London, March 6, 2008 ... Global law firm White & Case LLP represented International Power, the UK-based energy provider, and Endesa, the Spanish utility, in relation to the formation of a joint venture company called ElecGas S.A. to develop a new 830 MW combined-cycle gas fired power project in Portugal.
White & Case also represented ElecGas S.A. in the negotiation of project documentation for the power project including a long-term tolling contract, under which the entire output of the new plant will be sold to Endesa Generacion S.A., a subsidiary of Endesa, and an engineering procurement and construction agreement with Siemens.
The project is located on a site adjacent to the existing 600 MW Tejo coal fired power plant, which is owned by International Power, Endesa and Energias de Portugal.
"We have seen increasing levels of investment being channelled into the power sector in the last couple of years, a trend set to continue. The Iberian peninsula is experiencing strong levels of growth at present, making this project an attractive prospect for investors, especially given the significant drop in Portugal's reserve capacity, due to low levels of precipitation and investment backlog in the construction of hydro projects," commented White & Case energy partner David Baker.
The International Power in-house legal team was led by Alison Moore and the Endesa in-house legal team by Davina Bueno Atkinson, Pablo de Mena Pernil and Antonio J. Sánchez Rodríguez.
The White & Case team on the project was led by partners Peter Finlay and David Baker, working closely with partners Ellis Baker and Alan Burke, associates Saul Daniel, Scott Chalmers, Poupak Anjomshoaa, Andrew Macklin, Mukund Dhar and Elissa Bower and trainee solicitors Kevin Heverin and Laleh Shahabi.
White & Case's global Energy, Infrastructure and Project Finance Practice regularly appears as a lead advisor on the major projects in Europe, the Middle East, Africa, Asia and the Americas, last year advising on more than $40 billion worth of deals. Its work was recognised at this year's Legal Business awards ceremony, with the Firm picking up the "Project Finance Team of the Year" award.
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