The Amiral Project, located in Jubail, Saudi Arabia, is a state-of-the-art petrochemical complex being developed and operated by the SATORP joint venture, owned by Saudi Aramco (62.5%) and TotalEnergies (37.5%). The integrated SATORP refinery is a core $11 billion project underscoring Saudi Arabia’s commitment to innovation in energy development.
Abu Dhabi National Energy Company PJSC (TAQA), together with JERA Co., Inc (JERA), will be developing, owning, financing and operating a new industrial steam (452 tonnes per hour (TPH)) and electricity (475MW) cogeneration plant that will produce electricity and steam for the Amiral petrochemical complex located in Jubail in the Eastern Province of the Kingdom.
Tribe Infrastructure Group (Tribe) served as the sole financial advisor to the consortium of TAQA (51%) and JERA (49%). The project is a critical component of the overall development, providing energy-efficient and reliable power and heat to support the operations of the petrochemical facility.
CHP, also known as cogeneration, is an energy-efficient system that simultaneously generates electricity and useful heat from the same energy source. By capturing and utilising the heat produced during electricity generation, CHP systems significantly enhance overall energy efficiency, supporting industrial operations with both power and thermal energy while reducing waste.
Construction of the CHP facility commenced in 2024, with commercial operations planned for 2027.
Noteworthy is the specific project-on-project structure whereby SATORP, as offtaker to the CHP project, is itself a project financed vehicle developing and operating the wider refinery activities. This has required a specific risk allocation and security package in order to enable project bankability at competitive financing terms.
Tribe’s Role
Tribe played a pivotal role in supporting the consortium’s successful financing structuring and implementation, with responsibilities spanning financing structuring, negotiation of financing agreements & terms, financial modelling, advice on bankability of project agreements, hedging structuring and implementation.
Financing Structuring
Tribe led the sourcing, structuring and negotiation of long term non-recourse debt arrangements including senior debt, working capital facility and VAT facility, through building of the bank group while optimising financing terms beneficial for the overall tariff competitiveness.
Negotiation of Financing Agreements
Tribe led the negotiation of the different Islamic finance-based project facilities with the support of the Sponsors/Lenders Legal Advisors, including execution of Istisna/Ijara senior debt, Murabaha VAT facility and developing working capital facility detailed termsheet.
Financial Modelling
Tribe developed and maintained a tailored financial model to meet tender and sponsor/procurer post-bid requirements up to financial close. This included conducting suites of sensitivity for the lenders and optimisation analyses for post bid sponsors negotiation with SATORP. Tribe also managed the financial model audit process as well as implementation of tax and accounting recommendations for other advisors.
Bankability of Project Agreements
Tribe acted as bridge between lenders and sponsors/SATORP during the negotiation of the final project agreements (power/steam offtake, EPC, O&M, wider security package) to ensure full bankability of the transaction, based on evolution of recent Aramco precedents for non-recourse project debt while adapting to the specific requirements due to the project-on-project deal structure.
Hedging
Tribe developed and implemented the USD SOFR hedging for the project, from negotiation with and alignment from MLA’s hedging participation to implementation and execution of interest rate SWAPs at financial close with market counterparties through market rate live competitive tender.
Pete McCreanor, CEO, Tribe Infrastructure Group
“Our role in advising the consortium bidding for the Amiral CHP project reflects our expertise in delivering robust, tailored solutions for complex infrastructure bids. By integrating advanced financial modelling, risk-balanced advisory, and strategic project structuring, we ensured that the consortium presented a highly competitive bid aligned with Aramco’s technical and financial requirements.”
Nicolas Jarrosson, Director, Tribe Infrastructure Group
“Tribe’s involvement in the Amiral CHP bid underscores our ability to navigate intricate financial and technical landscapes, providing the consortium with a comprehensive financing solution for success. From optimising financial financing strategies to delivering execution of financing agreements and hedging implementation, we worked closely with all stakeholders to meet the stringent requirements of a project that is integral to Saudi Arabia’s energy transition and industrial growth under Vision 2030.”
Summary
By delivering advanced full-fledged financial advisory services, Tribe ensured a competitive and bankable successful financial closing. This reflects Tribe’s expertise in enabling innovative, sustainable energy solutions for complex infrastructure projects.
About Tribe
Tribe Infrastructure Group is focused on realising national ambitions through innovative financing and development of critical infrastructure.
Headquartered at the Abu Dhabi and with offices in London, Riyadh, Manila and Sydney, Tribe operates as an independent and agile partner, strongly grounded in responsible value creation.
Tribe Advisory is the proprietary financial services arm of Tribe infrastructure Group. Tribe Advisory holds a category 4 licence and is supervised and regulated by the Financial Services Regulatory Authority at the Abu Dhabi Global Market.
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