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25 Apr 2024

Stephenson Harwood advises on award-winning deals at IJ Global Awards 2023

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Stephenson Harwood LLP has advised on two separate deals which have been recognised at the IJ Global Awards 2023.

'MENA Refinancing Deal of the Year'

The firm advised Yellow Door Energy Limited on a ground-breaking multi-million-dirham project refinancing with the National Bank of Fujairah for a portfolio of 31 solar projects in the United Arab Emirates with a combined capacity of 39 MWp.

This was a challenging transaction, requiring an innovative approach to overcome a number of considerations, including regulatory constraints, consideration of land rights, distributed step-in considerations and complicated security arrangements. These components posed significant complexities and were unprecedented in similar dealings within the region.

'MENA Renewables Deal of the Year'

The firm advised the National Bank of Fujairah on a long-term credit facility to CleanMax Alpha LeaseCo FZCO. CleanMax is Asia’s largest developer of commercial and industrial renewable energy. The funds will be used to refinance CleanMax's operational solar power generation projects in the UAE, including rooftop, carport and ground mounted solar installations.

Both of these deals contribute significantly to the UAE's Net Zero by 2050 target, aligning with the objectives set in COP28, the UAE's Year of Sustainability and its Clean Energy Strategy 2050.  

"It's heartening to see these deals get this recognition, and a testament to the skill and reputation of our team that we are so regularly instructed to advise in relation to market-leading matters" said Rania Tadros, Dubai office managing partner, Stephenson Harwood. "Decarbonisation is a key area of focus for the firm, and one in which we have genuine depth and breadth of expertise; this gives us a real edge when working on related matters, allowing us to harness decades of experience to bring commercially focused, insightful advice."

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