REFERENCES GRID
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Advisor to sponsor for refinancing of district cooling plant
Mubudala Infrastructure Partners
Abu Dhabi, UAE
2021
71,000 TR
Key objectives of the project include improvements in operational efficiency, reduction in water costs, and attracting foreign and local investment while maximising in-country value.
ADNOC and TAQA hold a joint 51% stake in the project company, with the remaining 49% owned by a consortium of Orascom Construction and Metito Utilities.
This innovative project integrates advanced water treatment technology, extensive infrastructure upgrades, and efficient resource utilisation, solidifying ADNOC and TAQA's commitment to sustainable energy operations.
Tribe's Role
Tribe Advisory (Tribe) was selected as the sole financial advisor for phase one of Project Wave, bringing extensive experience in structuring and securing financing for large-scale infrastructure projects.
Tribe collaborated with a diverse consortium of local and international banks to secure financing. The financial structure included a combination of commercial and Islamic facilities, ensuring a comprehensive financing package that met the needs of all stakeholders involved.
Tribe’s responsibilities included:
Bid Plan and Project Document Review
- Review of the RFP and provision of recommendations for optimisation within the bid framework.
- Review of all Project Documents, suggesting improvements from a Sponsor perspective as well as ensuring their bankability and alignment with lender expectations.
- Suggesting and managing the clarifications process from a commercial standpoint.
Financial Modelling and Scenario Analysis
- Development of a robust, bespoke financial model meeting the requirements of lenders and Sponsors
- Performing valuation and optimisation in order to submit the most competitive bid while respecting all the requirements of all the individual Sponsors
- Preparation of investment committee presentations and all required analysis to articulate financing strategies and sensitivities to market and operational changes.
Debt Raising
- Securing committed debt financing to support the bid, coordinating the process of pre-bid due diligence and credit approval
- Negotiation of financing term sheets and commitment letters with a broad range of potential lenders
- Delivering lenders’ initial credit approval with regard to a complex project and contracting structure with a risk allocation diverging from typical regional precedents
Financial Closing
- Coordination of the due diligence, approval process and closing process of the lenders, including detailed and comprehensive technical and legal due diligence necessary to deliver lenders’ approval on the complex project and contracting structure
- Negotiation of the financing documentation with a large lender group
- Advising on the hedging strategy including bespoke elements to cover ADNOC’s interest rate risk over the entire concession tenor despite the short tenor of the initial Hard Mini Perm debt.
James Cook, CEO-Advisory, Tribe
“Project Wave highlights our ability to navigate complex financial landscapes, tailoring strategies that deliver exceptional value to our clients. This initiative exemplifies how expert financial planning and advice an catalyse transformative impacts, particularly in enhancing the regions operational efficiency and sustainability."
Chris Patt, Executive Director, Tribe
“Project Wave is a defining example of how in-depth analysis and very close engagement and collaboration with lenders can power progress in more complex projects. This $2.2 billion project delivers critical infrastructure in support of the UAE’s sustainability goals and paves the way for continued improvements in sustainable water management across the region."
Tribe’s advisory services enabled Project Wave to reach financial close within an accelerated timeline. This achievement was underpinned by a robust financing structure provided by a group of international and local banks . The project is now positioned to enhance ADNOC’s operational sustainability while supporting the UAE’s key strategic activities.
About Tribe
Tribe Infrastructure Group (Tribe) 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.
Advisor to Bidder on NWC LTOM – Jeddah
Suez, Awael, CWC
KSA
2022
–
Advisor to Bidder on Misfah ISTP Project in Oman
BESIX, SAUR, SOGEX Oman
Oman
Ongoing
40,000 m³/day
Buy side advisor to Global Trading House for the acquisition of a leading district cooling company
Confidential
UAE
2021
–
Transaction Advisor for the consortium on development of Wawa Hydro Pumped Storage Project
Equis Funds Group
Philippines
2017
500 MW
Advisor to Bidder on NWC LTOM – Mecca
Suez, Awael, CWC
KSA
2022
–
Advisor to a consortium bidding for Manah I & II PV solar projects in Oman
Confidential
Oman
Ongoing
1,000 MW
Buy side advisor to Global Trading House for the acquisition of a leading district cooling company
Confidential
UAE
2022
–
Advisor to Sponsor for the restructuring Lake Mainit 25MW hydropower project
Markham
Philippines
2022
25 MW
Advisor to Bidder on Aramco Pipeline Sale
Keppel Infrastructure Trust
KSA
2022
–
This project marks a significant milestone for both partners: Jinko Power’s first venture in Oman and Sembcorp’s inaugural renewable energy project in the Middle East while possessing over a decade of experience in Oman through its 40% stake in the Salalah Independent Water and Power Plant.
Awarded by Oman Power and Water Procurement Company (OPWP), which has recently been rebranded as Nama Power and Water Procurement (Nama PWP), through a competitive bidding process in September 2023, the project is set to begin operations by 2025 and will be supported by a 20-year power purchase agreement with Nama PWP.
The solar plant will be located in an undeveloped area approximately 30 km south of Manah, 180 km from Muscat International Airport, and 350 km from Port of Sohar. The 680-hectare site, located 340–350 meters above sea level, will necessitate the construction of ancillary access roads to ensure connectivity.
Tribe's Role
Tribe provided comprehensive financial and commercial services throughout the entire transaction process, from the bidding phase through to financial close.
Services included:
Bid Plan and Project Document Review
- Review of the RFP and provision of recommendations for optimisation within the bid framework.
- Review of all Project Documents, suggesting improvements from a Sponsor perspective as well as ensuring their bankability and alignment with lender and Export Credit Agency (ECA) expectations.
- Suggesting and managing the clarifications process from a commercial standpoint.
Financial Modelling and Scenario Analysis - Development of a robust, bespoke financial model meeting the requirements of Lenders and Sponsors.
- Performing valuation and optimisation in order to submit the most competitive bid while respecting all the requirements of both individual Sponsors.
- Preparation of investment committee presentations and all required analysis to articulate financing strategies and sensitivities to market and operational changes.
Debt Raising
- Securing committed debt financing to support the bid, in an amount and variety well in excess of bid compliance requirements, allowing Sponsors to choose from multiple potential financing plans.
- Negotiation of financing term sheets and commitment letters with a broad range of potential lenders.
- Coordinating the process of pre-bid due diligence and credit approval.
Financial Closing
- Final debt structuring and comparison of options, including with respect to the overall financing structure as well as optimal mix of currencies.
- Delivery of the final financing structure, being a blend of uncovered financing in Omani Rials alongside a USD-denominated ECA-covered tranche with different tenors and amortisation profiles.
- Coordination of the due diligence, approval process and closing process of the lenders and the ECA.
- Negotiation of the financing documentation relevant to both tranches including structuring of the various intercreditor issues.
- Advising on the hedging strategy in view of interest rate exposure between PPA signature and Financial Close.
Pete McCreanor, CEO, Tribe Infrastructure Group
“The Manah II Solar project represents a landmark opportunity to support Oman’s ambitious renewable energy goals while leveraging Tribe Group’s expertise in financial and transactional advisory services. We are proud to partner with Sembcorp Utilities and Jinko Power on this transformative project, which underscores our commitment to advancing clean energy infrastructure in the region."
Chris Patt, Executive Director, Tribe Infrastructure Group
“Our role in the Manah II Solar PV project highlights Tribe’s capability to manage complex transactions and deliver innovative financing structures. We are happy to have contributed to the success of a project which continues the impressive commitment of Oman to sustainable energy.”
Summary
The project underscores the latest step in Oman’s renewable energy ambitions and is anticipated to contribute substantially to the region's clean energy infrastructure.
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.
Financial Advisor to Project Company on Refinancing
Shams Power Company
Abu Dhabi, UAE
Ongoing
100 MW
Sell side advisor for the sale of the minority stake in a hydro-dam
Markham
Philippines
Ongoing
25 MW
Advisor to Bidder on NWC LTOM – Riyadh
Suez, Awael, CWC
KSA
Ongoing
–
Advisor to a consortium bidding for a water IWP in Morocco
Confidential
Morocco
Ongoing
548,000 m³/day
Advisor to TAQA to assist in financial close on greenfield ADNOC Sub-Sea Transmission Line Project
TAQA
Abu Dhabi, UAE
Ongoing
–
Advisor to developer for Energy Center in Dresden
Confidential
Germany
2021
Mixed
Advisor to Bidder on Aramco Ras Tanura Project
Metito; Ajlan
KSA
Ongoing
20,000 m³/day
Advisor to the Government for the development of a cross-border transmission project
Turkmenistan Government
Turkmenistan
–
–
Financial Advisor to Project Company on Restructuring
Sharjah Waste to Energy
Sharjah, UAE
Ongoing
300,000 TPA
Advisor to procurer for the Abu Dhabi / Al Ain Waste to Energy Project
EWEC; Tadweer
Abu Dhabi, UAE
Ongoing
900,000 TPD
Financial Modeler to a leading developer for a solar PV + Storage project in Jordan
Confidential
Jordan
Ongoing
600 MW
Advisor to Procurer for a district cooling plant
DGDA
KSA
Ongoing
~69,000 TR
Advisor to Aldar Properties PJSC on the sell-down of its stake in the S&T Cool District Cooling plant
Aldar
Abu Dhabi, UAE
2017
150,000 TR
Advisor to DM on commercial and financial structuring of Dubai C&D recycling project
Dubai Municipality
Dubai, UAE
Ongoing
20,000 TPD
Bid / Commercial Advisor to a Saudi Lead bidder
Alfanar
Qiddiya, KSA
2020
Mixed
Advisor to bidder on Private Solar Plant
Confidential
KSA
Ongoing
65 MW
Buy side advisor to Abu Dhabi Pension Fund on acquiring a 29% stake in Shams 1
Abu Dhabi Pension Fund
Abu Dhabi, UAE
2018
100 MW
Provided financial modelling capacity building training to TAQA
TAQA
Abu Dhabi, UAE
Ongoing
–
Financial Advisor to Veolia for Shuqaiq 3 IWP
Veolia
KSA
2018
450,000 m³/day
Advisor to bidder on DC Project
Confidential
KSA
Ongoing
26,000 TR
Advisor to Masdar on the development of UAE’s first WtE plant
Masdar
Sharjah, UAE
2018
300,000 TPA
Advisor to an international consortium on its bid for the Project Wave in the UAE
Confidential
Abu Dhabi, UAE
Ongoing
115 MIGD
Financial Advisor to Veolia for Jeddah Airport 2 ISTP
Veolia
KSA
2018
300,000 m³/day
Advisor to bidding consortium for the Jeddah Courthouse
Confidential
KSA
Ongoing
–
Advisor to DWTC for procurement of 2020 Expo Village District Cooling Plant
DWTC
Dubai, UAE
2018
60,000 TR
Lead Advisor for the Deep Sewer Tunnel &
Sewage Sector Restructure in Dubai
Confidential
Dubai, UAE
Ongoing
–
Advisor to Veolia for the development of a captive hazardous waste incinerator
Veolia
KSA
2018
–
Advisor to a consortium bidding for the Ras Mohaisan – Baha – Makkah IWTP
Confidential
KSA
Ongoing
185,000 m³/day
Advisor to the Media Zone Authority & twofour54 on the procurement of the Yas South Media zone campus project
Media Zone Authority; Twofour64
Abu Dhabi, UAE
2018
–
Advisor to an international developer on its bid for the Mirfa 2 IWP in the UAE
Confidential
Abu Dhabi, UAE
Ongoing
300,000 m³/day
Advisor to an international consortium on its bid for the Yanbu 4 IWP in KSA
Veolia, Al Bawani, Alkhorayef
KSA
2019
450,000 m³/day
Advisor to a consortium bidding for a captive Aramco Power Project
Confidential
KSA
Ongoing
475 MW
Advisor to GE Capital & Sumitomo on the financing of a the Hamriyah CCGT plant
GE Capital; Sumitomo
Sharjah, UAE
2019
1,800 MW
Feasibility study for a WtE plant in Abu Dhabi
EWEC
Abu Dhabi, UAE
2021
900,000 TPD
Advisor to Dhahran Techno Valley Company for procurement of the KFUPM District Cooling Project
Dhahran Techno Valley Company
KSA
2020
15,000 TR
Advisor to international consortium for Rua Al Madinah DC Project
KSA
Ongoing
60,000 TR
Advisor to a bidding consortium on the first School PPP in Abu Dhabi
Vinci, Aberdeen Standard, Investcorp Infrastructure Partners, Archirodon
Abu Dhabi, UAE
2021
3 schools, 5,350 students
Advisor to the developer for a first of its kind bilateral transportation concession
Confidential
UAE
Ongoing
–
Advisor to an international consortium on its bid for the Batch 2 STPs in KSA (3 plants)
Nesma, Mowah, Metito
KSA
2021
440,000 m³/day
Financial Advisor to Masdar for Sarwak Batang AI Floating solar project
Masdar
Sarawak, Malaysia
2021
50 MW
Advisor to Dubai Municipality on commercial and financial structuring of Dubai WtE
Dubai Municipality
Dubai, UAE
2021
200 MW / 1,900,000 TPA
Advisor to the Sponsor for the development of a Waste to Hydrogen Plant
Confidential
UAE
Ongoing
18,000 kg / H2 / day
Advisor to Bidder on First KSA Hospital PPP
Tibbiyah, Nesma, InterHealth Canada
KSA
2021
–
Financial modeller to the Procurer
ADB
Uzbekistan
2021
400 MW
Advisor to a bidding consortium on the Abu Dhabi Noor 2 PPP
DUTCO
Abu Dhabi, UAE
2021
300,000 Lights
Asset Manager of 2 DC plants on behalf of owners of ICCC
ICCC
UAE
Ongoing
10,000 TR
Advisor to MiSK City on the procurement of its District Cooling Solution
MiSK Foundation
KSA
2021
45,000 TR
Financial modeller for a leading international developer for 3 projects
Confidential
Uzbekistan
Ongoing
550 MW
Advisor to a bidding consortium on the Abu Dhabi Noor 1 PPP
EDF; Tamas
Abu Dhabi, UAE
2021
–
Sponsored by TotalEnergies, Masdar (Abu Dhabi Future Energy Company), and the Abu Dhabi Retirement Pensions & Benefits Fund, Shams Power is the first operational utility-scale CSP plant in the MENA region, underscoring the UAE's leadership in clean energy innovation.
Tribe Infrastructure Group managed the refinancing process with a multi-phased approach, ensuring alignment with shareholder objectives and market conditions.
Tribe's Role
Tribe employed a multi-phased approach to successfully manage the refinancing of Shams Power. This process—encompassing Market Sounding and Analysis, Recommendation and Strategy Development, Execution of Refinancing and Financial Optimisation, and Stakeholder Engagement—ensured alignment with shareholder objectives and market conditions while delivering a long-term financial solution.
Market Sounding and Analysis
- Conducted a comprehensive review of project documents, financial models, and financing agreements to fully understand the project’s structure and financial standing.
- Prepared and distributed teasers for market sounding, engaging with a wide range of potential lenders across banking and capital markets.
- Collected and evaluated feedback from potential participants including banks, institutional investors and DCM desks, assessing key terms such as pricing, tenor, covenants, processes and intercreditor structures.
- Compiled a comparative analysis of multiple feasible financing plans to guide effective decision-making.
- Refreshed and updated analysis over time, taking into account changes due to the volatile interest rate environment.
Recommendation and Strategy Development
- Used market insights to prepare a detailed Proposed Debt Financing and Hedging Report, offering tailored recommendations on refinancing strategies, hedging mechanisms, and potential finance providers.
- Identified and mitigated execution risks while ensuring proposed solutions were bankable and beneficial to Shams Power and its shareholders.
- Highlighted the anticipated impacts of refinancing on cash flow, earnings, and other shareholder metrics.
Execution of Refinancing and Financial Optimisation
- Negotiated favourable fixed margins based on Shams Power’s strong operational history to secure advantageous terms.
- Designed alongside legal counsel the transaction steps involved with executing an Amendment and Restatement of the existing facilities, allowing for an orderly transfer of exiting lenders’ exposures and onboarding of new lenders into the process.
- Transitioned existing loan and hedges from LIBOR to SOFR as part of Amendment & Restatement process
- Restructured interest rate swaps taking into account the requirements of new and existing lenders as well as the optimal cashflow and earnings impacts for Shareholders.
- Completely replaced financial model with a new operational model integrated with Shams Power’s systems allowing the Company to streamline reporting, forecasting, and integration of historical data via one bespoke tool.
Pete McCreanor, CEO, Tribe Infrastructure Group
“This successful refinancing of Shams Power highlights our commitment to delivering tailored financial solutions that align with our clients' strategic goals. Shams is a landmark renewable energy project, and we are proud to have played a pivotal role in its journey towards long-term value creation and sustainability leadership.”
Chris Patt, Executive Director, Tribe Infrastructure Group
“Our work on the Shams refinancing demonstrates Tribe’s ability to navigate complex financial landscapes while presenting a range of innovative solutions. By aligning our clients’ objectives with the various identified refinancing options, we ensured an efficient, future-proof refinancing structure that strengthens Shams Power’s position as a regional renewable energy pioneer.”
Summary
Tribe successfully guided Shams through the entire refinancing process, leveraging a blend of market expertise, stakeholder collaboration, and financial restructuring to deliver a solution that maximised shareholder value while ensuring long-term project viability.
About Tribe
Tribe Infrastructure Group (Tribe) 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.
Advisor to Bidder on Aramco Pipeline Sale
Hassana Investment Company
KSA
2021
–
Financial Advisor to AIIB for investment in a leading Asian geothermal heating company
AIIB
Uzbekistan
2018
–