LONDON AND DUBAI – Bracewell LLP advised on two innovative and unique transactions that were named winners at the 2023 Project Finance International (PFI) Awards, which honor achievement and innovation in the global project finance market.
The first-of-its-kind transaction in which Infinity Renewables Energy B.V. acquired Lekela Power B.V. was named the Middle East & Africa ESG Platform Deal of the Year. Bracewell advised the lenders on the acquisition financing, which was part of the largest M&A transaction for a portfolio of operating renewable assets across Africa.
Led by partners Tom Jamieson and Gordon Stewart, Bracewell acted as international counsel to the mandated lead arrangers and lenders, comprising Absa Bank Limited and the Mauritius Commercial Bank Limited.
Saudi Arabia’s public private partnership project to develop 10 residential communities for the NEOM giga project by the Public Investment Fund has been named Middle East & Africa Social Infrastructure Deal of the Year. The programme is among the largest international PPP projects for accommodation in the world, and it will house 95,000 occupants for up to ten years.
Bracewell, led by partners Tom Swarbrick, Andrej Kormuth and Oliver Irwin, represented a lending group comprising Alinma, Riyad Bank, Banque Saudi Fransi and the National Infrastructure Fund providing debt finance to a developer consortium led by Tamasuk Holding Company in relation to two of the communities. In addition, Bracewell, led by partner Tom Jamieson, advised the lenders (SABB/HSBC, Alinma Bank and Riyad Bank) to Nesma, also for the financing of two communities.
The combined value of the four communities is $1.7 billion.
The annual PFI awards recognize outstanding achievements in project finance deals, banks, advisors, investors and law firms showcasing transactions that reshape the industry landscape.