John Forbush

Associate, Washington, DC

Biography

Overview

John is an associate in the Energy Regulatory group of the Energy, Infrastructure and Project Finance Group of White & Case. He works with clients involved in matters pending before the Federal Energy Regulatory Commission (FERC) as well as state public utility commissions. John's work relates to various issues involving the Federal Power Act (FPA), the Natural Gas Act (NGA), the Public Utility Regulatory Policies Act (PURPA), and the Public Utility Holding Company Act of 2005 (PUHCA 2005).

As a member of the Energy Regulatory group, he works with international and domestic clients, including large utilities and financial institutions, on many of the unique aspects of federal regulation of the energy industry in the United States. John has experience involving matters such as tariff filings subject to FERC approval under either the FPA or NGA, the reporting obligations required by FERC under its market-based rate regime, transactions requiring FERC approval pursuant to Section 203 of the FPA, as well as FERC investigation and enforcement proceedings. In addition, John assists clients with navigating a wide range of energy regulatory matters arising in the context of M&A transactions, project financings, and contract negotiations.

John is also actively involved with the Firm's pro bono matters, with particular focus on criminal appellate issues. For instance, he is a member of a multi-office team representing an inmate on death row in Texas that successfully persuaded the State of Texas and the trial court overseeing the case to halt the pending execution to conduct DNA testing of evidence.

Prior to joining White & Case, John graduated summa cum laude from American University Washington College of Law. In law school, John was the Associate Managing Editor of the American University Law Review. He also interned for the Hon. Kathryn A. Oberly of the District of Columbia Court of Appeals as well as with the Securities & Exchange Commission Office of General Counsel.

Bars and Courts
District of Columbia Bar
Maryland State Bar
Education
JD
American University, Washington College of Law
Bachelor of Arts
Economics and Philosophy
Boston College
Languages
English

Experience

Representation of Sempra Energy (NYSE: SRE) in its US$1.785 billion sale of a 10% interest in Sempra Infrastructure Partners, LP, to a wholly-owned affiliate of the Abu Dhabi Investment Authority.

Representation of Norddeutsche Landesbank Girozentrale, National Bank of Canada, Coöperatieve Rabobank U.A. and Wells Fargo Bank, N.A. in the US$48 million refinancing of a portfolio of thirteen operating commercial and industrial solar power assets located in North Carolina (aggregating 90.8MW) owned and operated by Cypress Creek Renewables, (CCR), one of the largest developers and operators of utility scale solar assets in the US with a ~1.6GW portfolio of operating solar assets. The financing includes a US$170 million delayed draw facility for additional assets aggregating 198.9MW and a US$55 million incremental facility for additional assets aggregating 47.9MW.

Representation of EnCap Investments L.P., a leading private equity firm specializing in the energy industry, on its sale of a 50 percent stake in Broad Reach Power LLC, one of the premier independent utility-scale energy storage and renewable energy platforms in the United States and a portfolio company of EnCap, to affiliates of Apollo Global Management, Inc.

Representation of Talen Energy Supply, LLC on a US$390 million forward capacity trade between subsidiary Talen Energy Marketing, LLC as seller and Citigroup Energy Inc. (CEI) as buyer. Pursuant to the transaction, Talen Marketing will transfer to CEI certain cleared capacity in the PJM market associated with the 2021/2022 delivery year in exchange for CEI paying Talen Marketing an initial settlement amount along with monthly payments during such delivery year. This transaction provided Talen with critical additional liquidity following the unprecedented winter storm Uri in Texas.

Representation a consortium of Korea Hydro & Nuclear Power Co., Ltd., Alpha Asset Management, Sprott Korea Investment, Hana Financial Investment and Korea Investment & Securities in its pending acquisition of a 49.9% stake in a wind farm portfolio from Brookfield Renewable and Invenergy LLC with an enterprise value of approximately US$1.5 billion. The wind portfolio has an installed capacity of 852 MW and comprises four operating wind assets in Illinois, Nebraska and Texas.

Representation of Antin Infrastructure Partners in the US$1.25 billion acquisition of Veolia Group's district energy assets in the United States, which comprises steam, hot and chilled water and electricity production plants, including cogeneration plants, and 13 networks in ten US cities.

Representation of Sempra Energy, a San Diego-based energy services holding company, on the pending acquisition by Oncor Electric Delivery Company LLC, a subsidiary of Sempra, of 100 percent of the equity interests of InfraREIT, Inc., which owns electrical power lines, substations and transmission towers in Texas, for approximately US$1.275 billion; and the pending acquisition of a 50 percent limited partnership interest in a holding company that will own Sharyland Utilities, LP, a Texas-based electric transmission utility owned by members of the Hunt Family, for approximately US$98 million. In connection with the transactions, Sharyland Distribution and Transmission Services, L.L.C., a subsidiary of InfraREIT, and Sharyland Utilities, LP will exchange certain assets.

Representation of Sempra Energy (NYSE: SRE), an electric and gas utility company based in San Diego, in its US$18.8 billion acquisition of Energy Future Holdings Corp., which indirectly owns 80 percent of Oncor Electric Delivery Company, LLC, a Dallas-based operator of the largest electric transmission and distribution system in Texas. Concurrently with the signing of this transaction, Energy Future Holdings terminated an agreement it entered into on July 7, 2017 with Berkshire Hathaway Energy in which Berkshire agreed to acquire Oncor at an enterprise value of approximately US$18.4 billion. The closing of the transaction is subject to approval from the Public Utility Commission of Texas and from the U.S. Bankruptcy Court in Delaware, where Energy Future is currently in bankruptcy proceedings.

Representation of Fortis Inc., a leader in the North American electric and gas utility business, on the structuring of a competitive auction for a minority investment in ITC Holdings Corp. (ITC). An affiliate of GIC Private Ltd. (GIC), Singapore’s sovereign wealth fund, was the successful bidder in the auction and agreed to provide approximately US$1.2 billion in consideration for a 19.9 percent equity interest in ITC. This transaction follows the announcement on February 9, 2016 that Fortis will acquire ITC in a transaction valued at approximately US$11.3 billion. Upon the consummation of the transactions, Fortis and GIC together will own 100 percent of the shares of ITC pursuant to shareholder arrangements negotiated by White & Case.

Representation of Fortis Inc., a Newfoundland-based electric and gas utility company, in its US$11.3 billion acquisition of ITC Holdings Corp., an electric transmission company operating in the Great Lakes and Great Plains regions. At closing, ITC shareholders will receive US$22.57 in cash and 0.7520 Fortis shares per ITC share. Following the acquisition, Fortis will become one of the top 15 North American public utilities by enterprise value, and the largest independent electric transmission company in the United States. Fortis will apply to list its common shares on the New York Stock Exchange in connection with the acquisition and will continue to have its shares listed on the Toronto Stock Exchange. The closing of the acquisition, which is expected to occur by the end of 2016, is subject to, among other things, receipt of ITC common shareholder approval of the merger; receipt of Fortis common shareholder approval of the share issuance; regulatory and other approvals, including those of the Federal Energy Regulatory Commission, certain state regulatory approvals, review by The Committee on Foreign Investment in the United States and expiration of the waiting period under the Hart-Scott-Rodino Act; approval for listing on the New York Stock Exchange and the Toronto Stock Exchange of the Fortis common stock to be issued (subject to official notice of issuance); and satisfaction of other customary closing conditions. The acquisition will be financed in part through an equity investment of approximately US$1 billion to US$1.4 billion from investors who will be identified following an auction process between signing and closing, and in part through US$2 billion of debt to be issued through the US public bond market. The financing is backstopped by US$3.7 billion fully committed debt and equity bridge facilities.

Publications

"Turning to Transmission: A Critical Connection in the Energy Transition," LexisNexis Pratt's Energy Law Report, March 2022 (co-author) 

US Chapter, Getting the Deal Through – Electricity Regulation 2016