Latham & Watkins has advised on Emirates Nuclear Energy Corporation’s (ENEC) US$2.42 billion refinancing of the Barakah Nuclear Energy Plant project. The Barakah Plant refinancing is the first nuclear project in the MENA region and Asia to be recognized as a green loan.

The classification positions the Barakah Plant and the wider nuclear sector at the forefront of clean financing instruments for proven baseload technologies to accelerate the clean energy transition in the UAE.

The Barakah Plant, when fully operational, forecasted for later in 2024, will generate 40 terawatt-hours (TWh) of electricity per year while simultaneously preventing the release of 22.4 million tons of carbon emissions.

The Latham team was led by London finance partners John Balsdon and Tom Bartlett, with associates Charlotte Hawkins, Sam Burleton, and Daniel Chen.