Eversheds Sutherland advises on three major solar PV IPP projects with a capacity of 5.5GW in Saudi Arabia

The Power Purchase Agreements (PPAs) were signed by a consortium comprising of ACWA Power, PIF subsidiary Badeel and Saudi Aramco Power Company. 

These projects, valued at $3.2bn, aim to generate a combined capacity of 5.5GW of solar power for Saudi Arabia. The Haden and Muwayh plants are located in the Makkah region, while Al Khushaybi is in the Qassim region. A consortium of local, regional, and international banks provided $2.5bn in senior debt financing for the projects.

AlDhabaan & Partners in association with Eversheds Sutherland and Eversheds Sutherland advised on all legal aspects of the procurement process including drafting and advising on the internal compliance documentation; drafting, and reviewing responses to the Statement of Qualifications; drafting the project documents and other related requests for proposal documentation; reviewing of submissions and negotiation of the project agreements; and achievement of commercial close.

The Eversheds Sutherland team was led by Partner & Head of Projects – Middle East, Ashley Halewood with support from Principal Associate Adite Aloke, Associate Saed Obeidat and Sama Ali along with Partner Abdulatif AlHerish, and Associate Abdulrahman Alrashid and Ali Al arifi of AlDhabaan & Partners in association with Eversheds Sutherland.

Commenting on the development, lead partner Ashley Halewood commented “We are pleased to have assisted SPPC to reach this significant milestone aligned with the kingdom’s goal of achieving the optimal energy mix and supply of 50% of its electricity from renewable energy by 2030 under the supervision of Ministry of Energy. The successful financial close of these PV projects is a testament to the collaborative efforts and dedication of all parties involved.”