Paul McBride’s practice focuses on power, environmental products and related transactions, with a particular emphasis on development and operational matters associated with renewable energy projects. He regularly represents clients, including project developers, hedge providers and purchasers, in connection with the negotiation, structuring and analysis of physical and financially settled offtake agreements, energy management agreements and scheduling coordinator service agreements, and in the analysis and application of ISO/RTO market rules to project operations. In addition, Paul has experience negotiating, structuring and analyzing key project documents, including EPC and BOP agreements, turbine supply agreements, long-term service agreements and O&M agreements, for both renewable and conventional generating facilities. Paul also regularly represents clients in a variety of commodity trading matters, and has experience negotiating trading facilities and structured transactions, and in advising market participants on OTC derivatives regulations, ISO/RTO specific products and other requirements applicable to commodity trading and marketing activities.
In addition to his experience with Bracewell, Paul worked as in-house counsel at EDF Trading North America, where he provided key legal support for all aspects the company’s wholesale and retail energy market activities and its related asset management business, as well as for the operations of the generating facility owned by its affiliate, Tanner Street Generation. While at EDF, Paul routinely served as the sole legal representative on cross-functional teams responsible for various business and regulatory matters, and in this capacity, was directly involved in the commercial structuring and decision making process. Ultimately, Paul’s support of the company’s activities provided him with valuable firsthand exposure to the business aspects of energy transactions and related markets, which gave him a special appreciation for the needs of the clients he represents. This experience enables Paul to provide clients with legal advice grounded in a commercial understanding of their business and related requirements.
Prior to attending law school, Paul served six years as an active duty Army officer. While on active duty, he served with units located in the United States and Europe and completed a one-year deployment to Afghanistan as a paratrooper with the 173rd Airborne Brigade Combat Team.
Recent Notable Matters
AP Energy Holdings Inc and South Field Energy LLC — $1.3 billion project financing and equity arrangements for the construction of the South Field Energy project, a 1,182 megawatt combined-cycle natural gas electric generating facility located near Wellsville, Ohio
EverPower — power purchase agreement with a leading online retailer with respect to a 189 MW wind farm to be constructed by EverPower in Ohio
Project developer — negotiation of a long-term power purchase agreement with Austin Energy related to a 119 MW solar facility under development in West Texas
NRG Energy, Inc. — negotiation of a power purchase agreement with Dow Pipeline Company related to the 150 MW Goat Mountain Wind Ranch
Private fund — negotiation of EPC and battery supply agreements associated with the development of a 2 MW battery energy storage system
Great Plains Energy Inc. — negotiation of deal-contingent interest rate swap transactions having a total notional value of over $4.4 billion entered into in connection with its pending acquisition of Westar Energy, Inc.
Power generating company — analysis of multiple long-term traditional and synthetic power purchase agreements, market rules, and related matters in connection with the acquisition of four wind generating facilities under development in ERCOT and SPP
EDF Trading North America — structuring and negotiation of a sleeved retail power supply facility serving two aluminum smelting facilities with an aggregate load of approximately 1,000 MW
Multiple power marketers — complex arrangements with retail electric and gas companies across the country to act as the sole source of wholesale power and gas supply and to provide liquidity through associated working capital facilities
Multiple energy managers and project owners — negotiation, implementation and ongoing maintenance of energy management and scheduling coordinator agreements for renewable and gas-fired generating facilities located in bilateral and organized power markets (including ERCOT, PJM, MISO, SPP, and CAISO), with an aggregate capacity in excess of 8,000 MW
Financial services firm — review and analysis of multiple long-term service agreements for gas-fired generating facilities in connection with a proposed receivables financing facility
Tanner Street Generation — various operational matters related to its 85 MW dual-fueled combined cycle generating facility, including the replacement of its O&M services provider and the negotiation of the replacement O&M agreement
Ruby Pipeline, LLC — $1.075 billion senior notes offering and $350 million term loan facility used to refinance its $1.65 billion construction financing
Financial institution — negotiation and structuring of a $100 million secured grain repurchase facility entered into in connection with the extension of working capital facility to a midstream grain company
Financial institution — negotiation and structuring of a canola and crushed products purchase and sale (tolling) agreement entered into to support the extension of revolving and term loan credit facilities to a canola processing company
Multiple financial institutions and energy companies — negotiation of lien-based and margined physical and financial commodity trading enabling agreements, including ISDAs, EEIs, NAESBs, and bespoke master agreements for environmental products
Multiple power marketers and project developers — negotiation and documentation of physical and financially settled structured transactions, including heat rate transactions, MISO and PJM capacity and auction revenue rights transactions, CAISO resource adequacy transactions, and weather derivatives
Multiple power marketers and project developers — negotiation and structuring of various environmental products transactions, including California/Quebec carbon allowance and carbon offset transactions, RGGI allowance transactions, unbundled REC transactions across all actively traded REC markets, and bundled energy and REC transactions under the California renewable portfolio standard
NRG Energy, Inc. — start-up and ongoing development, operation and expansion of its nationwide EVgo electric vehicle charging services business
Publications and Speeches
“A Roundtable Discussion on Dodd-Frank Energy Contract Provisions (Potential Pitfalls and Issues to Consider),” International Energy Credit Association, July 2014.
“Swaps, Forwards & Options: Is There a Meeting of the Minds,” Edison Electric Institute, CFTC Dodd-Frank Compliance Forum, October 2013.
“IECA Webinar: Amendment Adopting, Incorporating and Amending the ISDA March 2013 DF Supplement,” International Energy Credit Association, March 2013.