DUBAI AND LONDON – Bracewell LLP represented the consortium comprising TotalEnergies, Toyota Tsusho Corporation and Alternative Solutions for Renewable Energy in relation to its successful bid for, winning and implementation of the Wadi Ad Dawasir 120 MW solar photovoltaic IPP in the Kingdom of Saudi Arabia. This project is one of four tendered in the Kingdom under its third round of renewables programme and constitutes a second successful financial closing for the Bracewell team in the same round. The project reached financial closing on 22 June 2023.
This project was originally tendered in 2020 and survived incredible obstacles presented by the worldwide COVID-19 pandemic and subsequent inflationary pressures. The consortium persevered in spite of these challenges to find commercial solutions to otherwise very difficult market conditions. The Bracewell team proudly advised the consortium from inception to financial closing and was there, with the consortium, through all these challenges. The Bracewell team was led by Andrej Kormuth on the project documents, Oliver Irwin on financing and Tom Swarbrick on construction.
Andrej Kormuth, who led the Bracewell team, commented: “We are proud to have worked with the consortium and all stakeholders in finding solutions to otherwise difficult market conditions, and ultimately bring this momentous deal to a successful closing. This is our second financial closing amongst four renewables deals under Saudi Arabia’s third round of renewables, firmly establishing Bracewell’s continuing leadership in the renewables sector within Saudi Arabia and regionally.”
Bracewell lawyers involved in the transaction include:
Partners: Andrej Kormuth, Oliver Irwin and Tom Swarbrick
Senior Associates: Shayan Najib and Ben Pridgeon
Associates: Amelia Bowring and Nick Meyer
Senior Paralegal: Tess Luijcx
