Shearman, Ince, WandC star in $1.5 bln Mongolia IPP
Bishkek (AKIpress) – Shearman and Sterling, Ince and Co. and White and Case are representing a consortium involved in the development of the $1.5 billion CHP5 independent power producer (IPP) project, the first coal-fired IPP project in Mongolia, reports Asian Legal Business.
The consortium, which is made up of GDF Suez, POSCO Energy, Sojitz Corporation and Newcom, will build a greenfield coal-fired combined heat and power plant that is expected to have a heat capacity up to 587MWt and an electrical capacity of up to 450MWe.
Shearman and Sterling’s Singapore project development and finance team is handling the project, led by partner Bill McCormack.
CHP5 IPP is the first IPP project under Mongolia’s PPP program and will be internationally financed on a limited-recourse basis. It has also been “fast-tracked” as Ulaanbaatar’s heat and power shortage escalates.