Watson Farley & Williams (“WFW”) has been named ‘Legal Consultant of the Year’ by the Middle East Solar Industry Association (“MESIA”) at their annual awards ceremony for 2023.
The firm was recognised for, amongst other things, its work advising National Bank of Fujairah on a long-term debt refinancing for a group of 31 solar PV projects that have been developed by Yellow Door Energy in Dubai. The portfolio is a combination of rooftop, ground mounted and carport solutions with a size ranging from 0.2 MWp to over 5 MWp each (up to 39 MWp in total). The transaction is among the first of its kind in the Middle East, which have previously been deemed difficult to structure and close, given regulatory constraints, consideration of land rights, distributed step-in considerations and quite complex security arrangements. The NBF/YDE transaction proved, however, that streamlined, simpler structures can exist and can be easily replicated for financing portfolios of distributed solar C&I assets, with high bankability standards.
MESIA is a non-profit, non-governmental organisation that aims to promote solar power in the Middle East and Northern Africa. This is one of the industry’s longest standing awards, now on its eleventh edition, and celebrates exceptional talent and achievements across the MENA solar industry.
The WFW Dubai team that advised National Bank of Fujairah was led by Assets & Structured Finance Partner Michael Savva, supported by Associate Stuart Bolton and Solicitor Laura Forbes. London Projects Senior Associate Rhiannon Elias and Associate James Ballantyne provided assistance regarding the due diligence of the underlying project documents.
Michael commented “We are delighted to have been recognised by such a respected industry body for our work in the Middle East solar industry. This highlights our knowledge and commitment to the renewable energy sector in the region and our ability to provide a seamless service across offices. We are also extremely grateful for the trust placed in us by both NBF and YDE to support them on this transaction. Transactions such as this demonstrate all parties’ commitments to promoting Environmental, Social and Governance initiatives, contributing to the UAE’s Clean Energy Strategy 2050 and COP28’s objectives. Congratulations to everyone involved”.