Ras Girtas Power Company Signs $3.6 Billion Financing

Skadden represented a group of financial institutions in the $3.6 billion financing by Ras Girtas Power Company, a direct subsidiary of Qatar Petroleum and Qatar Electricity and Water Co. and an indirect subsidiary of Suez Tractebel S.A. and Mitsui & Co. Ltd. The financing, signed on Aug. 5, will be used primarily to fund the construction of a power and water desalination plant in Qatar. Skadden represented Servizi Assicurativi del Commercio Estero (SACE), Qatar Islamic Bank Q.S.C. and Islamic Development Bank (the Islamic participants), The Bank of Tokyo Mitsubishi UFJ, Ltd. (as the senior intercreditor agent) and a syndicate of 20 commercial banks. The deal contained a $250 million Islamic tranche of debt.