About Steven
Steven Lorch advises publicly-held businesses and private clients, including private equity sponsors and investors, on the U.S. tax aspects of mergers, acquisitions, divestitures and joint venture transactions, with a particular focus on energy and infrastructure transactions. His clients have included parties to midstream and upstream oil and gas joint ventures, investors in development and financing of infrastructure and power projects, and private equity sponsors in a broad range of transactions, both within and without the energy and infrastructure sectors. Steven also has advised developers, joint ventures and investors on a wide range of renewable energy projects, including planning related to the production tax credit and investment tax credit for wind and solar, and the utilization of tax equity structures related to these credits. More recently, he has advised these clients on the tax aspects of energy transition, including in the context of energy storage, carbon sequestration and biomass projects. Finally, Steven has significant experience in a broad range of complex capital markets and lending transactions, and has represented creditors and distressed borrowers in restructuring transactions and workouts.
Experience
Recent Notable Matters
Upper Bay Infrastructure Partners — joint venture with Infiniti Energy Services to form Infiniti Energy, LLC, a platform for the development and acquisition of Commercial and Industrial solar assets in the Northeast and Mid-Atlantic regions
Privately held independent energy company — sale of approximately 30-40 percent of its assets to a private buyer, including over 1100 producing wells for approximately $60 million in consideration
Competitive Power Ventures — equity financing for its gas-fired Three Rivers Energy Center project in Illinois
TC Energy Corporation — US counsel in connection with the Government of Alberta’s $1.1 billion equity investment and $4.2 billion loan guarantee to support construction of the Keystone XL crude oil pipeline
Phillips 66 — formation of Bluewater Texas Terminal LLC, a joint venture with Trafigura Group Pte. Ltd., to develop an offshore deepwater port project in the Port of Corpus Christi
COG Operating LLC — contributions of saltwater disposal wells and large-diameter produced water gathering pipelines in the Delaware Basin to Solaris Water Midstream, LLC in exchange for cash and equity in Solaris Midstream Holdings, LLC
Sol Systems, LLC — joint venture with Capital Dynamics for the formation of Sol Customer Solutions, which will provide large pools of institutional capital direct exposure to the US distributed generation market
Global Infrastructure Partners — preferred equity investment of up to $200 million in Dos Rios Crude Intermediate LLC, a subsidiary of Noble Midstream Partners LP formed to hold Noble Midstream’s 30 percent equity interest in the EPIC Crude Pipeline, which is being designed with an initial capacity of 590 MBbl/d from the Permian Basin and Eagle Ford to the Gulf Coast
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 MW combined-cycle natural gas electric generating facility located near Wellsville, Ohio
Upper Bay Infrastructure Partners — acquisition of Tidewater Transportation & Terminals, a multi-commodity transportation, terminal, and marine construction and repair company serving the Pacific Northwest, from Stonepeak Infrastructure Partners. Upper Bay Infrastructure Partners was the lead investor of a group consisting of Ullico, funds and accounts under management by BlackRock, Silverfern and certain other co-investors.
Privately-owned developer of power generation projects — acquisition of early-stage solar development project in southeastern United States
Three Rivers Natural Resource Holdings IV LLC — equity commitment of up to $500 million from funds managed by energy private equity firm Riverstone Holdings LLC and additional amounts from the company’s management team
Eni Petroleum US LLC — acquisition of 30 percent interest and a follow-on deal for remaining 70 percent and operatorship of the Oooguruk oil field in Alaska from Caelus Natural Resources Alaska, LLC
Privately-owned developer of solar generation projects — joint venture with operator of solar generation projects, pursuant to which developer and operator will jointly develop early-stage solar projects for acquisition by operator or third parties
Halcón Resources Corporation — $325 million divestiture of water infrastructure assets across the Delaware Basin to a subsidiary of WaterBridge Resources LLC
Affiliate of Upper Bay Infrastructure Partners — joint venture with 8minutenergy Renewables, LLC and J.P. Morgan Asset Management to provide over $200 million in equity capital to support the company’s 10.7 gigawatts pipeline of utility solar and storage projects
Pioneer Natural Resources Company — agreement with undisclosed buyer to sell all of its assets in the West Panhandle field in Texas for $201 million
Apache Corporation — creation of $3.5 billion midstream company with Kayne Anderson Acquisition Corp., forming the only publicly traded, pure-play Permian Basin midstream company that is a C-corporation
Matlin & Partners Acquisition Corporation — merger and contribution agreement with U.S. Well Services, LLC, creating one of the first publicly traded oilfield service companies with all-electric hydraulic fracturing capabilities with an enterprise value of $588 million
Phillips 66 — option agreement pursuant to which DCP Midstream LP acquired an option to purchase up to a 30 percent ownership interest in Phillip 66’s new fractionators under construction at its expanded Sweeny Hub
Alinda Capital Partners — sale of NorTex Midstream Partners, LLC, a company owned by funds managed by Alinda that own Texas gas storage facilities, to a subsidiary of Castleton Commodities International LLC
Apache Corporation — formation of SCM Alpine, LLC, which will own and operate a greenfield NGL y-grade pipeline, including transportation service agreements, tariffs and related regulatory matters
Apache Corporation — strategic partnership with EPIC Midstream Holdings, LP and Noble Energy Inc. to develop the EPIC Crude Oil Pipeline, including transportation service agreements, tariffs and related regulatory matters
Phillips 66 Partners LP — joint venture construction and operating agreements with Andeavor and an equity option with Canadian midstream company Enbridge Inc. in relation to the Gray Oak Pipeline, LLC joint venture, and in a joint venture with Buckeye Partners LP to develop the new South Texas Gateway Terminal at the mouth of Corpus Christi Bay
NRG Retail LLC — agreement to acquire 100 percent of the membership interests in XOOM Energy Global Holdings, LLC