Hogan Lovells advised Natixis acting as Sole Underwriter, Initial Mandated Lead Arranger, Bookrunner, Hedge Provider, Offshore Security Agent and Offshore Account Bank to the ACWA Power led consortium on the successful project financing of the 300MW Sakaka Solar independent power plant (IPP) project in Saudi Arabia. Financial close was achieved today.

The 300 MW Sakaka IPP is the first utility-scale renewable energy project under the Saudi National Renewable Energy Program by Renewable Energy Project Development Office (REPDO). The Sakaka IPP will harness solar energy by utilizing photovoltaic (PV) technology to generate electricity at a very competitive tariff. It is expected to enter commercial operation in June 2020.

The Hogan Lovells team was led by Dubai-based infrastructure partner Sohail Barkatali, with support from Rahail Ali (Partner, Dubai), Imran Mufti (Partner, Dubai) and Tony Nicholson (Associate, Dubai) and others from Hogan Lovells offices in London, Singapore and Paris.

Hogan Lovells also advised Arab National Bank as EBL lender. The EBL lender was advised by Rustum Shah (Partner, Dubai) and Ahmet Kalafat (Senior Associate, Dubai).

Commenting on the project, Sohail Barkatali said:

"We are pleased to have advised Natixis and to share in theirs and the ACWA Power consortium’s success on this ground-breaking, first of its kind project in Saudi Arabia. Saudi Arabia is an important market for us and we are very active in the renewables and conventional power sector in the Kingdom and across the wider Middle East”.

Rahail Ali said:

"We're advising on the region’s most innovative projects and the pace of innovation in Saudi Arabia is likely to accelerate. Our Saudi offering is incredibly strong”.

Hogan Lovells is currently also advising on infrastructure PPPs and IPPs in Saudi Arabia and in the wider region.