Shearman & Sterling has advised the lenders: Export-Import Bank of Korea (KEXIM), CA CIB, Sumitomo Mitsui Banking Corporation and Natixis on the financing for the Muharraq wastewater project in Bahrain, sponsored by Samsung, Invest AD and United Utilities. The financing was signed on 19 July in London.
The project was the first in the region to include a major wastewater network component. It was also the first sewage treatment plant project offered for tender to the private sector in Bahrain.
The Shearman & Sterling team advised the lenders on all aspects of the 29-year concession project, which involves building a 100,000-cubic-metre-a-day wastewater treatment plant and a deep-gravity sewer network and the decommissioning of existing wastewater pumping stations. The debt package includes an $83 million tranche that has the benefit of comprehensive KEXIM guarantee cover.
The Shearman & Sterling team of lawyers in the firm’s London and Singapore offices was led by Project Development & Finance partners Tim Pick and Ben Shorten. They were assisted by associates Nadia Bardawil, Gareth Hodder, Anna Chung and Leona McManus and trainees Matthew Anson and Josephine du Sauzay.
A separate Shearman & Sterling team led by finance partner Julian Tucker assisted by associate Eric Ho advised Citibank as Dubai security agent, onshore security agent and onshore account bank.
The firm has advised on the majority of project financings completed in Bahrain to date including the award winning US$2.1 billion Al Dur IWPP (integrated water and power plant project)—the first Middle Eastern power project to involve US ExIM and financed at the height of the global financial crisis—as well as the Al Ezzel IPP (independent power project) in 2004.
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