Togo Power Project Awarded 'African Private Power Deal of the Year'

NEW YORK, Feb. 11 /PRNewswire/ -- Selected for its innovation and impact on the West African power sector, ContourGlobal's Togo Power Project was named "African Private Power Deal of the Year 2009" by Euromoney's Project Finance magazine.

Euromoney drew attention to the "triple firsts" represented by the project: the largest infrastructure investment in the country's history, the first independent power project in the country and the country's first project financing.

Shearman & Sterling represented ContourGlobal on the EPC, O&M and financing aspects of the 100 MW triple fuel power plant being developed in Lome, Togo, including with respect to its non-recourse financing from the Overseas Private Investment Corporation (OPIC).

The Togo Power Project is part of Shearman & Sterling's commitment to Africa, a continent on which the firm has been active for more than 50 years.  Among its ongoing, notable work, Shearman & Sterling is currently advising the commercial lenders on the $5.5 billion, 3,600 MW Mmamabula coal-fired power and mining project in Botswana, one of the largest and most ambitious IPPs to be developed in Africa to date, and Sonangol, the national oil company of Angola, on the LNG supply and gas offtake arrangements and terminal usage agreement in the $4 billion greenfield Angola LNG Project.

The Togo Power Project was led by partners Howard M. Steinberg (Project Development & Finance-New York), Jeanne C. Olivier (Project Development & Finance-New York) and David Platt (Project Development & Finance-London) and included associates Erin Kelly (Project Development & Finance-New York) and John Paul Huntington Vigman (Project Development & Finance-New York).

Shearman & Sterling's Project Development & Finance Group has a leading reputation in both New York and English law, with an integrated practice operating across its Abu Dhabi, Hong Kong, London, New York, Paris, Shanghai, Singapore, and Tokyo offices, as well as a long-term commitment to the emerging markets and a pioneering role on worldwide market firsts. Projects on which the group has advised have earned 25 awards in the last two years.

SOURCE Shearman & Sterling LLP

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