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The financing documentation for the project was signed on October 23, 2009. This project is only the second project of its kind in Jordan, and was concluded in difficult economic conditions.
The 372 MW combined cycle gas turbine power station will be constructed by Qatrana Electric Power Company (owned by Korea Electric Power Corporation and Xenel), near the town of Al Qatrana, 90km south of Amman.
Chadbourne advised the lenders on the $319m term facility and $16m stand-by facility. The Chadbourne team working on the deal included London partners Agnieszka Klich and Jon Nash and associates Claire Poli, Sarah Stewart and Laure Berthelot.
"The signing of the Qatrana financing documents is a real achievement for the sponsors and lenders to this project. The market has not been easy in the last year, but in this case the sheer determination of the teams working around the clock has paid off,"
said Ms. Klich.
"The Qatrana signing, which coincided with the closing for the Shuweihat 2 project, was possible only thanks to the strength of our London-based financing team. Our London and Dubai offices have great teams capable of completing complex transactions in a timely manner," said Mr. Nash.
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Posted by Rana Mesbah
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