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Norton Rose has won a raft of new clients in the Middle East, which is growing in importance for the firm.
The firm pitched successfully to become lead adviser to the consortium buying the Taweelah B power and desalination plant in Abu Dhabi in the region’s largest ever project finance deal, valued at $3bn (£1.6bn).
The project is part of the ongoing privatisation of Abu Dhabi’s electricity sector. Members of the consortium include Japan’s Marubeni Corporation and the Japan Gas Corporation, as well as BTU Power of the US and Malaysia’s Powertek.
Norton Rose construction partner Peter Hall said: “The Taweelah site has a number of different projects on it, and Taweelah B is the biggest of them.”
As part of the deal, the consortium will upgrade and run the plant for 25 years.
The work comes on the back of three other project finance deals Norton Rose is acting on in the region, including a Saudi Arabian water and power plant.
White & Case Middle East head Alexander Kritzalis acted for the Abu Dhabi Water & Electricity Authority, with Simmons & Simmons’ Abu Dhabi office providing local advice.