Shearman & Sterling has won Project Finance Magazine’s European Leisure Deal of the Year (Wembley Stadium) and Middle East Integrated Water and Power Plant Deal of the Year (Ras Abu Fontas) at the magazine’s awards ceremony in London yesterday.

The award wins were further accolades for the firm’s Project Development & Finance team, who were among the top legal advisers for the power sector according to Infrastructure Journal’s 2008 League Tables. Winning second place globally, Shearman & Sterling’s work was praised for showing a wide geographical spread, with deals closed in North and South America, Europe, the Middle East and the Far East.

Last year the Project Development & Finance team had four deals worth more than $1 billion. In particular, Infrastructure Journal singled out the firm’s involvement in Qatar’s construction of the $3,889.00 million Ras Laffan C’s power generation and water desalination plant.

Head of Shearman & Sterling’s Project Finance Group, Nick Buckworth, acknowledged that financial conditions present challenges to closing deals at the moment. He said, “Nevertheless, we are currently advising the lenders to the Al Dur IWPP in Bahrain which has just launched to 30 banks. And in December, we were very pleased to promote one of our associates to counsel and one of our counsel to partner. New counsel Brian Clayton in Abu Dhabi and new partner Sanja Udovicic in Singapore further strengthen our team’s international expertise.”

The Project Finance Magazine awards yesterday mark the end of a successful year of external recognition for the Project Development & Finance team.

• Two of the firm’s landmark Latin America project financings were awarded ‘Oil & Gas’ and ‘Power Deal of the Year’ by Project Finance International.
• Shearman & Sterling was named “International Firm of the Year–Project Finance, Infrastructure and Energy” at the China Law and Practice Awards 2008.
• The Project Development & Finance team was recognised for their expertise, client-oriented approach and in-depth knowledge of clients’ businesses and markets by Chambers USA and Legal 500 United States.
• The firm won Best Europe/Middle Eastern Deal in the seventh annual Power Finance & Risk awards.

For more information, please contact Caroline Paul | London | T +44 20 7655 5068 |