New York, May 12, 2008—Shearman & Sterling represented North American Energy Alliance, LLC, an affiliate of Industry Funds Management Pty Ltd, in the completion of the first stage of its approximately $1.48 billion acquisition of a portfolio of US-based power projects from Consolidated Edison Development, Inc., a subsidiary of Consolidated Edison, Inc.

The first stage of the acquisition included five power generating facilities with 1,181 megawatts of capacity. All of the facilities are located in the northeastern United States. The second stage of the acquisition is expected to close in the second quarter of 2008.

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 partners Eliza Swann and Stephen Besen and associates Tania Mattei, Andrew Hope and Ivan Rubinstein, with assistance from Michel Werthenschlag, all based in New York. Other Shearman & Sterling attorneys involved in this transaction are partners Azam Aziz (New York-Asset Management), Michael Dunworth (New York-Tax), Nathan Greene (New York-Asset Management), Patricia Hammes (New York-Finance), John Opar (New York-Property), James Scott (New York-Capital Markets), Howard Steinberg (New York-Finance), John Sykes (New York-Tax), Henry Weisburg (New York-Litigation) and Thomas Wilner (Washington, DC-International Trade), counsel Curtis Doty (Asset Management), and associates Tim Andison (New York-Capital Markets), Reni Adadevoh (New York-Antitrust), Laura Chirita (New York-Property), Emeka Chinwuba (New York-Finance), Garrett Dowd (New York-Executive Compensation & Employee Benefits), Kelly Karapetyan (New York-Antitrust), Jennifer Katz (New York-Property), Erin Kelly (New York-Finance), Laura Laudano (New York-Asset Management), Sylvia Lee (New York-Finance), Christopher Le Mon (Washington, DC-International Arbitration), Joanna Leung (New York-Finance), Ilona Logvinova (New York-Finance), Brian Moon (New York-Property), Niccolo Pallesi (New York-tax), Greg Papeika (New York-property), John Reiss (New York-property), Kevin Roggow (New York-Capital Markets), Christopher Rosado (New York-Capital Markets), Karen Saah (New York-Finance), Bradley Thompson (New York-Tax), Christopher Tulimieri (New York-Property) and Barbara Zylberg (New York-Finance).

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