Ashurst advised the finance parties on the successful US$129 million financing of the Shams Ma'an PV solar power generating project in Jordan. The financing documents were signed in Amman on 18 January 2015 at a ceremony attended by the Jordanian and Japanese prime ministers, underscoring the importance of the project to Jordan's economy.

Ashurst acted as international legal counsel to Japan Bank for International Cooperation ("JBIC"), Nippon Export and Investment Insurance ("NEXI") and the commercial lenders, Mizuho Bank and Standard Chartered Bank. The facilities comprise an approximately US$ 77 million JBIC direct loan facility and an approximately US$52 million facility provided by the commercial banks and backed by NEXI cover.
Shams Ma'an is an approximately 52.5 MW solar PV facility being constructed in the Ma'an Development Area. The project is backed by a 20 year PPA from NEPCO. Project sponsors are Diamond Generating Energy (a Mitsubishi subsidiary) (35%), Nebras ( a Qatar Electricity & Water Company subsidiary) (35%) and Kawar Group (30%). Shams Ma'an is currently the largest solar photovoltaic power project under development in Jordan and the largest in the Middle East financed by commercial lenders. It is the first time JBIC has provided direct financing to a project of this kind. This nationally important project will provide a much needed source of renewable energy in the Kingdom. The project will be constructed, operated and maintained by First Solar Electric LLC .

Ashurst partner David Wadham led the London/Dubai transaction team, assisted by counsels Shri Maski and Mhairi Main Garcia and associates Grant Batten, Peter Grayson and Yasmeen Ghali and trainee Francesca Witney. Jordanian law advice was provided by Ali Sharif Zu'bi Advocates & Legal Consultants ("Zu'bi").The Zu'bi team was led by partners Khaled Asfour and Jumana Toukan and associate Dima Al Khuffash.

Ashurst partner David Wadham said: "Jordan has been at the forefront of developing renewable energy initiatives in the MENA region and we are pleased to have been involved in this landmark project for the Kingdom, as well as to have been able to work with long-standing client JBIC on one of its first major solar PV IPPs."