By Toby Geoghegan
White & Case has advised Abu Dhabi’s Ruwais Power Company and its sponsors on the issuance of $825 million 6 percent senior secured bonds due 2036, with Latham & Watkins advising the joint lead managers.
This transaction represents the first project bond offering by an independent power and water project in the Middle East, and the project bond was used to partially refinance the Shuweihat 2 IWPP with commercial lenders and Japan Bank for International Cooperation.
The White & Case team that advised Ruwais was led by London partner Mark Castillo-Bernaus, Abu Dhabi partner Sean Johnson and New York partner Alexander Kritzalis.
The joint lead managers, including banks such as Citibank, HSBC and Standard Chartered were advised by a Latham team led by partner Craig Nethercott and also including partners Villiers Terblanche, Bryant Edwards and Lene Malthasen.
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