Shearman & Sterling advised The Asian Development Bank (“ADB”) in its US$300 million assistance to Sound Global Ltd. (“Sound Global”) to improve rural wastewater management using innovative technologies across the People’s Republic of China (“PRC”). Using the new technology, the project aims to treat 240,000 tons of wastewater per day in 100 townships by 2017.
Established in 1966, Manila-based ADB is owned by 67 members—48 from the region. In 2013, ADB assistance totaled US$21 billion, including cofinancing of US$6.6 billion.
Sound Global is a one-stop integrated water and wastewater treatment solutions provider in the PRC.
The Shearman & Sterling team included partner Xiaogang (Sean) Wang (Beijing/Shanghai-Project Development & Finance) and associate Crystal Chen (Hong Kong/Shanghai-Project Development & Finance).