White & Case advises Clean Energy Future-Trumbull LLC on financing for natural gas fired electric combined cycle power generation facility
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Global law firm White & Case LLP has advised Clean Energy Future- Trumbull, LLC and its affiliated entities in connection with financing the construction of an approximately 950 MW natural gas-fired electric combined-cycle power generation facility located in the Village of Lordstown, Trumbull County, Ohio for an expected total cost of approximately US$1.3 billion.
The plant, which is expected to take three years to complete construction, connects to PJM and is the second plant of this type in the Village of Lordstown.
The financing sources included a senior construction and term credit facility, a mezzanine credit facility and equity contributions from a sponsor group consisting of Korea Southern Power Co., Ltd., Siemens Energy, Inc., and Korean Overseas Infrastructure & Urban Development Corp.
The Firm also advised on the negotiation and execution of a five-year revenue put option.
Clean Energy Future, LLC is based in Massachusetts and dedicated to the development, construction, long-term operation and financing of new, low-cost gas-fired electricity generation facilities.
The White & Case team was led by Nandan Nelivigi, the Americas Head of Energy and Infrastructure practice. The team also included partners Ian Cuillerier, David Dreier, Serena Rwejuna and senior associate Yan Ng; counsels Isaac Tendler and Rhys Bortignon; and associates Jeffrey Godly, Jia Ying, Mallika Singh, Lauri Kai, Zhou Bo (Joseph) Chen, Caitlin Dunham and Jackie Triggs. Law clerk Ramya Hari also assisted the team on this transaction.
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