Shearman & Sterling advised the lenders, including International Finance Corporation (IFC), Inter-American Development Bank (IDB), Central American Bank for Economic Integration (CABEI), Deutsche Investitions- und Entwicklungsgesellschaft mbH (DEG), Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden N.V. (FMO), Oesterreichische Entwicklungsbank AG (OeEB) and Société de Promotion et Participation pour la Coopération Economique (PROPARCO), in the $160 million financing for the Phase II expansion of the San Jacinto-Tizate geothermal power project in Nicaragua, sponsored by Ram Power, Corp. This is the largest geothermal construction project in Central America and one of IFC’s first investments in a vertically integrated geothermal power project.

The Shearman & Sterling team was led by partner Robert N. Freedman (Project Development & Finance-New York) and included associates Devin S. Lei (Project Development & Finance-New York) and Daniella Polar (Project Development & Finance-New York).

Shearman & Sterling also represented the lenders in Phase I of the project, which team was led by partner Gregory Tan (Project Development & Finance-New York) with associate Erika Mouynes (Project Development & Finance-New York).