Marc Norman

Project Development and Finance

• Advising Quantum Switch Tamasuk on the financing of a data centre portfolio in Saudi Arabia to provide data storage and cloud services to a major technology company. This includes drafting and negotiation of legal documentation involving a modular expansion criteria to support phased integration of additional data centres and associated renewable energy infrastructure—with a multitude of different hyperscalers—under one accordion financing. The first data centre within the portfolio was financed in 2022, and is the first data centre in the Middle East to have been financed on a limited-recourse basis. The project was awarded “Digital Infrastructure Deal of the Year – Data Centres” for 2022 by IJ Global.
• Advising the Orascom and Metito in connection with the PPP water treatment scheme called “Project Wave” procured by the Abu Dhabi National Oil Company (ADNOC). The project was awarded “Sustainable Deal of the Year, Middle East and Africa, 2023” by Project Finance International and “Water Deal of the Year – MENA” for 2023 by IJ Global.
• Advising a major international industrial company on legal, regulatory, public policy, and project finance aspects relating to a planned green ammonia production plant in North Africa, for export to the EU and/or the U.S.
• Advising a major international fertilizer business on the drafting and negotiation of an ammonia offtake agreement in respect of a limited-recourse financed ammonia production plant in Texas, USA.
• Advising two developer consortia on the development and financing of two residential communities—including associated utilities—at the NEOM smart city in Saudi Arabia. The two residential communities form part of the first phase of NEOM's residential communities’ expansion, a social infrastructure project that will house the region’s growing workforce. At a value of over $5.5 billion, the project is one of the largest public-private partnerships for accommodation globally. The project was awarded “Alternative Infrastructure Award – MENA” for 2023 by IJ Global.
• Advising a sponsor consortium including Itochu Corporation, Hitachi Zosen Corporation, Besix, Dubai Holding, Dubal Holding and the Tech Group on the development and financing of Dubai's circa US$ 1.3 billion Warsan waste-to-energy project, which, once constructed, will be one of the largest waste-to-energy project in the world. The lender group includes commercial lenders from Europe and Japan, as well as Japan Bank for International Cooperation (JBIC) and Nippon Export and Investment Insurance (NEXI). This project was awarded “Middle East and Africa Deal of the Year” in 2021 by Project Finance International.
• Advising several different developers on developing and financing distributed generation solar photovoltaic projects involving commercial and industrial power purchasers in the United Arab Emirates (including in connection with the Shams Dubai net metering program), Jordan, Saudi Arabia, and in East Africa, namely: Unilever, Xylem, DP World, Nakheel, Dubai Municipality, Dubai Civil Defense, Dubai Multi Commodities Centre, Emirates Airlines, Majid Al Futtaim, Lulu Supermarkets, Ajmal Perfumes, Chalhoub Group, Bayara, LIFCO, Al Serkal, Gulfex, Emerson, King’s School, GEMS School, Bloom Education, Dubai Autodrome, and Landmark Group.
• Advising a developer on the development and financing of a 15 megawatt captive solar power project in Jordan, for the provision of electricity to a cement factory owned by LafargeHolcim. This was the first “corporate PPA” transaction in the Middle East to be financed on a limited recourse basis.
• Advising a developer on the development and financing of four utility-scale solar power projects in Jordan.
• Advising the lenders (Islamic, ECA, multilateral and commercial) in connection with the development and financing (by Xenel and KEPCO) of the Al Qatrana gas-fired independent power project in Jordan.
• Advising the sponsor group, led by ACWA Power International, on the development and financing of the Qurayyah gas and fuel oil-fired independent power project in Saudi Arabia. Awarded “Middle East Power Deal of the Year 2011” by Project Finance magazine, and “Best Project Finance Deal of the Year” by Euromoney Islamic Finance Awards 2012.
• Advising a consortium consisting of Suez Environnement, Itochu Corporation and Engie on the development and financing of the U.S. $300 million Barka IWP in the Sultanate of Oman.
• Advising a consortium consisting of Suez Environnement S.A.S., Infilco Degremont, Inc. and The Morganti Group, Inc., on all aspects of the U.S. $225 million expansion of As-Samra wastewater treatment plant in Jordan.