On December 11, 2017, in a signing ceremony held in the presence of the President of the Arab Republic of Egypt Abdel Fattah El-Sisi and the President of the Russian Federation Vladimir Putin, the governments of Egypt and the Russian Federation announced a landmark deal that will see the first nuclear power plant established in the North African region. Located in El-Dabaa, 130 kilometers northwest of Cairo, the nuclear power plant will consist of four reactor units, each with 1200MW capacity and with a total capacity of 4800MW.
Since 2015, Shearman & Sterling has advised the Egyptian government on all aspects of the program, including supporting the negotiations relating to the financing arrangements as well as the contracts for the construction, nuclear fuel, operations and management, and spent nuclear fuel storage, each of which have unique aspects and are nuclear industry firsts. The multibillion-dollar contracts signed represent the largest transaction in the history of the nuclear industry.
The firm’s team of lawyers was led by the head of the Nuclear Group George Borovas (Tokyo-Project Development & Finance), partners Nick Buckworth and Iain Elder (both London-Project Development & Finance), Marwan Elaraby (Dubai-Capital Markets/M&A), Etienne Gelencser (Tokyo-Project Development & Finance), Mohamad Shelbaya (Paris-International Arbitration) and Patrick Clancy (London-Finance); and counsel Helen Cook (Washington, DC-Project Development & Finance), Brendan Hundt (Saudi Arabia-Project Development & Finance), Christian Rudloff (New York-Project Development & Finance), Paul Simpson (London-Project Development & Finance) and Leona McManus (London-Finance). Associates Thomas Coles (London-Project Development & Finance), Ashiq Aziz (New York-Project Development & Finance), Lee Hill (Tokyo-Project Development & Finance), Chelsea Gunter (Washington, DC-Project Development & Finance), Sam Ogunlaja (Abu Dhabi-Project Development & Finance) and Benjamin Peterson (Menlo Park-Intellectual Property Transactions) also worked on the transaction.