White & Case Advised Calpine Corporation on Acquisition by Investor Consortium

Press Release
2 min read

Global law firm White & Case advised Calpine Corporation (NYSE:CPN) on its acquisition by an investor consortium led by Energy Capital Partners.

"We are fortunate to have had the opportunity to advise Calpine Corporation for nearly a decade on a wide range of matters, including corporate and project financings and M&A. We are very pleased that they have chosen to work with us on this important transaction," said Michael Shenberg, partner at White & Case.

The acquisition is expected to ensure that Calpine will continue to provide power and products and services to its customers while optimizing its power generation footprint. The investor consortium will provide the equity portion of the acquisition financing. The investor consortium also includes Canada Pension Plan Investment Board, Access Industries and other co-investors.

Calpine is a Fortune 500 company that is the largest generator of electricity from natural gas and geothermal resources in the United States, including 80 power plants in operation or under construction. White & Case previously represented Calpine on its US$395.5 million sale of the Mankato Power Plant and its US$1.05 billion acquisition of Noble Americas Energy Solutions, LLC. Energy Capital Partners is a private equity firm with over $13 billion in capital commitments.

The White & Case team that advised on the transaction was co-led by partners Morton A. Pierce, Chang-Do Gong, Robert Chung and Michael Shenberg. The team also included partners William Dantzler, James Hayden, Ian Cuillerier, Gary Kashar, Mara Topping, Andrew Weisberg, Nandan Nelivigi, Marius Griskonis, Rebecca Farrington, Farhad Jalinous, Glenn Kurtz, Arlene Hahn, Steven Lutt, Henrik Patel, David Bilkis, Daniel Hagan and Jane Rueger; with support from counsels Seth Kerschner, Victoria Rosamond, Heather Waters Borthwick, Amy Delsack and Robert Tiedemann; associates Suni Sreepada, Arian Mossanenzadeh, Caelah Nelson, Neal Van Vynckt, Vinay Mysoor, Lauren Kim, Isaac Tendler, Julianne Prisco, Laura Mulry, Jason Pham, Abigail Simon, Erin Choo, Elizabeth Martinez, Rebeca Garcia-Lopez, Evan Zhao, Andrzej Omietanski, Yan Ng, Julia Bell, Ryan Covington and Keith Schomig; and law clerk Frederick Wilson.

White & Case was ranked Band 1 for Global-wide Projects & Energy by Chambers Global in 2017, and was also ranked the #1 Legal Advisor for Energy & Power M&A in the United States by deal value by the Thomson Reuters Corporation and the #1 Legal Advisor for Global Energy M&A Transactions by deal value by Mergermarket in 2016.

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