ACWA Power’s’ $ 1.2 Billion Initial Public Offering

Abdulaziz Alajlan & Partners and Baker McKenzie advised a syndicate of underwriters on the deal. Abuhimed Alsheikh Alhagbani Law Firm (AS&H) in co-operation with Clifford Chance has acted for ACWA Power.

International Company for Power and Water Projects’ (ACWA Power’s) US$ 1.2 billion completed an initial public offering and listing on the Saudi Stock Exchange (Tadawul), with an implied market capitalization on listing of approximately US$ 11 billion. 

ACWA Power, founded in 2004, is a leading private developer, owner and operator of long-term contracted power generation and desalinated water projects worldwide. 

The syndicate included Citigroup, J.P. Morgan, Natixis and Riyad Capital as joint coordinators, financial advisors, bookrunners and underwriters. The syndicate further comprised EFG Hermes, Emirates NBD and FAB Capital as joint bookrunners and underwriters, as well as Albilad Capital, Alistithmar Capital, Aljazira Capital and SNB Capital as underwriters. 

The cross-border team was led by George Marshall and Adam Farlow (Partners, Baker McKenzie, London) and Robert Eastwood and Karim Nassar (Legal Advisors, Riyadh). Further support was provided by Charles Farnsworth (Of Counsel) and Matthew Caulfield (Associate) of Baker McKenzie, London, and Lama AlHabib (Trainee Associate) of Legal Advisors, Riyadh.

The AS&H team was led by Mansoor Alhagbani (Partner, Head of the Capital Markets & Financial Regulatory) with support from Senior Associate Rakan Kawar and Associates Haifa AlDamegh, Jomana Al-Kathiri, Motaz Al-Fozan, Haya Al-Rowaita, Noura Abdulrahman, Aljazi Alhagbani, Ghada Al-Mazyad, Abdullah Al-Huwayshan, Naif Al-Sheikh, Aljoahra BinAhmed, Aljawharah Al-Sadoun, Abdulwahab Al-Kahtani, Alia Al-Kadi, Khaled Al-Bakr and Nawaf Mutwalli. Yasser Al-Hussain (Partner, Head of Banking & Finance) along with Senior Associates Mazin Al-Zamil and Abdulkhaliq El-Shayyal and Associate Mohammed Ghazzawi advised on certain aspects of the transaction.

A cross-border Clifford Chance team was jointly led by Dubai-based Partner and Head of the Middle East Equity Capital Markets Practice, Mike Taylor (Picture), and Paris-based US Securities Partner Alex Bafi, who were supported by Counsel Olivier Plessis (Paris), Senior Associate Rezwan Azam (Dubai) and Associates Massimiliano Valli (Dubai), Ryan Bosch (Paris) and Garo Yaghsezian (Paris).

A Clifford Chance team led by Dubai-based Partner Richard Parris advised on the projects related workstreams.

Involved fees earner: Noura Abdulrahman – Abuhimed AlSheikh AlHagbani (AS&H); Haifa Al-Damegh – Abuhimed AlSheikh AlHagbani (AS&H); Motaz Al-Fozan – Abuhimed AlSheikh AlHagbani (AS&H); Yasser Al-hussain – Abuhimed AlSheikh AlHagbani (AS&H); Abdullah Al-Huwayshan – Abuhimed AlSheikh AlHagbani (AS&H); Ghada Al-Mazyad – Abuhimed AlSheikh AlHagbani (AS&H); Haya Al-Rowaita – Abuhimed AlSheikh AlHagbani (AS&H); Aljawharah Al-Sadoun – Abuhimed AlSheikh AlHagbani (AS&H); Naif Al-Sheikh – Abuhimed AlSheikh AlHagbani (AS&H); Mazin Al-Zamil – Abuhimed AlSheikh AlHagbani (AS&H); Mansoor Alhagbani – Abuhimed AlSheikh AlHagbani (AS&H); Aljazi Alhagbani – Abuhimed AlSheikh AlHagbani (AS&H); Jomana Alkathiri – Abuhimed AlSheikh AlHagbani (AS&H); Abdulkhaliq Elshayyal – Abuhimed AlSheikh AlHagbani (AS&H); Mohammed Ghazzawi – Abuhimed AlSheikh AlHagbani (AS&H); Rakan Kawar – Abuhimed AlSheikh AlHagbani (AS&H); Matthew Caulfield – Baker McKenzie; Robert Eastwood – Baker McKenzie; Adam Farlow – Baker McKenzie; Charles Farnsworth – Baker McKenzie; George Marshall – Baker McKenzie; Karim Nassar – Baker McKenzie; Rezwan Azam – Clifford Chance; Alex Bafi – Clifford Chance; Ryan Bosch – Clifford Chance; Richard Parris – Clifford Chance; Olivier Plessis – Clifford Chance; Mike Taylor – Clifford Chance; Massimiliano Valli – Clifford Chance;

Law Firms: Abuhimed AlSheikh AlHagbani (AS&H); Baker McKenzie; Clifford Chance;

Clients: ACWA Power; Citigroup Global Markets Ltd; JP Morgan; Natixis; Riyad Capital;