International law firm Chadbourne & Parke has advised the winning consortium of ACWA Power International, Samsung C+T Corporation and the MENA Infrastructure Fund on the development and financing of the Qurayyah independent power project in Saudi Arabia. The 3,927 megawatt project is the largest independent power project in the world.

 The power project has raised $2 billion in financing using a mixture of conventional financing and a sharia-compliant murabaha facility.

Chadbourne's cross border team on the deal included partner Agnieszka Klich and associate Ali Donat from the London office, in addition to Dubai associates Mark Norman and Derek Kirton.

The plant, which will be located on the eastern coast of Saudi Arabia, will deliver power to the Saudi Electricity Company under a 20-year power purchase agreement scheduled to commence on 30 June, 2014. As a market, domestic energy consumption in Saudi Arabia is rising sharply, driven by population growth and a boom in petrochemicals and other industries. ALB

Shaheen Pasha is Middle East Regional Editor at ALB. Follow her on Twitter: @ALB_TheBrief.

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