Experience

Middle East

By March 16, 2020 April 29th, 2022 No Comments

We have closed around USD 4.5 billion of deals in the Middle East. This experience includes projects in Bahrain, Iran, Iraq, Saudi Arabia, and the UAE.

At present, we are very active in Saudi Arabia, advising Nesma Holdings Ltd. (a USD 3 billion company based in in Jeddah) to participate in the Kingdom’s effort to develop 58.7 GW in renewable energy by 2030.  Our efforts have included the following:

  • Supported the due diligence effort to become an investor in the first 400 MW wind IPP that was awarded to a consortium of EDF Renouvelables and Masdar that closed on June 30, 2019.  This investment is expected to close in 4Q 2020.
  • Led the finance effort for Nesma of a bid submittal in which Nesma is a 30% sponsor (with EDF Renouvelables and Masdar) for 4 utility-scale solar projects that were solicited in the second round of bids by the Renewable Energy Project Development Office (REPDO).  This bid was successful:
    • Consortium was awarded the 400 MW solar IPP at Jeddah. This project is now in the closing process (expected 1Q 2021); and
    • Consortium has been short-listed along with another competitor for the 600 MW solar IPP at Al Faisaliah. The two short-listed firms have submitted Best and Final Offers (BAFO) and these bids presently are under evaluation.
  • Leading the financing in a bid preparation, in which Nesma is a sponsor (with EDF Renouvelables and Masdar) for 2 utility-scale solar projects that are being solicited in the third round of bids by REPDO.
  • Supporting Nesma to develop a finance strategy for projects that will be implemented by the Public Investment Fund (PIF).  The PIF has the responsibility to implement 70% of the 58.7 GW target for renewable energy projects (with REPDO doing the other 30%).
  • Supporting Nesma to develop a finance strategy for its industrial customers in Saudi Arabia.

We have also delivered extensive training in the area of project finance and financial modeling.  This has included 5-day comprehensive workshops in Jeddah for National Commercial Bank for 4 years in a row.  Project Finance workshop to be delivered to Nesma Management and their renewables business in 2021.

As a result, we are intimately familiar with the landscape for project finance in Saudi Arabia, in particular, and are extremely aware of the enormous need for diversifying Saudi Arabia’s access to new sources of project financing.

We are also actively part of a mandate to review the current project financial model and documentation for ENEC’s 5,600 MW Barakah Project in Abu Dhabi.