International law firm Trowers & Hamlins has acted as lead counsel in relation to the successful financing of up to KWD 134.51 million made available by Al Ahli Bank of Kuwait K.S.C.P. to TNB Repair and Maintenance Sdn Bhd (TNB Remaco) and Al Dhow Engineering (Al Dhow). TNB Remaco and Al Dhow formed a joint venture company to provide maintenance service solutions for gas turbines at the 876 MW Shuaiba North Power Generation and Water Distillation Plant in Al Ahmadi, Kuwait.
This financing facility funds the five-year maintenance contract awarded by the State of Kuwait's Ministry of Electricity and Water and Renewable Energy, and is part of a broader effort by the Ministry to modernise the power generation infrastructure in Kuwait, contributing to the global effort for a sustainable energy transition. The project also aligns with TNB's commitment to pioneering advancements in the global energy landscape.
Trowers advised TNB Remaco and TNB Power Generation Sdn Bhd (as guarantor for TNB Remaco) on all matters in relation to the financing, drafted and prepared the documentation for the financing, and liaising with different stakeholders for completion of this cross-border financing in a time bound manner.
The Trowers team was led by Elias Moubarak, Partner and Head of International Banking & Finance in the Malaysia office with support from Associates, Alyson Phung and Pei Ling See.
Elias commented:
"Congratulations to the TNB and Al Dhow teams on putting together the joint venture vehicle and signing multiyear agreements with key stakeholders, including Kuwait’s Ministry of Electricity & Water & Renewable Energy. This is an important part of a broader effort by Kuwait’s Ministry of Electricity, Water and Renewable Energy to modernise power generation infrastructure in Kuwait.
We have a long-standing relationship with TNB and are proud to have played a role in supporting TNB teams to conclude the associated financing which will ultimately benefit the people of Kuwait."
