Shearman & Sterling’s work on the Temane Power Project has been recognized at the IFLR Africa 2022 awards ceremony. The matter won in the Project Finance Deal of the Year category. Shearman & Sterling advised the lenders in connection with the $652.3 million financing of the Central Termica de Temane power project in Mozambique.
The project includes the construction and operation of a gas-fired power plant in Temane, Inhambane province together with the financing and construction of the Vilanculos transmission line to connect the project to the national grid. The project is an anchor project for the new 563 km high-voltage transmission line running through Mozambique and secures the first phase of the interconnection of the southern grid to the central and northern grids of Mozambique. It will establish a corridor of electrification and ensure a more stable and secure grid and enable the connection of future renewable generation projects. Together, the entire value chain (gas development, gas fired power plant and transmission infrastructure) will see an investment of more than $2 billion.
The core objective of the IFLR Africa awards is to recognise legal innovation in cross-border transactions. The awards also celebrate teams and firms behind the deals, as well as the standout dealmakers and regulatory lawyers from across the region.
The Temane Power Project has previously won “Africa Power Deal of the Year 2021” at the PFI Awards and IJGlobal and “Africa Deal of the Year 2021” at the Triple A Asset Awards.
See the full list of IFLR Africa winners.
The Project Team