Herbert Smith has lined up alongside a raft of firms to advise on Abu Dhabi's $1.5bn (£931.6m) Shuweihat 3 independent power plant (IPP) project, in one of the largest project financing deals so far this year.

Herbert Smith advised the sponsors, Sumitomo Corporation and Korea Electric Power Corporation (KEPCO), fielding a team led by Abu Dhabi managing partner Andrew Newbery alongside dispute resolution partner Craig Shepherd and energy partner David Laurence.

Ashurst advised the lenders – which comprised credit agencies Japan Bank for International Cooperation and KEXIM and commercial banks BNP Paribas and Mizuho – with a team led by Abu Dhabi managing partner David Wadham alongside City energy partner John Inglis.

Meanwhile, White & Case acted for procuring authority Abu Dhabi Water and Electricity Authority (ADWEA). The US firm's team was led by New York project finance partner Sandy Kritzalis and City project finance partners Jason Kerr and Ellis Baker.

Trowers & Hamlins supported Herbert Smith as local counsel, with energy and infrastructure partner Adrian Creed taking the key role.

Herbert Smith's Newbery said: "The project's significance doesn't stop at the size of the financing. It is the first of what will no doubt be a number of IPP successes for Sumitomo and KEPCO in Abu Dhabi.

"In addition, KEXIM's role marks their first involvement in an Abu Dhabi IPP, and I expect to see their involvement repeated in a number of future project financings in Abu Dhabi and across the region. The development of our global project finance capability is a priority for the firm."

The consortium was selected by ADWEA last autumn, with the terms of the principal commercial contracts for the development of the plant concluded by Sumitomo and KEPCO in February 2011.

The deal closed last week, with the power plant expected to be operational by spring 2014.