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- Home
- Practices and Industries
- Energy
- Utilities and IPPs
Covington provides a full range of advisory and transaction-related services on matters associated with electricity generation domestically, across borders, and internationally. Due to the breadth of our experience and our understanding of the issues faced by all participants, we are creative and flexible in finding innovative solutions to the complex problems that often arise in generation transactions.
Our corporate lawyers in this area handle a diverse range of matters, including securities, corporate governance, mergers and acquisitions, finance, private equity, venture capital, strategic alliances and joint ventures, bankruptcy, and real estate. We frequently draw on Covington’s regulatory and policy expertise to inform and enhance our skills and execution of transactions, and to ensure that any necessary regulatory approvals at the federal and state levels are secured. In addition, our regulatory lawyers regularly provide expert advice and representation in regulatory proceedings at FERC regarding market-based rates, the disposition of generation assets, and legislative and regulatory policies affecting generators of electrical power. We also have significant experience in structuring, drafting and negotiating complex contractual arrangements (including power sales, tolling, interconnection and transmission agreements) required to construct and operate projects and obtain financing. As part of this type of activity, we have advised power producers and power-related businesses on strategies for restructuring and consolidation in the energy industry.
Calpine Acquisitions
Calpine and its subsidiaries in a $600 million acquisition of SkyGen Energy, and a $450 million acquisition of Cogeneration Corporation of America, each a developer, owner, and operator of independent power projects.
China Investment Corporation Purchase in AES Corporation
China Investment Corporation (CIC), a large sovereign wealth fund created by the People's Republic of China, on FERC and state (NY) energy regulatory issues with respect to its purchase of a 15% share in the AES Corporation, a large independent power producer of international scope with significant US electricity generation assets. Covington secured all necessary approvals for this transaction.
India Bank Project Financing
ICICI Bank Limited, India’s second largest bank, and Standard Chartered Bank, India’s largest international bank, as joint lead arrangers for an aggregate of $925 million in project financings supporting power plant and port expansion projects being undertaken by two affiliates of Reliance Industries.
OptiSolar Sale to First Solar
OptiSolar Inc. in the sale its project development business to First Solar, Inc. in an all-stock transaction valued at approximately $400 million.
Pepco Sale of Electric Generation Assets
Represented Pepco Holdings in its $1.7 billion sale of electric generation assets to Calpine Corporation.
Transmission-Related Matters for PSEG
Represent PSEG, a large New Jersey electric utility, with respect to a range of FERC matters including financial incentives and favorable regulatory treatments for large transmission projects, cost allocation policy for certain transmission investments, and market based rates for a new generation project.
China Investment Corporations Acquisition of Interest in AES Corporation
Represent China Investment Corporation (CIC) in securing the necessary FERC and New York PSC approvals for its purchase of a 15 percent interest in AES Corporation.
Pepco Holding's Conectiv Energy Sale
Represent Pepco Holdings, Inc. on the negotiation and sale of its 3800 MW Conectiv Energy wholesale power generation business to Calpine Corporation, including securing the necessary FERC approval under the Federal Power Act.
KKR and Texas Pacific Group Acquisition of TXU Corp.
KKR and Texas Pacific Group in securing the necessary FERC and NRC approvals for the successful acquisition of TXU Corp. for $45 billion. We also provided counsel on energy regulatory, renewable energy development, climate change, government affairs, and public policy matters.
Advancing Opportunities for CCUS
We are representing a major power company in seeking a pathway for recognition of carbon capture, utilization and sequestration (CCUS) under the Cap-and-Trade Program and LCFS and with respect to the development of a pilot-scale project and a DOE-funded study of advanced solvent technology for CCS at gas-fired power plants, as well as with respect to related questions concerning the relationship of 45Q and incentives and grants from other programs.
Federal Fuel Economy and GHG Vehicle Standards
We are representing a coalition of electric utilities and an advanced energy association challenging EPA’s and NHTSA’s SAFE Vehicles Rule, which sets weaker GHG and fuel economy standards for cars and trucks (D.C. Cir. No. 20-1145). We previously represented some of the same electric utilities and association in litigation challenging EPA’s revised final determination that the Obama Administration’s standards are not appropriate and must be revised. California v. EPA, 940 F.3d 1342 (D.C. Cir. 2019).
Clean Power Plan Repeal Litigation
We represented a coalition of major power companies in litigation challenging U.S. EPA’s Affordable Clean Energy (ACE) Rule and repeal of the Clean Power Plan, and argued in a 9-hour hearing, along with the NY Deputy Solicitor General, the key statutory argument upon which the Court vacated the ACE Rule and repeal. American Lung Association v. EPA, --- F.3d ---, 2021 WL 162579 (D.C. Cir. 2021).