Sur Independent Power Project Achieves Financial Close


Verus Partners is delighted to announce that the 2000 MW Sur IPP in Oman has achieved financial close.

The Verus Partners team advised the winning consortium through a competitive tender process that began in September 2010.  The consortium was led by Japanese trading house Marubeni Corporation, and includes Chubu Electric Power Co., Inc., the Japanese utility company, Qatar Electricity and Water Company (Q.S.C.) and local Omani sponsor, Multitech LLC (part of the Suhail Bahwan Group (Holding) LLC).

The gas-fired Sur IPP will be the largest power plant in Oman, representing approximately 40% of Oman’s installed power capacity when it comes fully on-stream in 2014. Financing in the form of senior debt (totalling approximately USD 1.25 billion) has been provided by the Japanese Bank for International Cooperation (JBIC), the Bank of Tokyo-Mitsubishi UFJ, KfW IPEX-Bank GmbH, Mizuho Corporate Bank, Ltd., Standard Chartered Bank, Sumitomo Mitsui Banking Corporation and The Sumitomo Trust and Banking Company Limited and supported by Nippon Export and Investment Insurance (NEXI). Financial close occurred on 28 November 2011.

The Verus Partners team was led by founding partner Andrew Elliott and vice president Ian Clark.

The Sur IPP is the 17th Gulf I(W)PP competitive tender on which Verus Partners and its predecessors have advised Marubeni Corporation since 2004, joining the Taweelah B (UAE), Rabigh IWSPP (KSA), Mesaieed A (Qatar), Fujairah F2 (UAE) and Shuweihat S2 (UAE) projects in achieving financial close, a ratio of 43% successful proposals by plant capacity.