Herbert Smith Freehills advised the lenders in relation to the multi-sourced project financing for the 450,000 m3/day Yanbu 4 seawater desalination project in the Kingdom of Saudi Arabia.  

The project reached financial close on 19 March, the UK-based legal firm said in a statement. 

It said the project is expected to reach commercial operation by 1 November 2023, and supply drinking water to Makkah and Madinah. 

Head of Middle East Projects and Finance and deal co-lead, Anthony Ellis said the achievement of financial close is testament to the vision and team of the sponsors and the lenders, notwithstanding the general uncertainty created by the COVID-19 pandemic, 

The projects team was co-led by partners Anthony Ellis and Martin Kavanagh, supported by senior associates Phil Hanson and Samer Mahjoub, and associates Jenny Hanna, Charles Oliver and Amro Al-Ahmar. The wider team included Nick May, Nicholas Rutter, Vladi Resnik and Alex Leigh from London Finance, who advised on the project’s hedging aspects. 

(Writing by SA Kader; Editing by Anoop Menon) 

(anoop.menon@refinitiv.com) 

Disclaimer: This article is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Read our full disclaimer policy here.

 

© ZAWYA 2021