Chadbourne & Parke LLP advised the Rabigh Arabian Water and Electricity Company and its sponsors (Arabian Company for Water and Power Projects, JGC Corporation and Marubeni Corporation) in relation to the US$776 million financing of the expansion of its independent water steam and power plant located on the Red Sea coast of Saudi Arabia. Financial close was achieved on 16 March 2015.

The Rabigh IWSPP is the utilities provider (power, water and steam) to one of the largest petrochemical complexes in the Gulf region, the Rabigh Complex, owned by Rabigh Refining and Petrochemical Company (Petro Rabigh). The existing plant provides 5,580 tonnes per hour of water, 1,230 t/hr of steam and 360 MW of electric power to the Rabigh Complex, and on completion of the expansion project will provide an additional 2270 t/hr of water, 1015 t/hr of steam and 160 MW of electric power to the Rabigh Complex.

“We are very pleased to have represented RAWEC and its shareholders on this important project,” said Julien Bocobza, the Chadbourne partner who led the transaction. “This project faced many roadblocks throughout the process and we look forward to the ultimate milestone of commercial operation, which is expected in the first half of 2016.”

The Chadbourne lawyers who worked on the transaction include Julien Bocobza, Agnieszka Klich, Richard Oliver, Li Zhang, Charez Golvala and Alexandra Neovius.