariff (for unsubsidised levelised cost of electricity (or LCOE)) PV solar power generation of $1.695 cents a kilowatt hour ($c/kWh). DEWA awarded the project to the developer consortium of International Company for Water and Power Projects (ACWA Power) and Gulf Investment Corporation (GIC) (together the Consortium).
DEWA, the Consortium and relevant stakeholders, with the assistance of the Consultants, previously reached commercial close on 29 April 2020.
In addition to drafting the request for proposals (RFP), the Consultants also developed the full suite of project agreements. The key project agreements include the power purchase agreement (PPA), shareholders’ agreement, the musataha agreement and high-level term sheets for the engineering, procurement and constructions (EPC) contract and operation and maintenance (O&M) contract. Since commercial close, the Consultants have advised on all matters up to the successful satisfaction of the conditions for financial closing.
The Trowers & Hamlins’ team was led by partners Thomas Wigley (Picture) and Shaun Hardiman who were supported by Lydia Clatworthy, Sam Wood, Jennifer Barnett and Jacques Domican-Bird. The EY team was led by Rajeev Singh, partner, and Abhayjit Sinha, Director of Strategy and Transactions with support from Mohammed ElSewedy and Vahe Hadajian. The intec team was led by project managers Karsten Ley and Kuno Schallenberg.
Law Firms: Trowers & Hamlins;
Clients: Dubai Electricity and Water Authority;