Dentons Advised Natixis CIB, FAB And Bank Muscat On Ibri III Project Financing In Oman
Dentons Advised Natixis CIB, FAB and Bank Muscat on Ibri III Project Financing in Oman
The global law firm Dentons advised Natixis Corporate & Investment Banking (Natixis CIB), First Abu Dhabi Bank (FAB), and Bank Muscat on their role in the project financing for the Ibri III Solar Independent Power Project, Oman’s first utility-scale solar and battery storage project.
The project comprises a 500 MW photovoltaic (PV) solar power plant combined with a 100 MWh battery energy storage system (BESS), located in the Sultanate of Oman. The sponsors’ consortium includes Abu Dhabi Future Energy Company PJSC (Masdar), Al Khadra Partners, Korea Midland Power Co. Ltd (KOMIPO), and OQ Alternative Energy (OQAE). The project reached financial close, with Natixis CIB and FAB providing financing facilities covering a substantial portion of the total project cost of approximately US$300 million.
Developed for Nama Power and Water Procurement (Nama), the project aligns with Oman Vision 2040, supporting the target of generating 30% of electricity from renewable sources by 2030. The Ibri III project is expected to generate enough electricity to power approximately 33,000 homes while avoiding an estimated 505,000 tonnes of carbon dioxide emissions annually.
The Dentons transaction team was led by Kanishka Singh (Partner, Abu Dhabi)and Udayan Mukherjee (Partner, Dubai), with support from Yasser Taqi(Partner, Muscat), Sadaf Buchanan (Partner, Muscat), Riza Ismail (Counsel, Doha), Tony Nicholson (Senior Associate, Dubai), Patrick Yeo (Associate, Abu Dhabi), Andrew Gallagher (Associate, Dubai), Darell Pang(Associate, Abu Dhabi), Nisha Gupta (Associate, Abu Dhabi), and Callum Laffey (Paralegal, Abu Dhabi).
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