Hogan Lovells has advised ACWA Power on the project financing of the Taweelah desalination Independent Water Project in Abu Dhabi, United Arab Emirates.
Financial close was achieved on 16 October 2019.
The Taweelah desalination IWP will be developed on a build, own and operate (BOO) basis and have a production capacity of 200 million gallons per day (MIGD) of potable water, making it the largest reverse osmosis desalination plant in the world. ACWA Power, AD Power and MDC Power each hold respective equity stakes of 40%, 20% and 40% in the project company.
The financing package contains both commercial and Islamic facilities from a group of leading regional and international financial institutions.
ACWA Power is a developer, investor, and operator of power generation and desalinated water plants, with over 50 assets in operation across more than 10 countries.
The Hogan Lovells team was led by Dubai-based projects partner Sohail Barkatali (Picture), with support from Rahail Ali (Partner, Dubai), Imran Mufti (Partner, Dubai), Alex Wong (Partner, Singapore), Tony Nicholson (Senior Associate, Dubai), Shaakir Daud (Associate, Dubai) and Zack Lin (Associate, Singapore).
Involved fees earner: Rahail Ali – Hogan Lovells; Sohail Barkatali – Hogan Lovells; Shaakir Daud – Hogan Lovells; Zack Lin – Hogan Lovells; Imran Mufti – Hogan Lovells; Tony Nicholson – Hogan Lovells; Alex Wong – Hogan Lovells;
Law Firms: Hogan Lovells;
Clients: ACWA Power;