Clifford Chance has represented Dhuruma Electricity Company, whose sponsors include Saudi Electricity Company, on the refinancing of facilities in excess of $1 billion for a gas-fired independent power project in Riyadh, Saudi Arabia.
The refinancing, which closed on March 1 was provided on a combined conventional and Islamic basis, with two classes of financiers sharing the transaction security package. The first, the dollar-denominated international tranche in excess of $500 million, was provided by KfW IPEX-Bank GmbH, Export Development Canada, Sumitomo Mitsui Banking Corporation, Mizuho Bank, Ltd., Sumitomo Mitsui Trust Bank, Limited, Mitsubishi UFJ Trust and Banking Corporation, Société Générale and Standard Chartered Bank.
The second, the Saudi riyal-denominated istisna'a-ijara tranche of over 635 million, was provided by Banque Saudi Fransi, Samba Financial Group, The Saudi British Bank (SABB), The National Commercial Bank (Al Ahli) and Al Inma Bank.
The Clifford Chance team was led by Mohamed Hamra-Krouha, a partner in the firm’s Riyadh office.
