Obeidat Law advises several leading local, regional and international financial institutions and other corporate clients on a wide range of banking and financial matters including project development and finance, credit facilities, syndications, financial services and regulatory and compliance issues. Our attorneys are also involved in major litigation work on behalf of banking clients in Jordan.
Banking, Project Finance and Insurance Experience
Obeidat Law also advises a number of insurance companies on their policies and handles some of their major claims in addition to acting on behalf of clients in insurance coverage disputes.
- Represented the Arab Bank plc as lender, in conjunction with international counsel, in relation to the financing of a 15.64 MW Solar Photovoltaic Plant to be connected to Lafarge Cement Jordan’s Rashadiya Cement Plant. We were involved in the preparation and negotiation of the local law security documents and in attending to Jordanian law related issues as they may apply to the project;
- Represented leading multinational financial institutions and lenders in relation to a potential wheeling project for subsidiary of a major telecom company in Jordan;
- Represented multilateral lenders, in conjunction with international counsel, in relation to the financing of the 200MW Baynouna Photovoltaic Solar Power project located at Tilal Al Ruman, Jordan. We were involved in the preparation and negotiation of the local law security documents and in attending to Jordanian law related issues as they may apply to the Project.
- Represented Xenel Industries of Saudi Arabia since 2012 on its interest in and subsequent bid for a 50 MW wind energy project in Tafila, in the southern part of Jordan. Our work with Xenel on developing the project began with its efforts to locate land for the development and negotiate leases or purchases with respective property owners. We also advised the client on forming the project company locally and on the bidding process. Abour Energy Company, the Jordanian subsidiary, was one of the companies selected by the Ministry of Energy & Mineral Resources (MEMR) as part of the Round I successful participants in the Direct Proposal Process. Since then, we advised Abour on the PPA and other related documents, and we are currently advising the client in relation to the financing of the project and all Jordanian law related issues as they may apply to the project;
- We are actively involved on behalf of a successful participant in Round II of the MEMR Direct Proposal for Solar projects. Our client, Fotowatio Renewable Ventures, is developing three separate projects in Mafraq, Jordan, with a total capacity of around 167 MW. The first of the three projects was awarded to FRV in Round II, while the two others were acquired by the client from other licensees from the same Round before they embarked on the development phase. We advised FRV on the development and financing of two of the three projects, each with a production capacity of 50 MW. Regarding the third one, we only advised FRV on the acquisition itself. We assisted the client in the process of incorporating the project company in Jordan and advised the sponsor and the project company on all aspects pertaining to local law. Our firm is currently advising the client on the financing of the two projects and other aspects of operation and maintenance of the solar farm going forward;
- Represented multilateral lenders, in conjunction with international counsel, in relation to the construction and financing of a peaking power plant of approximately 485 MW installed capacity, and the refurbishment of an existing plant at the Hussein Thermal Power Station located in the Zarqa Industrial Area 30 km N. East of Amman. The power plant is currently owned by the Central Electricity Generating Company (Jordan’s largest power generation company with close to 60% of the country’s aggregate installed capacity);
- The firm, in conjunction with international counsel, advised International Finance Corporation and other lenders during 2014 and 2015 on the financing of seven (7) separate projects in the Round I Solar (known as the Seven Sisters Financings). The projects are spread from the north to the south of Jordan with a concentration in the Governorate of Ma’an, 220 kilometers south of the capital Amman. Our tasks included participating in the due diligence efforts on all seven borrowers, advising the clients on the optimal structure of the Jordanian security documents, and on all Jordanian-related legal issues pertaining to the loan documents, and company law issues. We have recently been engaged by International Finance Corporation to act as local counsel in the financing of one of the Round II solar energy projects;
- In 2013 and 2014, Obeidat Law advised Vestas, the world’s largest wind turbine manufacturer, on the Design, Build, Operate & Maintain Contract (DBOM) for the Tafila Wind Farm project in the southern part of Jordan. The $287 Million project, which is financed by International Finance Corporation and other multilaterals and lenders at a total debt package of $221 Million, has a generation capacity of 117 megawatts, which is expected to be expanded further. Our firm advised Vestas on the Jordanian law aspects of the DBOM, incorporation, and ongoing operations during the construction. We continue to advise Vestas on other energy opportunities in Jordan;
- During 2011-2013, Obeidat Law advised Arab Bank PLC and a group of other lenders in relation to a JD 105 million facility provided to the As-Samra Wastewater Treatment Plant, which was tendered by the Ministry of Water & Irrigation on a BOT basis, to finance the plant’s expansion project;
- Represented the sponsors of the Disi Water Conveyance System project, which was awarded by the GOJ in 2009 to Gama Enerji A.S. (Turkey) on a BOT basis. Obeidat Law’s advice to the sponsors started with the bidding phase and continued throughout the award phase, where we advised the sponsors on various aspects of Jordanian law, preliminary meetings with international lenders and in the long-winded negotiations with the GOJ. The firm was also instrumental subsequently in advising the project company, Disi Water Company PSC, in coordination with its international counsel, on the financing aspects of the project;
- Between 2008 and 2009, Obeidat Law was engaged to act as a local legal adviser by the consortium that bid for the construction and operation of 280-400 MW power project. We advised the client on local law issues with respect to both phases. During the bidding phase, the firm’s role was to advise the consortium members on the various Jordanian laws and regulations impacting the project. On the financing side, we advised the project company formed by the joint venture partners on the Jordanian-law aspects of financing agreements and other security documents, facilitated a number of issues with the relevant government entity and took part in the financial close of the project;
- During 2009, Obeidat Law was engaged by International Finance Corporation to act as lender’s local legal adviser in relation to a $40 million term loan extended to a Jordanian power distribution company. Our role involved conducting a corporate due diligence on the borrower, advising on the Jordanian law aspect of the loan agreement and other transaction documents and preparing and negotiating a share pledge agreement.