New York, December 12, 2007—Shearman & Sterling represented AllCapital (US), LLC and Industry Funds Management Pty Ltd, on their purchase of a portfolio of US-based power projects from Consolidated Edison, Inc. The acquisition will be made by North American Energy Alliance, LLC, a newly formed Delaware entity jointly owned and controlled by AllCapital and IFM. The purchase price for the portfolio was $1.477 billion, with AllCapital to invest up to $US287.3 million for 37.6% of the equity of NAEA and IFM to acquire the remaining 62.4%. The acquisition is subject to approval from the Federal Energy Regulatory Commission and other regulatory agencies and is expected to close by mid-2008.

AllCapital is a wholly owned subsidiary of Allco Finance Group, a fully integrated global financial services business. IFM is one of Australia’s largest wholesale investment managers, specializing in the management of private investment products.

Principal M&A attorneys involved in this transaction are Eliza Swann (NY-MA), Stephen Besen (NY-MA), Andrew Hope (NY-MA), Ivan Rubinstein (NY-MA) and legal assistant Natalie Pregibon (NY-MA). Other Shearman & Sterling attorneys involved in this transaction are Howard Steinberg (NY-FG), Patricia Hammes (NY-FG), John Opar (NY-PR), John Sykes (NY-TX), Michael Dunworth (NY-TX), James Scott (NY-CM), Spencer Forhart (NY-FG), Karen Saah (NY-FG), Garrett Dowd (NY-ECEB), Christopher Tulimieri (NY-PR) and Bradley Thompson (NY-TX).

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