Transport, Energy and Infrastructure Team of the Year: Herbert Smith
Herbert Smith's highlight deal in the category of Transport, Energy and Infrastructure Team of the Year was its work advising on the financing of the $1.5bn (£900m) Shuweihat 3 independent power plant (IPP) project in Abu Dhabi.
June 14, 2012 at 07:03 PM
2 minute read
Finalists 2012: Al Tamimi & Company; Ashurst; Herbert Smith; Latham & Watkins; Shearman & Sterling; Vinson & Elkins; White & Case
Herbert Smith's highlight deal in the category of Transport, Energy and Infrastructure Team of the Year was its work advising on the financing of the $1.5bn (£900m) Shuweihat 3 independent power plant (IPP) project in Abu Dhabi.
The Herbert Smith team advised Sumitomo Corporation and Korea Electric Power Corporation (KEPCO) as sponsors of the project, which reached financial close on 19 May 2011. The 1.6GW power plant is expected to be operational in the spring of 2014.
The deal is being funded by export credit agencies Japan Bank for International Cooperation (JBIC) and Export-Import Bank of Korea (KEXIM) as well as a number of commercial banks, including BNP Paribas and Mizuho.
The Herbert Smith team was heavily involved in the complex financing arrangements, which included leading the negotiation and drafting of complex pre-hedging and hedging interest rate and currency derivatives comprising more than 100 separate documents.
This was the first time such arrangements had been used to hedge euro currency risk, according to the firm, with the model likely to be emulated for IPP projects in other jurisdictions such as Kuwait.
Another unusual twist to the deal was caused by the fact that this was first power plant to be built to operate as a 'peaking plant' providing back up power in support of the United Arab Emirate's new nuclear power programme.
This caused an extensive re-appraisal of the standard project structure and risk profile and Herbert Smith led negotiations on the power purchase, construction and long-term maintenance contracts with this in mind.
The judges said the firm's work "demonstrated stand-out strengths in legal expertise and innovation, project management and team working".
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