2026.08.06
At the end of 2025, JunHe assisted Harbin Electric International, a subsidiary of the Harbin Electric Group, in completing the USD 2.45 billion debt refinancing for the Hassyan Independent Power Project (Hassyan IPP) in Dubai, UAE. This refinancing replaced the original syndicated debt and the project was recently named the Structured Finance Deal of the Year by Global Banking & Markets.
The Hassyan Clean Coal Power Plant in Dubai is a key project in the Belt and Road Initiative, representing a large cooperation between China and the Middle East. It has a total installed capacity of 2,400 megawatts and is equipped with four 600-megawatt ultra-supercritical dual-fuel units. It is the first power station in the Middle East to be invested, constructed and operated by Chinese capital and is the world's first power station capable of full-load power supply using both coal and natural gas. It is also one of the largest power plants in the Gulf Cooperation Council (GCC) region, supplying 20% of Dubai's electricity needs.
The project adopts a Build-Own-Operate (BOO) model. Investors include the Dubai Electricity and Water Authority (DEWA), Saudi Arabia's ACWA Power, Harbin Electric International and the Silk Road Fund. Construction of the project began in January 2017 and by October 2023, all four units were fully operational for commercial use.
JunHe represented Harbin Electric International in this project and participated in the entire refinancing transaction. JunHe promoted a refinancing plan that more fully reflected the reasonable demands of all the shareholders and effectively safeguarded the interests of the Chinese shareholders.
The refinancing project involved numerous institutions, had a complex transaction structure and was carried out at a very rapid pace. It took only six months from initiation to refinancing closure and this posed significant challenges to all parties. Leveraging its experience and professional capabilities in the field of complex transactions, JunHe quickly identified the key challenges. JunHe’s team formulated response strategies and resolved multiple obstacles by providing clients with pragmatic and feasible solutions, thereby ensuring the project's successful completion within the short timeframe.
The lead partners for this project were ZHOU, Xianfeng (Elvis),XIA, Zhengshuang (Kirk), ZHOU, Jun and DU, Lijing. Yang Xiaodi was the main lawyer. The Hong Kong legal aspects of the project were handled by JunHe's Hong Kong partner XIE, Jiahao.
