Trowers & Hamlins has acted as United Arab Emirates legal counsel to the lenders and bond underwriters on the US$2.3 billion refinancing of the Shuweihat S2 Independent Water and Power Project (IWPP) in the Emirate of Abu Dhabi, UAE.

The refinancing comprised US$1.475 billion of long-term facilities from lenders, including Japan Bank for International Cooperation, and a US$825 million bond issuance by the project company, Ruwais Power Company PJSC.  The refinancing reached financial closing on 6 August 2013.

International law firm Ince & Co LLP advised Golar LNG Limited on the successful completion of a Floating Storage and Regasification Unit (FSRU) time charter with the Ministry of Energy and Mineral Resources of Jordan.

Ince advised Golar on all aspects of the charter and related documentation, from the initial expression of interest, throughout the tender stage, to final completion of the deal on 31st July.

Ashurst acted as international counsel to CIMB Investment Bank and RHB Investment Bank as lead managers to the Malaysian initial public offering of Sona Petroleum Berhad.  Sona Petroleum is a special purpose acquisition company formed to acquire exploration and production oil and gas assets in Southeast Asia, the Middle East and selected countries in Africa.  The IPO raised approximately US$160 million, making it the largest-ever SPAC listed in Malaysia.

Transaction marks the first project bond offering in the Middle East independent power sector.

Global law firm White & Case LLP has advised Ruwais Power Company PJSC and its sponsors - shareholders Abu Dhabi National Energy Company PJSC, Abu Dhabi Water and Electricity Authority, International Power S.A., Marubeni Corporation and Osaka Gas Co., Ltd - on the inaugural issuance of US$825,000,000 6 percent Senior Secured Bonds due 2036 and the related refinancing of the US$2.3 billion Shuweihat 2 IWPP.

On August 6, 2013, First Solar announced a technology partnership with GE to advance thin-film solar cells and modules. The transactions included First Solar’s acquisition of GE’s global cadmium telluride (CdTe) solar intellectual property portfolio, for which GE received 1.75 million shares of First Solar common stock. Cravath represented First Solar in connection with this transaction, which has closed.

The Cravath team included partners Erik R. Tavzel and David J. Kappos and associates Aaron D. Suh, Benjamin D. Landry and Curtis R. Weber.

The Firm recently represented Wells Fargo in connection with an aggregate $1.3 billion of revolving credit facilities including the $715.0 million revolving credit facility for EnerVest Preferred Holdings XIII, L.P., the $10.0 million revolving credit facility for EnerVest Energy Institutional Fund XIII-WIC, L.P., and the $575.0 million revolving credit facility for EnerVest Institutional Fund XIII-A, L.P.  EnerVest is one of the 25 largest oil and gas companies in the United States, with more than 27,000 wells across 16 states, 5.4 million acres under lease and more than $6 billion in

The Firm represented the underwriters led by Citigroup Global Markets, Inc., Deutsche Bank Securities Inc., HSBC Securities (USA) Inc. and RBS Securities Inc.

Global legal practice Norton Rose Fulbright has advised The Renewable Energy Infrastructure Group (“TRIG“), a closed-ended investment fund, in relation to its £300 million IPO, listing on the London Stock Exchange.

The TRIG group will be managed on a day-to-day basis by InfraRed Capital Partners Limited (“InfraRed”) as discretionary investment manager. Renewable Energy Systems Limited (“RES”) has been appointed as operations manager.

Paul Hastings, a leading global law firm, announced today that the firm represented the lead arrangers Société Générale and KeyBank National Association in connection with the financing for the completion of General Atlantic’s acquisition of CLEAResult, an energy management services company.  The financing consisted of $155 million in senior secured credit facilities.

Leveraged partner Michele Cohen led the Paul Hastings team, which also included associates Christopher Ross, Sung Ho (Danny) Choi, and Paul Henesy.

The partial refinancing of JBIC and commercial banks as existing creditors to the US$2.3 billion Shuweihat S2 independent water and power project closed on 6 August 2013.  Ruwais Power Company PJSC (sponsored indirectly by TAQA, GDF Suez, Marubeni, Osaka Gas and ADWEA) issued US$825 million in project bonds (with a 6% yield) and applied such proceeds towards the refinancing (among other purposes).