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A&O advises TotalEnergies on the financing of the first portfolio of distributed solar generation plants in Dubai

Allen & Overy has advised TotalEnergies’ Renewables Division in the Middle East in relation to the first non-recourse financing of a private sector portfolio of distributed solar generation plants in the region.  The purpose of the transaction was the funding of over 30 rooftop solar projects in the UAE.

The financing was arranged by the Arab Petroleum Investments Corporation (APICORP) and the National Bank of Fujairah PJSC. The transaction was particularly complex and involved significant structuring challenges relating to onshore and offshore corporate and regulatory aspects, the organisation of payment flows between various entities, and the setting up of intricate flow-down of risks from ultimate counterparties.

Anthony Traboulsi commented: “This project was particularly exciting for us as it is a major step forward in helping to achieve the UAE Government’s ‘Energy Strategy 2050’ aimed at promoting the use of renewable energy sources and reducing the UAE’s power generation carbon footprint by 70% by 2050. Our appointment by TotalEnergies on this project underlines our depth and breadth of experience acting for sponsors and lenders on Middle Eastern projects - including our unmatched renewables financing experience.”

The team advising on the project was led by Dubai-based partners Anthony Traboulsi and Sachin Karia, assisted by Richard Chamberlain (Senior Associate, Dubai), Anthony Mrad (Senior Associate, Dubai), Michel Abi Saab (Associate, Dubai), Pravesh Lallah (Associate, Johannesburg) and Haifaa Ibrahim (Associate, Dubai). The hedging elements of the transaction were led by London- based partner Richard Tredgett and assisted by Shanthi Vignasen (Counsel, London) and Alex Kosonog (Associate, London). Leading on the French law aspects of the transaction was Paris-based partner Driss Bererhi, with assistance from Tzvetomira Pacheva (Senior Associate, Paris) and Aïda Lamrani Karim (Associate, Paris).

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