Eversheds Sutherland advises on the financial close of 2.6GW Al Shuaibah 1 and Al Shuaibah 2 Solar PV Projects
August 28, 2023
Together with AlDhabaan & Partners in association with Eversheds Sutherland, we advised Saudi Power Procurement Company, as the procurer and offtaker, for the Al Shuaibah 1 and Al Shuaibah 2 solar photovoltaic projects which achieved financial close on 10 August 2023.
The Al Shuaibah PV 1 and Al Shuaibah PV 2 projects will have a capacity of 600 MW and 2,031 MW respectively and are capable of powering approximately 450,000 households. The total investment in the projects amounts to USD2.37 billion, and commercial operations will commence in 2025.
Financial close for the projects is a key achievement in the National Renewable Energy Program which is led and supervised by the Ministry of Energy.
The Eversheds Sutherland team was led by Partner & Head of Projects – Middle East, Ashley Halewood, with support from Senior Associate Adite Aloke, along with Partners Abdulatif AlHerish and Mohammed AlAhmad, and Associates Abdulrahman Alrashid and Saed Obeidat of AlDhabaan & Partners in association with Eversheds Sutherland.
Ashley Halewood, Partner, Eversheds Sutherland, commented: “We are proud to have advised SPPC on these ground-breaking projects which will contribute significantly to the achievement of Saudi Arabia’s renewable energy goals.”
The Al Shuaibah PV 1 and Al Shuaibah PV 2 projects will have a capacity of 600 MW and 2,031 MW respectively and are capable of powering approximately 450,000 households. The total investment in the projects amounts to USD2.37 billion, and commercial operations will commence in 2025.
Financial close for the projects is a key achievement in the National Renewable Energy Program which is led and supervised by the Ministry of Energy.
The Eversheds Sutherland team was led by Partner & Head of Projects – Middle East, Ashley Halewood, with support from Senior Associate Adite Aloke, along with Partners Abdulatif AlHerish and Mohammed AlAhmad, and Associates Abdulrahman Alrashid and Saed Obeidat of AlDhabaan & Partners in association with Eversheds Sutherland.
Ashley Halewood, Partner, Eversheds Sutherland, commented: “We are proud to have advised SPPC on these ground-breaking projects which will contribute significantly to the achievement of Saudi Arabia’s renewable energy goals.”
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