Synergy Consulting is honored to be the Financial Advisor to Shuaa Energy 2 on the refinancing of its senior debt facilities. Shuaa Energy 2 is the project company of 800MW Solar PV project which was tendered under DEWA Phase III and awarded to the consortium of Abu Dhabi Future Energy Company PJSC – Masdar and EDF Renewables. Synergy Consulting also advised the sponsors during the bid process and the successful financial close in 2017.
Synergy provided financial advisory services to the project company and the sponsors including preparation of a debt information package for market sounding, analysis of refinancing options, negotiating finance documents and other related work-streams until financial closing.
A club of eight lenders participated across Commercial and Islamic tranches in the refinancing. The process also involved an active transition of the base rate from LIBOR to SOFR for the Commercial Facility.
The project, which achieved COD in April 2020, helps in meeting the needs of more than 160,000 homes and displaces more than 1.4 million tons of carbon emissions each year.
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