New York, October 23, 2008—Shearman & Sterling represented BNP Paribas and ABN AMRO as mandated lead arrangers and bookrunners in connection with the $998 million senior secured non-recourse project financing for the construction of the Angamos coal-fired power project being developed by AES Gener S.A. The financing closed October 22, 2008. Project cost is budgeted at $1.26 billion. A portion of the debt ($675 million) was insured by the Korean Export Insurance Company (KEIC) against political and commercial risk; this is KEIC's first transaction in the Americas.

The Angamos project, located in Mejillones, Chile, is a 462 MW (net) pulverized coal-fired generating facility. The facility consists of two 231 MW generation units, a coal yard and associated infrastructure, including a new 220 kV approximately 141 km double circuit overhead electrical transmission line running from the switchyard of the facility to the existing substation in Laberinto, Chile.

Shearman & Sterling attorneys who worked on this matter include a New York-based Finance Group team consisting of partner Gregory Tan, associates Alexandro M. Padrés, Karen Saah, Danny Choi, Courtney Lemli and Joanna Leung and international associate Rosario Celedón.

For additional information contact: Ron Brandsdorfer | New York | T +1.212.848.5081 |