A&O advises Saudi Electricity Company on landmark green finance transaction
12 July 2021
Allen & Overy has advised Saudi Electricity Company (SEC) on a landmark financial transaction. A Dubai-based team from A&O’s banking practice advised SEC on a USD500 million untied green financing facility signed with JBIC (Japan Bank for International Cooperation).
This is the first untied green facility for SEC and it will support renewable interconnection, reliability and energy efficiency projects in transmission and distribution networks. The transaction fits squarely in line with SEC’s objectives to pursue green financing opportunities, deploying investments with clear environmental and social benefits. It builds on the MoU signed between SEC and JBIC in December 2020, under the Saudi Japan Vision 2030.
A&O’s Dubai office Managing Partner, Khalid Garousha, commented: “This deal continues our long- established partnership with SEC, having advised on the majority of its conventional and Islamic finance matters over the past eight years. It is particularly pleasing to be helping clients such as SEC as they move forward with significant ESG-focused transactions, especially on innovative financings such as this.”
Partner Joe Clinton led the banking team advising on the facility, assisted by senior associate Sajjad Juma and associate Jonathan Beech. Scott Neilson and Akira Takahashi, partner and senior associate respectively in our Tokyo office, also assisted on the transaction. The Allen & Overy team worked in collaboration with Khoshaim & Associates partners Zeyad Khoshaim and Karim Wali.