A&O Shearman, a leading law firm, has advised Abu Dhabi Future Energy Company (Masdar) on a combined $6.1 billion financing package for a landmark solar-plus-storage project in Abu Dhabi.
Integrating a 5.2GW solar photovoltaic (PV) plant with a 19 gigawatt-hour (GWh) battery energy storage system (BESS), the Round-the-Clock (RTC) renewable energy project is the largest and most technologically advanced system of its kind in the world.
Backed by a consortium of 13 leading international and local banks, the $5.1 billion financing package demonstrates strong market confidence in both the project’s commercial viability and Masdar’s ability to deliver complex energy infrastructure at scale. Masdar is funding $1 billion of equity for the project, being developed in Abu Dhabi by Masdar and Emirates Water and Electricity Company (EWEC).
This transaction marks a pivotal step in addressing growing demand for grid stability and supporting year-round power supply, including peak summer periods and the energy-intensive requirements of data centres. It also positions Abu Dhabi at the forefront of global renewable energy innovation, setting a precedent for similar projects across the MENA region and beyond, said A&O Shearman.
“This landmark development and financing demonstrate the confidence of regional and international financiers in the viability of solar-plus-storage as a baseload power solution,” said Joe Clinton, partner at A&O Shearman. “The scale and complexity of this project — combining 5.2GW of solar PV with 19GWh of battery storage to deliver round-the-clock renewable energy — underscores the sophistication of the region’s project finance markets and their ability to support first-of-a-kind structures, even in a challenging regional and global environment.”
The A&O Shearman team was led by partners Joe Clinton and Elliott Sawford, supported by senior associates Thomas Bramah and Farah El Yacoubi, associates David Lekashingo and Gillian O’Rourke, and trainee Karim von Daniken, with senior legal support professional Yifan (Yvonne) Yuan. Civil law support was provided by partner Anthony Traboulsi, counsel Anthony Mrad, and associate Nour Gemayel. Derivatives expertise was led by partner Daniel Smith with senior associate Michel Abi Saab, associate Iman Faruki, and trainee Jamie Samuels. Project management support came from senior legal project manager Joe Ward and legal project executive Alix Morris. -TradeArabia News Service