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

"Asia-Pacific Renewables Deal of the Year" (Yunlin Offshore Wind)
Project Finance International Awards 2020

"Latin America Deal of the Year" (TAG Pipeline)
Project Finance International Awards 2020

"Legal Services Provider of the Year" 
Petroleum Economist Awards 2019

"Onshore Deal of the Year" (Bjerkreim cluster)
European Wind Investment Awards 2019

Band 1 for Projects: Latin America-wide
Chambers Latin America 2020

Tier 1 for Projects & Energy: International
The Legal 500 Latin America 2019

Band 1 for Projects & Energy: Global-wide (14th consecutive year)
Chambers Global 2019

Band 1 for Projects & Energy: Africa-wide
Chambers Global 2013 - 2019

Band 1 for Projects & Energy: Middle East-wide
Chambers Global 2019

Band 1 for Regulatory: Energy: Europe-wide
Chambers Europe 2019

Band 1 for Projects & Energy: Europe-wide
Chambers Europe 2019

Band 1 for Projects: Latin America
Chambers Global 2019

Band 1 for Projects: LNG, US-wide
Chambers Global 2019

Band 1 for Projects: Power & Renewables, Transactional 
Chambers USA 2020

Tier 2: Projects & Energy
The Legal 500 2018

Energy and Infrastructure Team of the Year
The Lawyer Awards 2018

M&A Deal of the Year
Sempra Energy US$9.45 billion acquisition of Energy Future Holdings Corp.
The Deal 2018

Latin American Power Deal of the Year (Porto de Sergipe 1 LNG to Power),
IJGlobal 2018

Project Finance Deal of the Year (Campo Palomas)
Bonds & Loans 2018

Best Project Finance Law Firm
EMEA Finance 2014 – 2017

Infrastructure Programme of the Year: Egypt FIT 2 Programme
IJ Global 2017

Multilateral Deal of the Year: Egypt solar
Project Finance International 2017

Best Law Firm in Africa
EMEA Finance, African Banking Awards 2013 - 2017

Experience

NORTH AMERICA

Consortium of Korean Investors in Acquisition of Significant Equity Interest in US Wind Portfolio
Representation of a consortium of Korean investors in connection with an acquisition of a 49.9% cash equity interest in a portfolio of four wind projects in the US totaling 852 MWs, located in Texas, Illinois and Nebraska. The equity interest was acquired from Brookfield Renewable and Invenergy LLC in a transaction with an implied aggregate enterprise value for the portfolio of approximately US$1.5 billion. This landmark transaction is one of the first major investments made by Korean infrastructure investors since COVID-19 and the largest renewable energy acquisition completed globally by Korean investors to date.

Acquisition of Equity Stake in Escalade Wind Project
Representation of Akuo Energy as equity investor in connection with the acquisition of an equity stake in a 336 MW Escalade wind project in Texas developed by Taaleri Energia.

Mangilao Solar Project
Representation of Mizuho Bank, Ltd. and The Korea Development Bank as lead arrangers and lenders in connection with a back-leverage financing for the construction and operation of a 60 MW AC solar photovoltaic power plant with a 32 MW / 32 MWh battery storage system, located in Guam, the US territory.

Masdar Landmark Acquisitions in North America
Representation of Abu Dhabi Future Energy Company (Masdar) in its:

  • acquisition of a 50% cash equity stake in a 1.6 GW portfolio of six solar and wind farm projects located in California, Nebraska and Texas from EDF Renewables, making it one of the largest acquisitions of renewable assets in North America in 2020.
  • acquisition of a 95.3% stake in the 149 MW Rocksprings wind farm in Texas and a 92.5% stake in the 29.9 MW Sterling wind farm in New Mexico from John Laing Group plc. This transaction marks Masdar's first renewable energy investment in North America.

Acquisition of Elara Energy Project
Representation of KOMIPO Global Pte. Ltd. in connection with the acquisition from 7X Energy, Inc. of its 100% equity interest in the Elara Energy Project, a 130 MWac late stage development solar facility located in Frio County, Texas.

Avangrid Investment in Vineyard Wind Offshore Wind Project
Representation of Avangrid Renewables, LLC as a 50% cash equity investor in connection with the joint venture arrangements, tax equity investment and financing of the 800 MW Vineyard Wind offshore wind project, located off the coast of Massachusetts.

Calpine Corporation in Multiple M&A Transactions
Representation of Calpine Corporation in its:

  • US$17 billion sale to Energy Capital Partners and a consortium of investors including Access Industries and Canadian Pension Plan Investment Board. This transaction was named "Private Equity Deal of the Year" by The M&A Advisor.
  • sale of two gas-fired power plants, Garrison Energy Center, a 325 MW combined-cycle power plant located in Delaware, and RockGen Energy Center, a 503 MW peaker located in Wisconsin, to Starwood Energy Group Global.
  • sale of Freeport Energy Center, a 260 MW natural gas-fired, combined-cycle cogeneration power plant located in Texas, to Fengate Capital Management.

Sempra Energy's US$9.45 billion Acquisition of EFH Corp.
Representation of Sempra Energy (NYSE: SRE) in its US$9.45 billion all-cash acquisition of Energy Future Holdings Corp., which indirectly owns 80% of Oncor Electric Delivery Company, LLC, an operator of the largest electric transmission and distribution system in Texas. The transaction, which created the largest utility holding company in the US, valued Oncor at US$18.8 billion. Concurrently with the signing of this transaction, Energy Future Holdings terminated an agreement it entered into with Berkshire Hathaway Energy (Warren Buffet) in which Energy Future Holdings had earlier agreed to sell its business to Warren Buffet. This transaction was named "M&A Deal of the Year" by The Deal and "Utilities Deal of the Year" by The M&A Advisor in 2018.

Hill Top Power Project
Representation of Morgan Stanley and MUFG as structuring agents and subsequently the Investors in a 4(a)(2) private placement for the 620 MW natural gas-fired combined cycle Hill Top power project in Greene County, Pennsylvania within the PJM power market.

SolairHolman I Project
Representation of Solairedirect (a subsidiary of Engie) as sponsor and cash equity investor in connection with the SolaireHolman I project involving the back-leverage financing of, and tax equity investment in, a 50 MW solar project in Texas.

 

LATIN AMERICA

Invenergy and Energía del Pacífico gas-to-power project in El Salvador
Representation of Invenergy and Energía del Pacifico, Ltda. de C.V., as sponsor and borrower respectively, in the development and financing of a 378 MW power plant in El Salvador and its related infrastructure, including a floating storage and regasification unit (FSRU) permanently moored through a modified spread mooring system for liquefied natural gas (LNG) delivery, storage and regasification, as well as a natural gas pipeline running from the FSRU to the power plant.

Sempra Energy sales
Representation of Sempra Energy on its US$ 3.59 billion sale of Peruvian businesses including its 83.6 percent in Luz Del Sur to China Yangtze Power International (Hongkong) Co., Limited. and on its US$ 2.23 billion sale of Chilean businesses, including its 100 percent stake in Chilquinta Energía S.A., to State Grid International Development Limited (SGID).

CELSE gas-fired power generation project and related LNG facility
Representation of Goldman Sachs & Co. LLC, Inter- American Investment Corp., International Finance Corp. and Swiss Export Risk Insurance in the bank and bond financing for the design, construction and operation of Centrais Elétricas de Sergipe S.A.'s (CELSE) 1,516 MW thermoelectric power plant and related liquefied natural gas receiving and gas transportation infrastructure in Brazil.

RenovAr renewable energy projects in Argentina
Representation of various sponsors and groups of creditors in connection with multisource project finance credit facilities for 11 wind and solar projects in Argentina backed by RenovAr PPAs, including representation of sponsor Central Puerto in connection with financings for the Castellana, Achiras and Genoveva wind farms, representation of Neoen in connection with the financing for the Altiplano 200 solar projects, and representation of EKF, FMO, CAF, SMBC, KfW and DEG in connection with financings for six wind projects developed by Genneia in Argentina.

 

ASIA

Yunlin Offshore Wind Farm
Representation of the export credit agencies and a large syndicate of international and Taiwanese commercial banks on the €2.7 billion (NT$94 billion) financing of wpd's 640 MW Yunlin offshore wind project in Taiwan. This deal won "Asia Pacific Renewable Deal of the Year 2019" by PFI Awards, "Overall ECA-backed Deal of the Year 2019" by TXF Awards, "Asia Pacific Offshore Wind Deal of the Year 2019" by IJGlobal Awards and "Deal of the Year 2019" by Asian-mena Counsel.

Hornsdale Power Reserve
Representation of Neoen on its joint development with Tesla of the 150MW/`190MWh Hornsdale Power Reserve in South Australia, the largest lithium ion battery in the world and the first standalone grid scale battery to be project financed.

Afghan IPP Project
Representation of Ghazanfar Group, as sponsor, on the development and financing of the 58.6 MW Mazar gas-fired power plant in Afghanistan, which is the first privately funded gas-to-power IPP in Afghanistan. Our role included the negotiation of the PPA, Government support agreements and the financing.

Formosa 2 Offshore Wind Project
Representation of Stonepeak Infrastructure Partners on the acquisition of a 95% interest in Swancor Renewable Energy Co. Ltd, including its 25% interest in the Formosa 2 offshore wind farm project in Taiwan. This deal was recognized as "Renewables Deal of the Year, Asia-Pacific" at the 2019 Infrastructure Investor Awards.

John Laing Portfolio Acquisition
Representation of First Sentier Investors (FSI) on its acquisition of John Laing's Australian wind farm renewable portfolio, including John Laing's stake in the Cherry Tree and Kiata wind farms in Victoria, Hornsdale wind farm in South Australia and the Granville Harbour wind farm in Tasmania.

Western Downs Green Power Hub
Representation of Neoen on the development and project financing of the 460MWDC Western Downs Green Power Hub in south east Queensland, Australia which, when completed, will be Australia's largest solar farm with the capacity to power 235,000 homes.

Changfang and Xidao (CFXD) Offshore Wind Project
Representation of Copenhagen Infrastructure Partners (CIP) on the development, equity sale process and US$3 billion (NT$90 billion) financing of the 589 MW Changfang and Xidao (CFXD) offshore wind project in Taiwan.

 

EMEA

EIG Investment in ib vogt's Solar PV Pipeline
Representation EIG Global Energy Partners (EIG), a US-based investor in the global energy and infrastructure sectors, on the commitment from EIG managed funds of €135 million for ib vogt GmbH's global solar pv portfolio.

Scotland's largest wind farm
Representation of an international energy fund in relation to the financing of the Seagreen offshore windfarm in Scotland. With a capacity of 1,140MW, and project value of £3 billion, Seagreen will be Scotland's largest wind farm once complete and will generate enough electricity to power 1 million homes, furthering the UK's ambition to deliver 40GW of offshore wind by 2030.

Eranove and the Fonds Gabonais d'Investissements Stratégiques (FGIS) financing, design construction and operation of a 73 MW hydro-power project
Representation of Eranove and the Fonds Gabonais d'Investissements Stratégiques (FGIS) in connection with the negotiation of a concession agreement for the financing, design construction and operation of a 73 MW hydro-power project and a  located in Ngoulmendjim a 15 MW hydro-power project located in Dibwangui in the Gabonese Republic.

R.POWER Record Solar Energy Sale in Poland
Representation of R.POWER on the largest transaction in the Polish photovoltaic sector to date – the sale of its portfolio of 122 MWp turnkey terrestrial photovoltaic farms to the fund Aberdeen Standard Investments (ASI).

MVM Group Acquisition of E.ON's Czech Innogy Retail Operations
Representation of Hungary's state-owned energy group MVM on the acquisition of the entire share capital in innogy Česká republika, a.s. (innogy) from Innogy Beteiligungsholding GmbH, a member of the Innogy/E.ON Group.

Acea €500 Million Bond Issuance
Representation of Acea S.p.A., one of the main multi-utility providers in Italy, on its €500 million 0.5000% notes due 2029.

Atinkou and Eranove Financing, Design, Construction and Operation of 390 MW Power Plant in Ivory Coast
Representation of Atinkou and its shareholder Eranove on the structuring and financing for a total amount of €404 million (including €303 million in external financing) of a cogeneration power project.

Eurogrid €750 Million Debut Green Bond Issue
Representation of Eurogrid on its debut issue of a green bond with a total nominal value of €750 million.

Eranove design, financing, construction, operation and maintenance of a €110 million 42MW hydroelectric dam
Representation of Eranove in connection with the design, financing, construction, operation and maintenance, under a Public-Private Partnership agreement, of a €110 million 42MW hydroelectric dam in Kenié, Mali.

Investor Consortium Further Project Bonds for Norwegian Wind Farms
Representation of a group of institutional investors led by MEAG, the central asset manager of insurers Munich Re and ERGO, and Deutsche Bank Luxembourg S.A. as financing agent and security agent, on the structuring and financing of the Skinansfjellet and Gravdal wind farms in south west Norway.