Middle East Legal Awards 2018 – Infrastructure and Energy Projects Team of the Year: Bracewell
Full details of the Infrastructure and Energy Projects Team of the Year category at the Middle East Legal Awards 2018
Finalists: Baker McKenzie; CMS (Highly Commended); Covington & Burling; Dechert; HFW; King & Spalding; Shearman & Sterling.
Bracewell made it a brace of consecutive Infrastructure and Energy Projects Team of the Year awards, for its handling of a complex solar power development in Egypt.
The firm advised Alcazar Energy Partners on a project finance deal for four 50 megawatt solar plants as part of Egypt’s renewable energy feed-in-tariff programme (aimed to provide up to 4 gigawatts of renewable energy to its power grid). Bracewell advised Alcazar on engineering, procurement and construction, as well as operations and maintenance contracts, power purchase agreements, and a host of other negotiations related to the project.
Because two of the solar plants had only recently been acquired by Alcazar, the firm had to move swiftly to ensure terms were agreed so that the lenders could commit to the projects (the financing arrangements were part of a wider programme led by international development banks, including the IFC and EBRD).
Having previously advised it on a wind power project in Jordan, the Egypt deal is just one in a growing number of transactions for Alcazar, underscoring Bracewell’s expertise in renewable energy projects in the region.
“Egypt poses some unique challenges for the legal and business environment and therefore Bracewell deserves credit for successful completion there,” a judge complimented.