Shearman & Sterling is representing a consortium involved in the development of the $1.5 billion CHP5 independent power producer (IPP) project, the first coal-fired IPP project in Mongolia, with Ince & Co advising Mongolia and White & Case representing the banks.

The consortium, which is made up of GDF Suez, POSCO Energy, Sojitz Corporation and Newcom, will build a greenfield coal-fired combined heat and power plant that is expected to have a heat capacity up to 587MWt and an electrical capacity of up to 450MWe.

Shearman & Sterling’s Singapore Project Development & Finance team is handling the project, led by partner Bill McCormack.

CHP5 IPP is the first IPP project under Mongolia’s PPP program and will be internationally financed on a limited-recourse basis. It has also been “fast-tracked” as Ulaanbaatar’s heat and power shortage escalates.