Global law firm White & Case LLP has advised GMR Energy (Singapore) Pte. Ltd. (formerly known as Island Power) on the SG$1 billion greenfield financing of an 800-megawatt power project on Jurong Island, Singapore.
"This is a significant transaction for Singapore as it is the first greenfield IPP financing in Singapore for at least five years; it is also GMR's first IPP project outside of India," commented White & Case partner, Sebastian Buss.
The combined cycle power station will be fuelled by regassified LNG and it is expected to start commercial operations in the fourth quarter of 2013.
GMR Energy is a 100 percent owned subsidiary of GMR Infrastructure Ltd. and it is Singapore's only privately-owned and independent IPP.
SG$950 million worth of bank financing for the S$1.0 billion plant will be provided by a consortium comprising Standard Chartered Bank, CIMB, KfW, WestLB, National Australia Bank and Axis Bank.
The White & Case team was led by Sebastian Buss (Singapore) and Nandan Nelivigi (New York) with support from partners Ken Hawkes, David Barwise and Nandakumar Ponniya (Singapore).
Other legal advisors include Norton Rose as international counsel to the lenders; Lee & Lee as Singapore counsel to the lenders; and Rajah & Tann as Singapore counsel to Island Power.
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