Cranmore Partners Ltd (“Cranmore”) is delighted to announce that it has acted as exclusive financial adviser on the limited recourse financing for the 450,000m3/day Shuqaiq independent water desalination project (“Shuqaiq IWP” or “Project”) in the Kingdom of Saudi Arabia, which reached financial close on 8th May 2019. The demand for water in Saudi Arabia is increasing rapidly with the economy and population of the country and the Project will meet the water needs for 2 million people.
Cranmore was appointed by the Marubeni-led consortium in April 2018 prior to the consortium’s bid, and has worked on the Project since. The financing involves USD denominated senior term facilities, equity bridge facilities and a SAR denominated VAT Facility, amongst the first of its kind in the country. After the procurer Water and Electricity Company (“WEC”) announced the consortium as the preferred bidder in late December 2018, Cranmore worked closely with the consortium in meeting the timelines agreed between WEC and its clients to sign the Project documents soon after, and achieving financial close in just under 3 months after signing of the Project documents. Cranmore assisted the Sponsors in obtaining the most competitive financing terms achieved on WEC projects recently in terms of both pricing and tenor for the debt and the associated interest rate swap facilities.
Incorporated in 1949, Marubeni Corporation is involved in the handling of products and provision of services in a broad range of sectors. These areas encompass importing and exporting, as well as transactions in the Japanese market, related to food materials, food products, textiles, materials, pulp and paper, chemicals, energy, metals and mineral resources, transportation machinery, and includes offshore trading. The Company’s activities also extend to power projects and infrastructure, plants and industrial machinery, finance, logistics and information industry, and real estate development and construction. With offices in 66 countries, Marubeni conducts business investment, development and management on a global level.