London, December 3, 2007—Shearman & Sterling has represented Marubeni Corporation in its purchase of 40% of Emirates CMS Power Company (ECPC), giving Marubeni a 40% ownership interest in the Taweelah A2 power and water plant in Abu Dhabi. The deal included the purchase of 100% of Taweelah A2 Operating LLC which is responsible for the management, operation and maintenance of the Taweelah A2 power plant.

Marubeni signed a share purchase agreement on October 1, 2007 for the purchase of the 40% purchase of ECPC from Abu Dhabi National Energy Company PJSC (TAQA), a publicly listed company on the Abu Dhabi Securities Market. The transaction concluded on November 15, 2007 following the granting of regulatory consent for the share purchase from the Regulation and Supervision Bureau. TAQA retains a 54% interest in ECPC whilst Abu Dhabi Water and Electricity Authority (ADWEA) retains its 6% stake in ECPC.

Head of Shearman & Sterling’s Project Development & Finance team, Nick Buckworth, commented: “We were delighted to work with Marubeni on this transaction. Our presence in Abu Dhabi combined with our extensive knowledge of both the Abu Dhabi industry structure and the asset itself helped to make this a very smooth process indeed. We expect this to be the first of many such transactions in the region.”

The Shearman & Sterling team advising Marubeni on the transaction was led by Project Development & Finance partners Nick Buckworth (LO-PDF) and David Platt (LO-PDF) and included counsels Gregor Page (LO-PDF) and Matthew Donaher (NY-FG) and associates Sean Skiffington (LO-MA), Anna Duncan (LO-PDF), Lorenzo Pacitti (LO-PDF), George Mullin (LO-PDF), Fred Holc (AB-PDF) and David Plattner (LO-M&A).

For additional information contact:
Nick Buckworth | London | +44 20 7655 5085 |
Hayley Martin | London | +44 20 7655 5986 |