International law firm Ashurst advised the syndicate of lenders on the more than US$4 billion facility arranged by the Industrial and Commercial Bank of China for the construction of the Caculo Cabaca hydroelectric power project. 

With an installed capacity of more than 2,100MW, the project is a key part of the phased water resource development projects on the Kwanza river and expected to significantly contribute to the power supply security of Angola and nearby countries.

The project's construction will be undertaken by a consortium led by China Gezhouba Group Company Limited and Boreal Investments Limited.

The Ashurst team was led by banking partner Chen Chin Chuan, assisted by senior associate Fan Zhibin, associate Jillian Soh and trainee Wang Hao.