Herbert Smith Freehills has advised the lenders to a joint venture between Engie and EDF, on the Noor 2 street-lighting project in the UAE.
The project entails the installation of 133,473 energy-efficient LED streetlights across the Emirate of Abu Dhabi, and will result in significant electricity savings of approximately 2,400 million kWh, a reduction in power consumption of approximately 74% over the concession period. The project is a first-of-its-kind in the UAE and the region, and paves the way in the UAE’s sustainability development agenda. Financial close was successfully reached on 13 April 2023.
Middle East Partner Phil Hanson commented "We are delighted to have supported on this first-of-a-kind project, and to continue developing our relationships with ENGIE and EDF."
The team comprised of Phil Hanson (Partner), Anthony Ellis (Partner), Adel Shageev (Senior Associate), Charles Oliver (Senior Associate), Maria Zerkalova (Associate), John Harvey (Associate) and Yulia Turkina (Associate), with support from Nick May (Partner), Nick Rutter (Of Counsel) and Konstantin Korennoy (Associate) on hedging aspects.