Dentons’ latest deals
Dentons advises Fortescue and Actis on landmark green hydrogen project in Oman
Dentons is proud to have advised the consortium comprising Fortescue and Actis on their successful bid to acquire land to develop a world-scale green ammonia project in the Sultanate of Oman, marking a significant step forward in the Sultanate’s renewable energy ambitions. The consortium signed long-term Project Development Agreement and Sub-Usufruct Agreement with HYDROM for Block 6 in the Southern region of Dhofar, following HYDROM’s second round of green hydrogen auctions.
The project, which is still in its feasibility phase, could be located in the Dhofar region, is one of two blocks awarded under this round and will comprise up to 4.5GW of solar PV and wind generation, hydrogen electrolysis and ammonia conversion technologies and an expected production capacity to of 200,000 tons of green hydrogen per annum.
The Dhofar block, known for its potential in renewable resources, is set to become a cornerstone in the production of green ammonia, contributing to Oman’s position as a leader in the global energy transition with its abundant natural resources and strategic location.
The multi-jurisdictional Dentons team advising Fortescue and Actis was led by partners Yasser Taqi and Colm O hUiginn, with support from associates Claire Hunter, Warda Tahir, Angela Cheng and Nisha Gupta. The team advised on all aspects of the bid and negotiation of the project agreements with HYDROM.
Dentons advises CBQ on its USD750 million 5.375 per cent senior guaranteed notes due 2029
Dentons has advised The Commercial Bank (P.S.Q.C.) on its issuance of US$750 million 5.375 per cent senior guaranteed notes due 2029 issued by CBQ Finance Limited, a special purpose vehicle issuer incorporated in Bermuda. The transaction was completed on 28 March 2024 with the participation of international and regional joint lead managers. Dentons also advised on the related 28 September 2023 update of The Commercial Bank (P.S.Q.C.)’s US$5 billion euro medium term note programme.
The issuance was rated A3 by Moody’s and A- by Fitch. It was admitted to trading on the regulated market of Euronext Dublin. The issuance was offered to sophisticated investors, outside the US, in reliance on Regulation S under the US Securities Act of 1933. The issuance was 2.4 times oversubscribed, with an order book of USD1.8 billion, and was the largest issuance under The Commercial Bank (P.S.Q.C.)’s programme since 2016.
Debt Capital Markets partner Alex Roussos, based in Dentons’ Dubai office, commented: “We are delighted to have supported The Commercial Bank on its return to the capital markets. This was a very successful result for the bank, achieved under significant timing constraints, and is evidence of the appeal of Qatari issuers to international investors and the confidence that is placed in the regional banking sector.”
The Dentons team was led by partners Alex Roussos and Zaher Nammour, with assistance from senior legal consultant Katie Phillips, senior associates James Osun-Sanmi and Sana Siddiqui, associate Sarah Fewster and paralegal Joseph Hunt.
