Shearman & Sterling has represented the lenders in connection with a US$753 million multi-sourced project financing for the development by Ratchaburi Power Company Limited of 2x700MW gas-fired power project in Ratchaburi, Thailand.  The lenders comprise Japan Bank for International Cooperation (JBIC), a syndicate of international lenders comprising Calyon, Hongkong & Shanghai Banking Corporation and Sumitomo Mitsui Banking Corporation, and a syndicate of Thai banks comprising Bangkok Bank and Krung Thai Bank.

The project was funded on a debt-equity ration of 75:25.  The tenor is 15 years and the facility is divided into an overseas investment loan (US$380 million) from JBIC, a US$103 million loan from the international bank syndicate, a THB6,500 million term loan, a THB1,300 million VAT facility, a THB2,300 million working capital facility and a THB700 million performance bond facility (all Baht facilities provided by the Thai banks).

This was the last of the 1995 Thai IPPs to reach financial close.  The transaction also represents the first Thai IPP involving JBIC as an original lender rather than a refinancing lender.  It was also the largest project financing in Thailand in 2005.

The transaction was led by the firm's Tokyo-based partner David Platt, who was supported by a Singapore team, which included counsel Alex Regan, associates Rachel Borrill, Scott Baggett and Kate Mitchell, and a team in Tokyo, which included associates Etienne Gelencser and Mako Sasaki.