Advising on first Qatari IPP/IWPP to be arranged and led by Qatari banks

27 Jan 2014

International law firm Simmons & Simmons LLP has advised QNB, Barwa Bank, Masraf al Rayan and Qatar Islamic Bank on the US$450m project financing of the Ras Abu Fontas A2 desalination project in Qatar, sponsored by the Qatar Electricity & Water Co (QEWC).

The transaction represents two notable firsts: it is the first project in the power and water sector in Qatar to be arranged and led by Qatari banks, and also the first Gulf Cooperation Council (GCC) region project financing to include a co-hedging structure comprising pari passu Islamic commodity-based profit rate swaps in place alongside conventional interest rate swaps.

The Simmons & Simmons team was led by Project Development and Finance partner Adam Cooper and included partners Andrew Wingfield, Allan Yip and Julian Nichol, together with associates Kamal Hafez, Tariq Hameed, Simon Kenolty, Richard Kramer, Sveva Sfara, and supported by trainees James Fox, Ade Mosuro and Adam Waite.

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