7 June 2016
Clifford Chance advising Unit Group on ground breaking multi-billion Euro IPP power projects in Iran
International law firm Clifford Chance is advising the Unit Group, a leading power and utility conglomerate, on its ground breaking power projects in Iran.
A team led by Richard Parris, Clifford Chance's Head of Projects & Energy for the Middle East, is advising Unit on the development and financing of six BOO combined-cycle IPPs in Iran, comprising 6020 MW. Unit signed the Energy Conversion Agreements with Thermal Power Plants Holding Company, a subsidiary of the Ministry of Energy, late last week.
Unit becomes the first international developer to have signed an Energy Conversion Agreement for the development of IPPs in Iran since sanctions were partially lifted. The deals now pave the way forward for all future internationally-backed IPP power projects in Iran.
Commenting on the deals Parris said: "We are delighted to have once again supported Unit on one of its ground-breaking developments. These projects represent a rare opportunity to be at the forefront of infrastructure development in a country re-emerging into the international market. The precedent that Unit, together with Clifford Chance, has established with these projects, will shape the framework for international developers looking to invest in the Iranian power market."
Unit commented: "Unit is proud to be leading the investment drive into the Iranian power market. These projects will provide the power necessary to improve the energy infrastructure of the country enabling the flourishing and expansion of the economy. Clifford Chance has been instrumental in not only helpful us achieve our objectives but also in establishing the processes necessary to help other foreign investors interested in the Iranian power market."
The Clifford Chance team is being led by Richard Parris (Partner, Abu Dhabi) who was supported by Andrej Kormuth (Senior Associate, Dubai).
The Clifford Chance Middle East team continues to advise on some of the region's most prominent power projects including advising on the Gulf of Suez Wind IPP, Az Zour North 2 IWPP, and numerous renewable projects in Jordan and Egypt.