Mourant Ozannes has advised Export-Import Bank of China, China Development Bank, Silk Road Fund and International Finance Corporation in connection with a US$1.392bn facility that was the first infrastructure project announced under China's One Belt One Road infrastructure development fund.
The facility was provided to Karot Power Company (Private), a Pakistan-incorporated subsidiary of China Three Gorges South Asia Investment, which was incorporated in the Cayman Islands.
It will fund the construction of a 720-MW Karot hydropower project in Pakistan on the Jhelum River, east of Islamabad, and is expected to be commercially operational in 2021.
The project represents one of the three multi-stage hydropower projects in Pakistan being developed by China Three Gorges South Asia Investment, an independent power company established by China Three Gorges Corporation, International Finance Corporation and Silk Road Fund.
The Mourant Ozannes team was led by Partner Simon Lawrenson with Associate Paul Trewartha, who worked alongside a range of international counsel including Shearman & Sterling, Shanghai.