CC advises Dhuruma Electricity Company

Clifford Chance advised Dhuruma Electricity Company, whose sponsors are ENGIE, Saudi Electricity Company, Sojitz Corporation and Al Jomaih Holding Company, on the refinancing of facilities in excess of USD1 billion, which reached financial close on March 1, 2016.

The refinancing facilities were provided on a combined conventional and Islamic basis, with the two classes of financiers sharing the transaction security package.

The dollar-denominated international tranche of in excess of USD500 million was provided by a development bank (KfW IPEX-Bank GmbH), an export credit agency (Export Development Canada) and a group of international commercial banks. Of the international banks, Sumitomo Mitsui Banking Corporation and Mizuho Bank, Ltd. took the largest tickets, of over USD100 million each. The other international banks were Sumitomo Mitsui Trust Bank, Limited (London Branch), Mitsubishi UFJ Trust and Banking Corporation, Société Générale and Standard Chartered Bank.

The Saudi riyal-denominated istisna'a-ijara tranche of in excess of SAR1.4 billion was provided by Banque Saudi Fransi, Samba Financial Group and The Saudi British Bank (SABB), each of which took an equal participation.

The Saudi riyal-denominated wakala-ijara tranche of in excess of SAR900 million was provided by The National Commercial Bank (Al Ahli) and Al Inma Bank, each of which took an equal participation.

The Clifford Chance team was led by Mohamed Hamra-Krouha (Partner, Riyadh) and included Kola Balogun (Senior Associate, Riyadh), Yasser Al-Hussain (Senior Associate, Riyadh), Mazin Al Zamil (Associate, Riyadh) and Sahal Khalawi (Associate, Riyadh).