Trowers & Hamlins is delighted to report that the Shuweihat S3 Power Plant in Abu Dhabi has achieved commercial operational status, adding key power generation capacity to the Emirate.
Trowers & Hamlins advised the project sponsors, a consortium comprising Sumitomo Corporation ("Sumitomo") and the Korea Electric Power Corporation ("KEPCO"), as UAE counsel on the US$1.5 billion greenfield S3 project. The firm advised on all project matters up to successful financial close, which was achieved on 19 May 2011. Trowers & Hamlins was then subsequently retained as UAE counsel to the project company, Shuweihat Asia Power Company ("SAPCO"). SAPCO's shareholders include Sumitomo, KEPCO and a wholly-owned subsidiary of Abu Dhabi Water & Electricity Authority ("ADWEA").
Situated approximately 260 kilometres west of Abu Dhabi, the S3 combined cycle power plant has an installed generating capacity of 1,600 megawatts. The plant is owned by SAPCO and operated by Shuweihat Asia O&M Company ("SAOM").
Saleem Adam, International Corporate partner at Trowers & Hamlins, commented: "It is very satisfying to see this project reach fruition and we are pleased to have been involved. Abu Dhabi is growing at fast pace, and in addition to supporting increasing power demand from the Emirate's rapidly expanding population, the plant will also deliver power to the expanding industry in the region."
Saleem Adam and senior associate Shaun Hardiman led on the matter. Trowers & Hamlins has advised on all UAE law matters relating to SAPCO since its incorporation and until it recently achieved project commercial operation status in July 2014. The firm supported SAPCO throughout its lifecycle from incorporation to commercial operation. The work undertaken by the Abu Dhabi based team included advising on aspects of the project's financing such as its equity bridge loan repayments, related UAE law security issues, certain necessary asset transfers, corporate approvals, key governmental consents and notarisation, and registration of onshore security documents.
