Global law firm White & Case LLP has advised Wren House Infrastructure on the US$550 million investment by the Kuwait Investment Authority (KIA) in Global Power Generation (GPG), the global electricity generation business of Spanish gas and electricity group Gas Natural Fenosa.
Wren House was established in 2013 to manage all KIA infrastructure investments, globally. KIA, the world's oldest sovereign wealth fund, is responsible for the management and administration of Kuwait's General Reserve Fund, Future Generation Fund and other funds of the State of Kuwait.
"White & Case was able to support the deal with a cross-border and multi-disciplinary team that showcased the capabilities from which our clients benefit," said London-based White & Case partner John Cunningham, who led the Firm's deal team. Under the terms of the transaction, which is expected to close before the end of 2015 and is subject to regulatory approvals, KIA will take a 25 percent stake in GPG.
"Our client's investment will support the development of new electricity generation projects," said Cunningham. "GPG has plans in place to build power plants with a five gigawatt capacity in the years ahead, primarily in Latin America and Asia."
The White & Case team which advised on the transaction involved lawyers from the offices in London, Madrid, Miami, Mexico City, Brussels and Washington, DC. It included partners John Cunningham, Peita Menon (both London), Juan Manuel de Remedios (Madrid), Mark Powell (Brussels) and Richard Burke (Washington, DC), local partners Carlos Daroca (Madrid) and Daniel Sanchez (Mexico City), counsel Hernan Gonzalez Estrada (Mexico City) and associates Alex Bircham, Laura Hoyland (both London), Elizabeth Gonzalez (Miami) and Julio Peralta (Madrid).
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