Rabigh 300 MW Solar Photovoltaic IPP Named Middle East & Africa ESG Platform Deal of the Year at 2021 PFI Awards

LONDON AND DUBAI – Bracewell LLP was among the law firms honored for its role in the successful financial closing of the Rabigh 300 MW solar photovoltaic IPP in Saudi Arabia, which was named Middle East & Africa ESG Platform Deal of the Year at the 2021 Project Financing International (PFI) Awards on May 9.

Bracewell advised the winning consortium – Marubeni Corporation and Aljomaih Energy & Water Company – on this transaction, which was one of the first renewables deals to feature an ECA soft mini-perm structure under its committed financing, combined with an Islamic facility tranche.

“We are delighted to work on market-leading renewable energy project financings such as the Rabigh solar photovoltaic IPP,” said Dubai partner Andrej Kormuth, who led Bracewell's team on this transaction. “Marubeni and Aljomaih Energy & Water are two of the leading developers in the Middle East region, and we are proud to share this award with them.”

Other team members included partners Oliver Irwin (London) and Tom Swarbrick (Dubai); senior associates Benjamin Pridgeon (London), Ade Mosuro (Dubai); and associate Shayan Najib (Dubai).

The annual PFI Awards honor achievement and innovation in the global project finance market. Now in its 25th year, PFI covers all finance industry sectors, including transport, power, oil and gas, infrastructure and mining.