Clifford Chance advises on Rumah 2 and Nairyah 2 IPP Projects

Global law firm Clifford Chance has advised Abu Dhabi National Energy Company PJSC (TAQA), JERA Co. Inc and AlBawani Capital as sponsors on all aspects of the Rumah 2 and Nairyah 2 Independent Power Producer (IPP) projects in the Kingdom of Saudi Arabia. The firm's cross-border team supported the sponsors from bid submission through to financial close, advising on the related financing arrangements with seven financiers, incorporating Islamic financing tranches, with a combined $4 billion investment (approximately AED 14.7 billion).

The projects involve the development, financing, design, engineering, procurement, construction, permitting, testing, commissioning, insurance, ownership, operation, and maintenance of two gas fired CCGT power plants of initial capacity of at least 1,000 MW and total capacity of 1,800 MW ± 5% each, together with connection of the power plant to the grid substation, associated infrastructure, access road and facilities and ensuring the plant’s Decarbonization Readiness. These are two key strategic assets in the Kingdom of Saudi Arabia securing the population's growing energy demand.

The Clifford Chance team was led by Partners Richard Parris, Inaamul Laher and Jeremy Barker (Dubai and Abu Dhabi). The team was supported by Marius Fritz (Senior Associate, Dubai) and Suzanne Dand (Senior Associate, Abu Dhabi) and Zena Anane (Trainee, Dubai). Further team members involved were Cheuk Yin Cheung (Head of Structured Products – Middle East, Dubai), Damon Dae-II Kim and Adil Tirmizey (both Senior Associate, Abu Dhabi) and Maya Al Qazaz (Associate, Dubai) as well as Yasser Alhussain (Partner), Ali Moiz Ansari (Counsel), Ribal Wahid (Senior Associate, all ASHCC Riyadh) and Hein Tonnaer (Partner), Mike Niekoop (Counsel), Samuel Van Eijnatten (Trainee Solicitor, all Amsterdam) and Yusuke Abe (Partner), Masato Fujinaka (Associate) and Nao Kondo (Associate, all Tokyo).

Richard Parris, Partner commented "These landmark projects reflect the continued evolution of the region’s energy landscape. Our involvement from bid to close demonstrates Clifford Chance’s deep sector expertise and our commitment to supporting clients in delivering complex, strategically significant infrastructure." and added "We are proud to have supported TAQA, JERA, and AlBawani Capital on these transformative IPP projects. The innovative financing structure and decarbonization readiness of the plants underscore the sponsors’ forward-looking approach and the Kingdom’s energy transition ambitions."

Jeremy Barker, Partner said: "This transaction highlights the strength of our regional team and our ability to navigate multifaceted cross-border mandates. It’s a privilege to work alongside clients who are shaping the future of energy in the Middle East."

Inaamul Laher, Partner commented: "Delivering two large-scale CCGT power plants in parallel required meticulous coordination across engineering, procurement, and construction workstreams. Our role was to ensure the sponsors had the legal and commercial frameworks in place to manage complexity, mitigate risk, and drive successful execution on the ground."

Clifford Chance has a long-standing track record of advising on complex and innovative power and infrastructure projects in the Middle East, reflecting the firm's commitment to supporting the region's energy transition and infrastructure development.

Consistently ranked Band 1 in legal directories, Clifford Chance was awarded 15 awards at the Bonds, Loans & Sukuk Awards 2023 and 8 awards at the IFLR Middle East Awards 2023. Clifford Chance was named International Law Firm of the Year at the IFLR Middle East Awards 2023, International Law Firm of the Year (Middle East) at the Middle East Legal Awards 2023 and Middle East International Law Firm of the Year at the Chambers Middle East Awards 2023.