Latham & Watkins advised the Finance Parties in relation to a facility for Saudi Electricity Company, relating to the financing of a new oil-fired 2,800MW power plant in Rabigh, the Kingdom of Saudi Arabia. The transaction was valued at USD 1,400,000,000.

The Lenders under the facility include the Export-Import Bank of Korea, Sumitomo Mitsui Banking Corporation, The Bank of Tokyo Mitsubishi UFJ, HSBC Bank plc, Mizuho Banking Corporation and KfW IPEX-Bank. Tranches of the facility are guaranteed by The Export-Import Bank of Korea and insured by Korea Trade Insurance Company. 

The Latham & Watkins team was led by partners Mohammed Al-Sheikh in Riyadh and Craig Nethercott and Anthony Pallett in Dubai, with counsel Sungjin Kang in Hong Kong and associates Harj Rai and Basil Al-Jafari in Riyadh and Dubai respectively.