Shearman & Sterling is advising a consortium comprising GDF Suez, POSCO Energy, Sojitz Corporation and Newcom in relation to all aspects of the development of the CHP5 IPP, a greenfield coal-fired combined heat and power plant in Ulaanbaatar in Mongolia with an electrical capacity of up to 450MWe and heat capacity up to 587MWt. The four banks mandated by the sponsors for the financing are Credit Agricole, HSBC, Sumitomo Mitsui Banking Corporation and Bank of Tokyo Mitsubishi-UFJ.
This is the first IPP project in Mongolia being developed under the PPP program and which will be internationally financed on a limited-recourse basis. The project has been designated as a key project to be “fast-tracked” due to the increasingly severe shortage of heat and power in Ulaanbaatar.
The Shearman & Sterling Singapore Project Development & Finance team included partner Bill McCormack, counsel Scott Baggett and associate Vincent Seah.
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