Milbank Project Finance Renewable Energy Deals Honored at IJGlobal MENA Awards 2017

Milbank’s London Project, Energy and Infrastructure Finance team earned recognition for advising on two award-winning deals at the IJGlobal MENA Awards Dinner in Dubai on 28 March. Both awards honor Milbank’s work in Renewable Energy industry and emerging markets.

The team was recognised for its involvement in the following transactions:

• The Gulf of Suez Wind Farm Project – MENA Wind Deal of the Year (2017)
  Milbank advised the export credit agencies JBIC, NEXI and international and Egyptian lenders on Engie’s bid to develop, construct and operate the $400 million 262.5 MW wind farm, near Port Said in Egypt. Construction will take place for approximately 24 months; upon completion, the consortium will operate and maintain the wind farm for 20 years. The Gulf of Suez Wind Project is a ground-breaking venture, not only is it the largest power sector financing in Egypt since the Arab Spring, this wind farm marks the first renewable energy Independent Power Producer (IPP) project of its kind and size in Egypt and aims at diversifying energy sources in Egypt by expanding the availability of despatch from renewable energy.
• Egypt FiT II Programme (Solar PV) – MENA Infrastructure Programme Deal of the Year (2017)
  Milbank is advising finance parties in connection with a portfolio of six separate 50 MW solar PV Projects being sponsored by Scatec, a 50 MW Solar PV Project sponsored by Al Fanar and two 50 MW Solar PV Projects sponsored by EDF and Elsewedy. The plants will be located at the proposed 1.8GW Benban solar complex in the Aswan province in Egypt. These projects are some of the first utility scale solar plants in Egypt and will support the country in increasing its renewable energy capacity. The FIT Programme is of national importance for Egypt and marks and first and significant stride in achieving Egypt’s renewable energy vision under the Feed-in-Tariff (FiT) Programme and at 1.5 GW is amongst the largest solar programmes in the world.

The Milbank team involved in the Gulf of Suez Wind deal was led by Global Project, Energy and Infrastructure Finance partner John Dewar along with senior associate Jenna Darler and Olivia Anderson.

The Milbank team involved in the Egypt FiT Programme was led by Global Project, Energy and Infrastructure Finance partner John Dewar, along with senior associate Munib Hussain and associate Rob Thompson.