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Deals
NOTICIAS/ NEWS
DEALS - OPERACIONES
International legal practice Norton Rose LLP has advised Energy Financing Team (EFT Group), a Swiss-based energy trader, on a deal that will see a much needed thermal power plant constructed in Republika Srpska, Bosnia and Herzegovina and also sees the first significant Chinese entry into the European power market. EFT Group has signed an EPC contract with Dongfang Electric Corporation (DEC) - one of the biggest power generation equipment manufacturers in the world - to build a 300 megawatt thermal power plant near the Stanari lignite mine in Republika Srpska in central Bosnia and Herzegovina. The finished TPP Stanari power plant will generate an estimated 2,000 gigawatt-hours of electricity per year. It is scheduled to be put into operation in 2014, making it one of the biggest energy projects of its type in the region for 30 years. EFT Group has estimated that up to 900 permanent jobs will be created at the mine and power plant. Such is the significance of the deal to the region that the signing was witnessed by the Prime Minister of Republika Srpska. The Norton Rose LLP team acting on the deal was led by Richard Metcalf with construction partner Richard Hill and associate Suncica Miletic and also drew on the resources of Norton Rose LLP´s Chinese offices in Beijing to provide global coverage. They worked closely with EFT Group Legal Counsel Charles Kuhn, according to whom DEC´s offer was extremely competitive, whilst maintaining compliance with EU environmental directives. Richard Metcalf, a London based energy partner at Norton Rose LLP, commented: “This is a hugely significant agreement. The level of investment the EFT Group will put into the region as a result of it will have large benefits, and the finished project could account for around 25% of the total present annual energy generation in Bosnia and Herzegovina. “More than that though, this represents another step along the growing Chinese involvement in global energy markets. They’ have already made significant strides in other regions, but this is really the first time we have seen any significant involvement on a European stage. DEC has an outstanding record in delivering on energy projects, and so their partnership with the EFT Group in Stanari bodes well.”
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