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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 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 (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.
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 Inc. in the sale its project development business to First Solar, Inc. in an all-stock transaction valued at approximately $400 million.
Represented Pepco Holdings in its $1.7 billion sale of electric generation assets to Calpine Corporation.
KKR and Texas Pacific Group in securing the necessary FERC and NRC approvals for the successful acquisition of TXU Corp. for $45 billion, the largest leveraged buyout in history. The acquisition of TXU included its large fleet of generation assets in Texas as well as transmission and distribution facilities. We also provided counsel on energy regulatory, climate change, government affairs, and public policy matters. The acquired company is now Energy Future Holdings.