Global law firm Ashurst has advised Abu Dhabi ³Ô¹ÏÍøÕ¾ Oil Company (ADNOC) on the successful financial closing of a US$3.8 billion strategic project to power and significantly decarbonize ADNOC’s offshore production operations.
Being developed together with Abu Dhabi ³Ô¹ÏÍøÕ¾ Energy Company PJSC (TAQA) and a consortium comprised of Korea Electric Power, Kyushu Electric Power Company and Électricité de France, the project will be the first high-voltage direct current (HVDC) sub-sea transmission network in the MENA region and the first greenfield HVDC project to be procured and project financed on a PPP basis globally. The development is expected to reduce the carbon footprint of ADNOC’s offshore operations by more than 30%, replacing existing offshore gas turbine generators with more sustainable power sources available on the Abu Dhabi onshore power network.
The Ashurst team was led by partners Luke Robottom and Matthew Wood. The wider team included Abu Dhabi based partner Stuart James, London partner Neil Cuninghame, counsels Natasha Kavanagh and Grant Batten, senior associates Dan Solomon, Adelle Elhosni and Adam Reda, and associates Chloe McWeeny and Rohit Tularam.
Commenting on the transaction, Luke Robottom said: “It has been fantastic to work with the ADNOC team on this strategically important project and to continue our longstanding relationship with them. This first-of-its-kind sub-sea transmission network synergizes onshore infrastructure with offshore operations to deliver enhanced service, and will help support the push towards achieving the UAE’s ‘Net Zero by 2050 Strategic Initiative’.”
