Shearman & Sterling Advises U.S. Department of Energy on Landmark Loan Guarantee for Transmission Line in Nevada

NEW YORK, Feb. 15, 2011 /PRNewswire/ -- Shearman & Sterling advised the U.S. Department of Energy (DOE) in connection with its $343 million loan guarantee to Great Basin Transmission, LLC, an indirect subsidiary of LS Power Associates, LP, to develop the One Nevada Transmission Line, also known as ON Line and Southwest Intertie Project-South (SWIP-S).

The Nevada-based project will consist of the development of new transmission lines (and a substation) to deliver up to 600 MW of electricity, including from wind, geothermal and solar sources, the integration of existing transmission systems, the improvement of grid reliability and the reduction of power costs. This is the first transmission line project to be offered a loan guarantee under the DOE's Loan Programs Office.

ON Line represents Phase 1 of the Southwest Intertie Project, which plans a transmission line expansion that will bring over 2,000 MW power, including wind and solar resources in Wyoming, Idaho and Nevada, into the southwest and California markets.

"This project is a good example of a public/private sector partnership to help build essential infrastructure in support of renewable energy," said Patricia Hammes, the Shearman & Sterling partner and co-leader of the firm's Sustainable Development Practice who has led the DOE project. "This project involved the cooperation of the Federal Government (through the DOE Loan Programs Office), NV Energy, the Nevada public utility and LS Power, a key developer and private equity player in the renewable energy space. Each party played an essential role in the allocation of risks necessary to achieve a successful outcome."

Joining Ms. Hammes in leading the project was Robert N. Freedman, the other co-head of Shearman & Sterling's Sustainable Development Practice.

Shearman & Sterling is a global law firm with approximately 900 lawyers in 20 offices in 12 countries. The firm is a leader in antitrust, mergers and acquisitions, capital markets, project development and finance, complex business litigation and international arbitration, asset management and tax.

Media Inquiries:

• Ron Brandsdorfer ([email protected]; 1-212-848-5081)
• Hanna Stewart Lamb ([email protected]; 1-212-704-8186)

SOURCE Shearman & Sterling

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