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Baker Botts Earns ‘2013 Power Deal of the Year’ Recognition For Work on SEC’s $1.6 Billion Rabigh 2 Power Project

News Release

 

DUBAI, March 14, 2014 -- The $1.6 billion, Rabigh 2 Independent Power Project -- promoted by the firm’s client, Saudi Electricity Company (SEC) -- earned “Middle Eastern Power Deal of the Year 2013” recognition from Project Finance Magazine.

The Baker Botts team representing SEC included Steven Wardlaw, Partner (London); Keith Bullen, Associate (Dubai); and Mona Hammadi, Associate (Dubai).

“This recognition for our work on this complex transaction shows our strong commitment to servicing clients on a global level, and we are extremely fortunate and thankful to be continually recognized for the work we have done for SEC,” said John Lonsberg, Partner in Charge of Baker Botts’ Dubai office.

Rabigh 2 IPP is the 4th IPP on which Baker Botts lawyers have advised SEC and SEC’s fifth plant in total on which Baker Botts have been involved. The other projects the firm has assisted with include:

  • Rabigh IPP - PFI Awards Middle East Power Deal of the Year (2009)
  • Riyadh PP11 IPP - Project Finance Middle East Power Deal of the Year (2010)
  • Qurayyah IPP - Project Finance Middle East Power Deal of the Year (2011); EMEA Finance Best Power Deal (2011); and Euromoney Islamic Finance Awards Best Project Finance Deal (2012)
  • Rabigh VI Power Plant - Saudi Arabia’s largest export credit corporate financing (2012)

On December 2, 2013, Acwa Power signed the power purchase agreement (PPA) with SEC to develop the $1.6 billion Rabigh 2 IPP.

Samsung C&T formed a joint venture with Acwa Power to deliver project. The consortium has a 50% share of the operating company that will run the project, Al Mourjan for Electricity Production Company, with SEC holding the remaining 50%.

Rabigh 2 IPP will be a combined cycle, gas-fired power plant capable of generating 2,100MW. It is expected to begin commercial operations in 2017.

The awards ceremony took place on March 6th at Emirates Towers hotel, Dubai.



About Saudi Electricity Company
SEC was created more than a decade ago by the amalgamation of Saudi Arabia’s regional electricity companies. Today it is the Gulf’s largest utility by market value and enjoys a monopoly on the generation, transmission and distribution of electricity across Saudi Arabia, managing more than 55,000MW of power generation capacity.

About Baker Botts L.L.P.
Baker Botts is an international law firm of approximately 700 lawyers practicing throughout a network of 15 offices around the globe. Based on our experience and knowledge of our clients’ industries, we are recognized as a leading firm in the energy, technology and life sciences sectors. Throughout our 174-year history, we have provided creative and effective legal solutions for our clients while demonstrating an unrelenting commitment to excellence. For more information, please visit BakerBotts.com.

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