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WASHINGTON, DC, August 21, 2008 — Borealis Infrastructure Management and GIC Special Investments announced on August 13 an agreement to invest approximately $1.254 billion in Dallas-based Oncor Electric Delivery Company LLC. Covington & Burling LLP advised Energy Future Holdings Corp. (EFH), the parent company of Oncor, on the Committee on Foreign Investment in the United States (CFIUS) and energy regulatory aspects of the transaction.
Borealis Infrastructure Management is an investment arm of the Toronto-based Ontario Municipal Employees Retirement System (OMERS), a Canadian pension plan. GIC Special Investments is the infrastructure and private equity unit of the Government of Singapore Investment Corporation. Oncor is the regulated electricity distribution and transmission subsidiary of EFH.
The Covington team was led by partner Mark Plotkin, and associates Damara Chambers and Heather Finstuen, who provided CFIUS advice, and partner William Massey and of counsel Robert Fleishman, who provided energy regulatory advice. All are resident in the firm’s Washington office.