Cross-border team advises lending consortium on circa US$2.2bn Abu Dhabi project

Global law firm Norton Rose Fulbright has advised a consortium of financiers on their circa US$2.2bn investment in a new independent water treatment (IWP) and transportation system project in Abu Dhabi (Project Wave), procured by ADNOC.

The lending consortium comprises Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, Commercial Bank of Dubai, Emirates Development Bank, Emirates NBD, First Abu Dhabi Bank, Gulf Investment Bank, Natixis and Warba Bank.

Project Wave is comprised of nano-filtration plants in Mirfa, water transportation pipelines, a pumping station and an in-field distribution system at the Bab and Bu Hasa oil fields in Abu Dhabi.

The new IWP and transportation system will replace the current aquifer water injection systems across ADNOC’s onshore operations and will utilise seawater as an additional source for enhanced oil recovery-based injection into the fields, enhancing energy efficiency by up to 30 percent.

ADNOC and TAQA have a joint 51 percent majority stake in the project company with the remaining 49 percent being held by a consortium comprising Orascom Construction and Metito Utilities.

Dubai-based Partner Angela Croker, who led the Dubai and Singapore-based Norton Rose Fulbright team advising on the deal, said:

“We are proud of playing an integral role on a project of this size and complexity, and of our involvement in yet another strategically important project for the UAE, which will see the energy efficiency of ADNOC's operations increase by up to 30 percent.”

The Norton Rose Fulbright team also included Partners Nicholas Kramer, who led on the project agreements; Robin Balmer, who led on the Islamic finance aspects; Colin Rice, who led on the hedging related aspects; and Nicholas Robinson, who led on UAE law aspects. They were assisted by Counsel Aditya Rebbapragada; Senior Associates Lindsay Crawford, Francesca North and Hesa Alsaad; and Associates Hena Sial, Knowhee Myung, Lyna Luo and Katrijn Thys; with further support provided by Thomas Quigley, Robert Winter and Su Xin Lim.

Norton Rose Fulbright's Dubai office offers a full-service practice and has particularly strong experience in energy, infrastructure, financial institutions, transport, technology, real estate, and hospitality. The team, which can advise on key local law issues and regulations, acts for government entities, corporates, and financial institutions on their domestic and outbound business.