Slaughter and May advised Attarat Power Company ("APCO") and the project sponsors, Eesti Energia AS and YTL Power International Berhad, on the signing of financing agreements by APCO with Industrial and Commercial Bank of China and Bank of China for up to USD 1.6 billion of senior debt (the "Senior Debt") for the 470 megawatt (net) oil shale fired power station to be constructed at Attarat um Ghudran, Jordan (the "Project").  The Senior Debt facility comprises the entire senior debt requirement for the Project and will be provided as a buyer’s credit supported by export credit insurance provided by China Export and Credit Insurance Corporation.  The remainder of the financing for the Project will be provided by APCO's shareholders.

The Project is the largest infrastructure investment in Jordan to date and will be the country’s first large scale dispatchable power station using domestic fuel, improving security of supply and providing an important first step to energy independence.  Construction of the power station is expected to commence after financial close in the second quarter of 2016, with power being delivered to NEPCO, the owner of the Jordanian transmission system, commencing in early 2019.

Contacts

Simon Hall (partner), Samay Shah (associate), Philippa Harris (associate)