IFLR1000

Hassyan 2400MW Clean Coal IPP

12/12/2016
Project development, Project finance
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$ 3.4 billion

Announced

12/12/2016

Overview:

  • Hassyan 2400MW Clean Coal IPP.
  • The overall project is a 3600 MW coal-fired power station to be built in two phases, Phase I of 2400MW and Phase II of 1200MW.
  • The project was commissioned by Dubai Electricity and Water Authority (DEWA) who hold a 51% stake in the project company and agreed a 25 year PPA.
  • A consortium of ACWA Power and the Harbin Electric was chosen as the winning bidder. The Silk Road Fund later joined as a shareholder.
  • Financing was provided by Industrial and Commercial Bank of China, Bank of China, Agricultural Bank of China, China Construction Bank, Silk Road Fund, First Gulf Bank, Union National Bank, National Commercial Bank, Commercial Bank International and Emirates NBD coordinated by Standard Chartered.

Sam Duke - Editor

Jurisdiction:

United Arab Emirates

Deal types:

Project development
Project finance

Practice areas:

Project finance
Project development

Industry sector:

Energy

Firms:
Al Tamimi & Company

Party: Standard Chartered (Coordinator)

Party: Industrial and Commercial Bank of China Ltd (Lender)

Party: Bank of China Ltd (Lender)

Party: Agricultural Bank of China Ltd (Lender)

Party: China Construction Bank Corporation (Lender)

Party: Silk Road Fund (Lender)

Party: First Gulf Bank (Lender)

Party: Union National Bank (Lender)

Party: The National Commercial Bank (Lender)

Party: Commercial International Bank (Lender)

Party: Emirates NBD (Lender)

Lawyer: Jody Waugh

Latham & Watkins

Party: Harbin Electric Co Ltd (Project developer)

Lawyer: Villiers Terblanche

Shearman & Sterling

Party: Standard Chartered (Coordinator)

Party: Industrial and Commercial Bank of China Ltd (Lender)

Party: Bank of China Ltd (Lender)

Party: Agricultural Bank of China Ltd (Lender)

Party: China Construction Bank Corporation (Lender)

Party: Silk Road Fund (Lender)

Party: First Gulf Bank (Lender)

Party: Union National Bank (Lender)

Party: The National Commercial Bank (Lender)

Party: Commercial International Bank (Lender)

Party: Emirates NBD (Lender)

Lawyers: Patrick Clancy, Xiaogang (Sean) Wang

White & Case

Party: Dubai Electricity and Water Authority (DEWA) (Grantor)

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