White & Case advises Vast Solar Pty Ltd. on its business combination with Nabors Energy Transition Corp.
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Global law firm White & Case LLP has advised market-leading renewable energy company, Vast Solar Pty Ltd., on its entry into a business combination agreement with Nabors Energy Transition Corp. The combined entity will be named Vast and is expected to be listed on the New York Stock Exchange under the ticker symbol "VSTE", while remaining headquartered in Australia.
Vast has developed a proprietary concentrated solar power system that uses a modular tower design and a unique sodium loop for heat transfer to efficiently capture and store solar heat for conversion into renewable electricity and heat. The system is designed to deliver greater efficiency, simplified permitting, faster construction and more reliable operations when compared to conventional central tower-concentrated solar power plants.
Vast intends to use the proceeds from the transaction to fund project development activities in target markets, equity investments in concentrated solar power projects, deployment of manufacturing facilities, continued investment in research and development and for general corporate purposes.
The White & Case team was led by Capital Markets partner Elliott Smith (New York), M&A partners Matthew Barnett (Los Angeles) and Nirangjan Nagarajah (Melbourne), and Project Development and Finance partner Joel Rennie (Sydney). The team also included M&A associates Elizabeth Fuller (New York), Yasin Khan (Houston) and Girish Rao (Melbourne); Capital Markets associates Russell Deutsch, Brian Munsie, Jacob Manzoor and Jeffrey Kim (all in New York); Tax partners Aldrin De Zilva (Melbourne) and Scott Fryman, and associate Adriana Zhan (both in New York); and Employment, Compensation & Benefits partner Victoria Rosamond (New York).
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