White & Case LLP has advised the commercial lenders, Islamic financiers and Export-Import Bank of the United States on the refinancing of the Riyadh PP11 Independent Power Project in the Kingdom of Saudi Arabia.

PP11 is a gas-fired independent power project which achieved commercial operation in 2013. The refinancing of the international commercial bank facility and Islamic finance facilities, combined with the existing financing from Export-Import Bank of the United States (which was not re-financed), totals approximately US$1.45 billion.

"This deal showcases the Firm's continued leading role in the power sector in Saudi Arabia," said White & Case partner Mark Castillo-Bernaus.  Partner Tom Bartlett said: "The refinancing of the Islamic facilities was particularly complex and necessitated the development of an innovative financing mechanism in order to secure Sharia approval."

The White & Case team was led by partners Mark Castillo-Bernaus and Tom Bartlett and associate Meredith Campanale, with assistance from partner Adam Pierson, association partner Zeyad Al-Salloum and associates Sherief Rashed, Dina Elshurafa and Hiba Abdullahi.