London, April 22, 2008—Shearman & Sterling won Best Europe/Middle Eastern Deal in the seventh annual Power Finance & Risk (PFR) awards.

The firm acted for HSBC and SMBC as mandated lead arrangers in relation to the US$800 million financing for the Al Rusail IPP and Barka II IWPP in Oman. PFR recognised the deal as one of the most complex power transactions in the region and the “first-of-a-kind for the Middle East.”

The deal involved an innovative structure, whereby each project was structured as a separate financing but used structural enhancements to provide a mini-portfolio effect whereby dividends are pooled and may be used to fund costs of either project.

In addition, the financing for the deal was executed in a record 70 days between signature of the power and water purchase agreement and financial close.