Trowers & Hamlins Advised TNB Subsidiaries On Financing Power Plant Project In Kuwait
The venture aligns with the company’s commitment to pioneering advancements in the global energy landscape
International law firm Trowers & Hamlins has acted as a lead counsel on the successful financing of KWD 134.51 million made available by Al Ahli Bank of Kuwait K.S.C.P. to TNB Repair and Maintenance Sdn Bhd (TNB Remaco) and Al Dhow Engineering.
TNB Remaco and Al Dhow had formed a joint venture company to provide maintenance service solutions for gas turbines at the 876 MW Shuaiba North Power Generation and Water Distillation Plant in Al Ahmadi, Kuwait.
The financing facility funds the five-year maintenance contract awarded by the State of Kuwait's Ministry of Electricity and Water and Renewable Energy. It is part of a broader effort by the Ministry to modernize the power generation infrastructure in Kuwait, contributing to the global effort for a sustainable energy transition.
Elias Moubarak, the partner, and head of international banking & finance in Trowers & Hamlins’ Malaysia office said, "Congratulations to the TNB and Al Dhow teams on putting together the joint venture vehicle and signing multi-year agreements with key stakeholders, including Kuwait’s Ministry of Electricity & Water & Renewable Energy. This is an important part of a broader effort by the Ministry to modernize power generation infrastructure.”
Moubarak added, “We have a long-standing relationship with TNB and are proud to have played a role in supporting TNB teams to conclude the associated financing, which will ultimately benefit the people of Kuwait."
Trowers & Hamlins advised TNB Remaco and TNB Power Generation Sdn Bhd (as guarantors for TNB Remaco) on matters related to financing, drafting, and preparing documents. It liaised with different stakeholders for the completion of the cross-border deal.
The team was led by Elias Moubarak, with support from associates Alyson Phung and Pei Ling See.