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