Abu Dhabi , 13 March 2008—Shearman & Sterling has advised Qatar Electricity & Water Company Q.S.C (QEWC) on the US$450 million conventional and Islamic limited recourse project financing for the development and construction of the Ras Abu Fontas A1 water desalination project in the State of Qatar.

This project follows on from the firm’s involvement in the US$485.5 million limited recourse project financing for the development and construction of the Ras Abu Fontas B2 independent water and power project which closed in 2006.

The current project comprises the development, construction, financing and ownership of a 45 Million Imperial Gallons per Day water desalination facility on a Build-Own-Operate basis to be located at Ras Abu Fontas, in the State of Qatar.

The conventional mandated lead arrangers for the financing are The Bank of Tokyo Mitsubishi UFJ, Ltd, The Royal Bank of Scotland plc, Standard Chartered PLC, Gulf International Bank B.S.C., and Doha Bank Q.S.C. The sole Islamic mandated lead arranger is Qatar Islamic Bank S.A.Q.

The Shearman & Sterling team was led by partner Tim Pick (PDF) and included Katherine Baker (PDF), Lucy Turner (PDF), Kim Booker (LT) and Alex Childs (TX) in Abu Dhabi and John Delamere (FN) and Nicola Liddle (MA) in London.

Partner Tim Pick commented: “We are delighted to have been able to assist QEWC with its latest project at Ras Abu Fontas and its Islamic financing debut. Acting on the first Middle East power and water deal to achieve financial close this year further underlines our position as the premier practice in the sector.”

For additional information contact:
Tim Pick | Abu Dhabi | +971 50 611 3549 |
Hayley Martin | London | +44 20 7655 5986 |