Singapore, March 27, 2008—Shearman & Sterling advised the mandated lead arrangers, including Calyon, SMBC and BNP Paribas, on the US$650 million refinancing of the Suez Gulf and Port Said East 682 MW gas-fired power projects in Egypt. Shearman & Sterling previously advised on the financing for the acquisition of the two projects by Tanjong plc of Malaysia in 2006.

Following construction in 2003, the Suez Gulf and Port Said East power projects represented the largest private power investment in Egypt, providing 10% of the country's installed capacity. Each project consists of a 682.5 megawatt steam generation plant and provides energy to the Egyptian Electricity Holding Company.

The Shearman & Sterling team was lead by Bill McCormack, Head of the Project Development and Finance Group for South Asia, and included counsel Sanja Udovicic and associate Jayne Mander, all from the Singapore office. Kenneth MacRitchie, Jonathan Delamare and Nicola Liddle assisted from the London office.

Shearman & Sterling’s Project Development & Finance Group has had a busy start to 2008. This deal follows the Ras Abu Fontas A1 water desalination project in the State of Qatar, which closed earlier in March. Commenting on the transaction, McCormack said, “We are delighted to have been able to assist the lenders on this project, following our involvement on the original acquisition financing. We have a long and successful track record in Egypt, having advised on Sidi Krir, Egypt LNG, E-Methenex and other deals. The recent trend of investments by Asian corporates in the Middle East and Africa plays well into our expertise in these markets, combined with our strong presence on the ground in Asia.”

For additional information contact:
Caroline Watts | Hong Kong | +852 2978 8068 |