Power | White & Case LLP International Law Firm, Global Law Practice
Power
Power

Power

About

We help our clients in the power industry to navigate myriad legal challenges, including fluctuating market conditions, regulatory uncertainty, governmental investigations and continuous advances in conventional, renewable and clean energy technologies.

 

Global challenges require global resources

Whether it's raising adequate capital to fund needed investment in power production and transmission, solving the challenges of cross-border investments, meeting environmental and regulatory requirements or addressing disputes and governmental inquiries, our clients require in-depth knowledge and experience of the power industry. We possess a deep understanding of global and regional business practices and government regulations, as well as proven domestic power experience in the Americas, Asia, Europe, Middle East and Africa.

We have the experience to advise our power industry clients in major areas of law, both in the regions of the world where our clients currently do business, and the regions in which they are looking to expand.

 

Powering the power industry

Our diverse range of clients includes financial institutions and multilateral lenders, private equity firms, integrated public utilities, conventional and renewable power generators, power marketers, merchant transmission providers, project developers, governments and state owned entities, contractors and service companies and large consumers of power.

No matter how complex or challenging the issue, our clients turn to us for a wide range of power-related legal services, our industry knowledge and a proven track record of results.

 

Renewable energy

Renewable energy is a rapidly expanding market, facing a broad range of challenges.  We pride ourselves on creating unique deal structures, that enable our clients to achieve commercial success in challenging regulatory and market environments.  We work with sponsors, operators and financiers to meet their commercial objectives by advising on the entire life cycle of renewables assets, from early stage development, regulation, commercial contracts, construction & project financing through to structuring and executing mergers & acquisitions and disputes and arbitration.

 

Changing Energy Markets and Regulation

Over the last few decades the US power industry has undergone a transition from a regulated industry dominated by integrated monopolies to one consisting of vertically disaggregated components and competitors. We have pioneered strategies to protect market participants from the vagaries of an unstable market design and have helped our clients navigate the resulting market failures.

Our Energy Markets and Regulatory Group assists clients with regulatory issues, energy project financings, energy company or asset sales and acquisitions, workout assessments, restructurings or bankruptcies and bet-the-company litigations. We work hard to find goal-orientated solutions to the challenges that our clients face based on our extensive understanding of how the energy markets work worldwide.

 

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AWARDS & RECOGNITION

Band 1 for Projects & Energy: Global-wide
Chambers Global 2016

#1 Legal Advisor for Global Energy M&A Transaction, by deal value
#3 Legal Advisor for Global Energy M&A Transaction, by deal volume
Mergermarket 2016

Green Bond of the Year: Meerwind
Environmental Finance 2016

Best Law Firm in Africa – EMEA Finance 2016

Projects Law Firm of the Year, International Counsel in Latin America - Chambers Latin America Awards 2016

LatAm Solar Deal of the Year: El Pelicano - IJGlobal 2016

LatAm Transmission Deal of the Year: TEN Transmission Project – IJGlobal 2016

LatAm Power Deal of the Year: TEN - Project Finance International 2016

Deals of the Year: San Juan Wind Farm
Trade Finance 2016

International Finance Deal of the Year: San Juan Wind Farm - Daily Business Review 2016

Power Deal of the Year (Middle East & Africa): Hassyan - Project Finance International 2016

Energy and Resources Deal of the Year: Power Projects Assets Merger between Chubu Electric and TEPCO - ALB Japan Law Awards 2016

Top Legal Advisor for Latin American Renewables (by deal value) by InfraDeals 2016

Law Firm of the Year
Project Finance International 2015

Best Project Finance Law Firm
EMEA Finance 2015

Experience

AMERICAS

Calpine Corporation US$1.05 Billion Acquisition of Noble Americas Energy Solutions LLC, 2016
Representation of Calpine Corporation (NYSE:CPN), America's largest generator of electricity from natural gas and geothermal resources, in its US$1.05 billion acquisition of Noble Americas Energy Solutions LLC, the nation's largest independent supplier of power to commercial and industrial retail customers.

Advises Fortis in US$11.3 Billion Agreement to Acquire ITC Holdings, 2016
Representation of Fortis Inc., a leader in the North American electric and gas utility business, in its US$11.3 billion agreement to acquire ITC Holdings Corp., the largest independent electric transmission company in the US based in Novi, MI.

Advised Fortis in US$1.2 Billion Partnership with GIC in Connection with Pending Acquisition of ITC Holdings Corp, 2016
Representation of Fortis Inc., a leader in the North American electric and gas utility business, in the structuring of a competitive auction for a minority interest in ITC Holdings Corp. An affiliate of GIC Pte Ltd, a sovereign wealth fund of the Government of Singapore, was the successful bidder in the auction and agreed today to provide approximately US$1.2 billion in consideration for a 19.9% equity interest in ITC.

Canadian Solar private placement for solar projects, 2016
Representation of Canadian Solar in connection with a private placement with Prudential Capital Group, pursuant to which, Prudential Financial, Inc. agreed to purchase non-recourse notes with principal amount totaling approximately JPY 6.2bn (USD 60m).  The proceeds from the private placement are to be used to finance a portfolio of solar power plants totaling 21.2MWp in Japan.

Campo Palomas Wind Farm Acquisition, Development and Project Financing (Uruguay), 2016
Representation of Invenergy Wind LLC and several of its subsidiaries in connection with the acquisition of, and project documents and financing for, the 70 MW Campo Palomas Wind Farm in the Salto Department of Uruguay. Invenergy purchased the project, which will require an investment of approximately US$180 million, from an Uruguayan subsidiary of Abengoa, the Spain-based engineering and energy group currently in pre-insolvency in Spain. Our work also involved renegotiating and restructuring various construction, supply and operation and maintenance agreements in parallel with the acquisition and project financing.

Sunpower Project Finance for El Pelicano Power Facility (Chile), 2016
Representation of SunPower Corp. on project financing for SunPower's 100 MW El Pelicano photovoltaic power facility in northern Chile. The financing consisted of an approximately $200 million construction-term loan and LC facility, a bank bond facility to support various project-related performance bonds and an approximately $20 million VAT facility. The El Pelicano facility will supply power to Santiago's underground railway network, Metro de Santiago. White & Case also represented SunPower on its power purchase agreement with Metro de Santiago. As a result of Sunpower's agreement with El Pelicano, with Metro de Santiago will become the first public transportation system in the world to run mostly on solar energy.

SIC-SING Interconnection Project (Chile), 2016
Representation of Banco de Chile, Banco del Estado de Chile, Banco de Crédito e Inversiones, Banco Santander-Chile, Instituto de Crédito Oficial, KfW IPEX-Bank GmbH, Mizuho Bank, Ltd., Sumitomo Mitsui Banking Corporation and The Bank of Tokyo-Mitsubishi UFJ, Ltd., as senior lenders, and The Prudential Insurance Company of America, as fixed rate note purchaser, in the long-term project financing for Transmisora Eléctrica del Norte S.A.'s development of a 600 km electricity transmission line and related substations connecting the Sistema Interconectado Central (SIC) and the Sistema Interconectado del Norte Grande (SING) of Chile, which will unify most of the country's power grid. The approximately US$822 million financing consisted of Dollar and Chilean Peso senior loan facilities and a private placement under New York law, and a value added tax facility under Chilean law. This deal was awarded "Latin America Power Deal of the Year" in 2016 by Project Finance International.

China Three Gorges US$1.2 Billion Acquisition of Duke Energy Brazil, 2016
Representation of China Three Gorges Corp., a clean energy group focused on large-scale hydropower development and operation, in its US$1.2 billion acquisition of the Brazilian business of Duke Energy Brazil.

Gas-fired power generating stations in the United States, 2012-2015
The joint lead arrangers in the project financing of seven Panda Power Funds natural gas-fired power generating stations in the United States, including: Panda Hummel; Panda Stonewall ("North American Merchant Deal of the Year" by IJGlobal 2014); Panda Moxie Liberty; Panda Patriot; Panda Temple II; Panda Sherman; and Panda Temple I (together with Panda Sherman, the "North American Merchant Deal of the Year" by Project Finance 2012).

Fortis – US$4.3 billion acquisition of UNS Energy, 2014
We represented Fortis Inc., Canada's largest investor-owned gas and electric distribution utility, in its US$4.3 billion acquisition of UNS Energy Corporation, an energy holding company headquartered in Tucson, Arizona. This transaction follows our representation of Fortis in its US$1.5 billion acquisition of CH Energy Group Inc., marking the company's initial entry into the US.
 

ASIA

JERA joint venture, 2016
Representation of Tokyo Electric Power Company (TEPCO), the largest electric power company in Japan, in its formation of a comprehensive alliance with Chubu Electric Power Co., Inc. (CEPC) through a joint venture called JERA Co., Inc. (JERA). In connection with the formation of the joint venture, we gave TEPCO strategic advice on the tactics of negotiation and finalization of definitive agreement with CEPC. We also conducted legal due diligence on various overseas assets to be contributed to the joint venture. The deal won Energy and Resources Deal of the Year at the Asia Legal Business Japan Law Awards 2016.

JERA's acquisition of EDF Trading (Singapore), 2016
Representation of JERA on the acquisition by its wholly-owned subsidiary JERA Trading Singapore Pte Ltd of EDF Trading Limited's coal and freight business. The acquisition will effectively comprise EDF Trading's coal and freight trading portfolio, the Rietlanden coal terminal in the Netherlands and a 7.5 percent participating interest in the Narrabri coal mining joint venture in Australia. As part of the transaction, EDF Trading will acquire a minority interest in JERA Trading.  The binding agreements were signed on December 21, 2016 with completion expected to take place in April 2017.

Financing for wind turbine generators (China), 2016
Representation of China Minsheng Banking Corporation in its Sinosure-backed export credit financing for Instalaciones Inabensa S.A. guaranteed by Abengoa S.A.. Loan proceeds from the financing were used to finance Instalaciones Inabensa S.A.'s procurement of wind turbine generators from Gamesa Wind (Tianjin) Co., Ltd.

US$1 Billion Refinancing of Power Project in Singapore, 2015
PacificLight Power Pte. Ltd. on the US$1 billion refinancing of project facilities for the Jurong Island power generation project (PLP project). The 800-megawatt combined-cycle gas turbine (CCGT) power project is Singapore's latest privately-owned and independent power producer (IPP), and the first power plant to be fueled entirely by liquefied natural gas (LNG).

 

EMEA

DEWA Hassyan Clean Coal power project, 2016
Representation of Dubai Electricity & Water Authority (DEWA) in connection with the development and financing of the 1,200 MW Hassyan Clean Coal power project in the Emirate of Dubai. The deal was named 2016 Power Deal of the Year (Middle East & Africa) by Project Finance International.

Basalt Infrastructure Partners' Acquisition of Comax France, 2016
Representation of Basalt Infrastructure Partners LP on its agreement to acquire 100 percent of the ownership interest in Comax France S.A.S. from independent US power producer Maxim Power Corp. Basalt is an infrastructure investment firm focused on investments in energy, transportation and utility assets across the UK, Europe and North America. Comax owns and operates 32 contracted natural gas-fired electric generation facilities in France, including a number of combined heat and power facilities, with an aggregate generating capacity of 176 megawatts.

STEAG GmbH and Bejing Capital Group Consortium Bid for EEW Energy, 2016
Representation of a consortium consisting of STEAG GmbH and Bejing Capital Group in connection with the bidding process to acquire EEW Energy from Waste GmbH (EEW), the market-leading energy-from-waste company in Germany, from private equity investor EQT. We advised the consortium regarding the bidding procedure, due diligence, SPA negotiations, financing and merger control procedure. In the end, EQT has reached an agreement in principle to sell EEW to the competing bidder, Beijing Enterprises Holding, for approximately €1.4 billion.

Acquisition of lignite and hydroenergy sectors of Vattenfall, 2016
Advice for the consortium consisting of STEAG and Macquarie in the bidding process to purchase the lignite and hydroenergy sectors of Vattenfall, including comprehensive mining law verification.

US$1 Billion Thermal Solar Power Project in Israël, 2015
European Investment Bank, Overseas Private Investment Corporation, Bank Leumi and Bank Hapoalim in the project financing of the $1 billion Negev Energy thermal solar power project. Located in the Negev desert in Israel, the project will have a capacity of 121MW and is expected to be operational by the first half of 2018.

€655 Million Offshore Belgian Wind Farm, 2015
A consortium of senior lenders consisting of the European Investment Bank, BNP Paribas Fortis, Rabobank, SMBC, Mizuho Bank, EKF and GIEK, on the provision to Nobelwind of €460 million in funding for the €655 million construction and operation of a 165 megawatt offshore wind farm located on the Bligh Bank, around 46km off the Belgian coast.