Singapore, October 9, 2008—Shearman & Sterling advised the mandated lead arrangers including two local Thai banks on the signing of the loan documents for the dual-currency financing of the Gheco-One independent power project (IPP) in Thailand. The project is expected to reach financial close later this month.

KfW, SMBC, Standard Chartered Bank, Bank of Tokyo-Mitsubishi, Calyon, Fortis and KBC are the mandated lead arrangers for the US$460 million dollar tranche of the financing. Local Thai banks, Bank of Ayudhya and Kasikornbank, are Mandated Lead Arrangers for the THB 9.9 billion (US$288 million) Thai baht tranche.

The 660MW coal-fired power plant at the Map Ta Phut industrial estate is being developed by a consortium, comprising Glow Energy (an affiliate of the Suez group) and Hemaraj Land and Development Company, which was awarded the project in December 2007 under EGAT’s 2007 IPP Bid Solicitation. It is the first IPP in the 2007 Solicitation to come to the market and is the first greenfield IPP in Thailand since the Ratchaburi Power Project in 2006 (on which Shearman & Sterling also advised the lenders).

Bill McCormack, partner and Head of the Asia Project Development & Finance Group in Singapore, led the Shearman & Sterling team and was assisted by counsel Sanja Udovicic, associates Scott Baggett, Rachel Borrill, Jayne Mander and trainee Anna Fingerit, all in the Project Development & Finance Group in the Singapore office; as well as John Delamere (Finance) in the London office; and Anna Chung (Project Development & Finance) in Shanghai.

Bill McCormack said, “We are very excited to get this financing signed, particularly in light of the current financial climate. It is great to pick up in Thailand where we left off on Ratchaburi. It does show that the need for infrastructure in Asia will continue to be a driver of activity for us. Congratulations to Suez/Glow and Hemaraj and thanks to the team for the efforts, this week especially.”