Sharjah Hamriyah 1,800MW Independent Power Project

The project comprises the design, build, finance, operation and maintenance of a highly efficient gas-fired Combined-Cycle power plant with maximum generation capacity of 1,800MW. The plant is based on latest General electric 9HA technology.
April 30, 2019

GE will design and build the power plant under the EPC contract as well as provide parts, repairs and maintenance services at the site for a period of 25 years.

The project is developed by Sharjah Electricity and Water Authority (SEWA) under a BOOT structure supported by a 25-year Power Purchase Agreement (incl. construction).

The Co-developers of this milestone project for Sharjah are GE Capital, Sumitomo Corporation from Japan together with Shikoku Electric Power Company and Sharjah Asset Management.

The project was financed under non-recourse commercial project financing from a group of six leading international banks as well as Japanese Export Credit Agencies JBIC and NEXI.

Clients: GE Capital / Sumitomo Corp / Shikoku Power / Sharjah Asset Management

Enterprise Value: USD 1.5bn

Tribe Role: Co-Financial Advisor

Financial Close: May 2019

Tribe acted as Co-Financial Advisor to the Sponsors from the early stages of the structuring of the USD 1bn non-recourse debt down to execution of Hedging, fulfillment of CPs and Financial close / first disbursement under the loans.

Tribe was responsible for the following roles:

  • Bank Market sounding
  • Structuring of the senior non-recourse project financing
  • Selection of banking group
  • Negotiation of financing terms including Hedging
  • Separate negotiation with Japanese ECAs JBIC and NEXI
  • Review of financial modelling
  • Commercial support to Sponsors on Project Agreements
  • Leading on drafting and negotiation of final Financing Agreements
  • Optimizing lending group strategy up to final Credit Approval, incl KYC
  • Management of modelling bank
  • Competitive process for the execution of the Hedging Market rate
  • Fulfillment of CPs

Project Website