Advising on the acquisition of two of the largest hazardous waste treatment facilities in the Middle East

Eversheds Sutherland advised Natixis Bank and Arab Petroleum Investments Corporation (APICORP), as lenders to a consortium in the acquisition of ADNOC Refining’s two waste management facilities in the Ruwais Industrial Area of Abu Dhabi.

The consortium, comprising of Vision Invest, ADQ and Veolia, acquired the waste management plants through a ‘first of its kind’ project financing in the region.

This transaction is unique as it is a corporate acquisition funded by a non-recourse project finance facility, rather than a more typical loan facility. This demonstrates the firm’s legal expertise in both established sectors and new and innovative structures.

The transaction was recently recognised as the M&A Deal of the Year at the Bonds, Loans and Sukuk Middle East Awards 2023.

The Eversheds Sutherland team was led by Partner and Head of Projects – Middle East, Ashley Halewood, supported by Partners Zeid Hanania and Sindhura Swaminathan, Counsel Louis-Jerome Laisney, Principal Associate Steve Jennings, Senior Associates Adite Aloke and Gaurav Jain, Associate Saed Obeidat and Trainee Fawzi Mashal.