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Pair of Bracewell Deals Honored at the 2015 Platts Global Energy Awards

HOUSTON – Bracewell & Giuliani LLP advised on a pair of matters named as Deals of the Year at the 2015 Platts Global Energy Awards. The Global Energy Awards, now in its 17th year, recognizes corporate and individual innovation, leadership and superior performance from across the energy arena. The 2015 winners were chosen from nearly 200 nominees hailing from nearly three dozen countries on four continents.

2015 Financial Deal of the Year: Apex Clean Energy; First Reserve; Gulf Power Company; Morgan Stanley Commodities Group Inc. (United States)

Bracewell represented First Reserve in a 20-year hedge arrangement with Morgan Stanley that enabled the acquisition and financing of the 298 MW Kingfisher wind farm from Apex Clean Energy. Under the hedge arrangement, Morgan Stanley not only hedged Kingfisher’s power and environmental attributes, but also managed delivery of environmental attributes from the Kingfisher wind farm located in wind-rich Oklahoma to Gulf Power Company, a company with a high-energy demand service area in Florida. Platts noted that the multicourse deal with many players stood out due to the “innovative nature of its contract and financing structure” and that the judges were “captivated by the project’s mitigation of the inherently variable nature of wind generation through the energy hedge.”

Bracewell attorneys involved in this deal included:
Partners: Jessica N. Adkins, Robin J. Miles and David M. Perlman
Associates: Meredith Shafe Hussein, Anna K. Miller and William H. Ebert

2015 Strategic Deal of the Year: Dynegy; Duke Energy (United States)

Bracewell represented Duke Energy, the largest electric power holding company in the U.S., with the sale of its non-regulated Midwest Commercial Generation Business to Dynegy for $2.8 billion in cash. This transaction included ownership interests in 11 power plants and Duke Energy Retail Sales, the company’s competitive electric and gas retail business. This transaction is among the largest sales of competitive generation assets to date, with the portfolio including approximately 6,100 MW of generation capacity. It is also one of the largest transactions reflecting a recent trend among the “hybrid” utilities of selling more volatile asset portfolios so as to result in more stable, regulated earnings.

Bracewell attorneys involved in this deal included:
Partners: John G. Klauberg, Frederick J. Lark, Daniel E. Hemli, Bruce R. Jocz, Aaron P. Roffwarg, Kristen V. Campana, Elizabeth L. McGinley, Robert E. Sheeder, Charles F. Vandenburgh, and Timothy A. Wilkins
Senior Counsels: Elena V. Rubinov and Vivian Y. Ouyang
Counsels: Jacqueline R. Java and John G. Melly Jr.
Associates: Michael E. Espinoza, David L. Lawton and William B. Simmons

A full list of 2015 Platts Global Energy Awards winners can be found by clicking here.