One of Bracewell’s key strengths is the depth of our practice in the power sector. We represent utilities, independent power producers, retail electric businesses, commodity trading houses and investors in a wide range of transactions and regulatory and compliance matters relating to conventional and renewable power sources and transmission. In addition to our large core power team, we have a team focused on addressing the environmental, real estate, finance, regulatory and tax issues specific to generation and transmission assets. Our depth of knowledge and comprehensive coverage of the power space across the country (in all of the various ISOs and RTOs) sets Bracewell apart, enabling us to provide our clients with superior legal advice.
Bracewell has represented a broad array of independent power producers in the United States and has particular experience representing sponsors, lenders and developers in conventional and renewable independent power projects and integrated water and power projects in the Middle East and North Africa (MENA) region. Bracewell’s team has been noted by The Legal 500’s Europe, Middle East & Africa (EMEA) as having “significant knowledge” and being “particularly active in the renewable energy sector.” Our power team has worked with numerous independent power producers on financing, siting and permitting issues for the development of power projects, acquisitions and dispositions of generation units and ongoing compliance and enforcement matters for operating facilities.
Private equity investing, including both debt and equity, is a core component of our transactions business. Our private equity experience has a particular focus in oil and gas, power and infrastructure investments, but also includes a wide variety of other industries. We handle all types of transactions on behalf of private equity clients, including fund development, joint ventures, distressed investments and exit transactions. Our team includes lawyers with significant experience advising private equity clients on fund formation, tax, and regulatory matters.
Bracewell is among the leading law firms in standardized and structured transactions involving physical and financial power, gas and other commodities. We bring a unique perspective with several lawyers on our team who have had in-house experience working for commodity trading businesses as well as experience with federal energy commodity regulators. Our lawyers are intimately familiar with agreements promulgated by the International Swaps and Derivatives Association and the North American Energy Standards Board and have significant experience with structured commodity transactions, acquisitions and divestitures involving trading portfolios and compliance with related regulations.
According to Chambers USA (2016), Bracewell’s power practice features some of the “premier lawyers in the utility M&A world,” who have represented clients in some of the largest utility transactions in recent years. These include acquisitions and dispositions of utilities and interests in utilities, electric generating facilities and large portfolios of such assets, involving fossil and renewable energy facilities, transmission facilities and similar “utility-type” properties. In addition, Bracewell regularly advises numerous clients about environmental and regulatory issues facing utilities.
Our large power team is a global leader on projects involving the full spectrum of the renewable-energy and clean-technology sector. Our engagements include wind, solar, biomass, geothermal, hydroelectric and pump-storage generating facilities as well as emerging technologies such as battery storage, flywheel storage, carbon capture and electric vehicles. Our deep understanding of the power and renewable product markets across the country (including the operational rules and requirements in each of the ISOs and RTOs) allows us to structure and advise clients on cutting-edge offtake and hedging arrangements for wind and solar projects. We also engage in legislative and administrative advocacy in the renewable energy sector, both at the federal and state level. Our work on behalf of clients in the United States, Middle East, Europe and Africa have been consistently recognized and noted by both domestic and international publications including Euromoney Institutional Investor PLC and S&P Global Platts.
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 MW combined-cycle natural gas electric generating facility located near Wellsville, Ohio
Alcoa Power Generating Inc. — sale of four hydroelectric power plants with an aggregate capacity of 215 MW located on the Yadkin River in North Carolina to an affiliate of Cube Hydro Partners, LLC
Arabia One For Clean Energy Investments (a project company formed by Hanwha Engineering & Construction Corporation, Ennera Energy and Arabia Trading and Consulting Company) — project development and financing of the Arabia One project, one of seven solar photovoltaic (PV) projects in Jordan (called the “Seven Sisters”) procured in Round 1 of Jordan’s renewable energy program; named “Middle East Renewable Deal of the Year, 2014” and “Middle East Overall Project of the Year, 2014” by IJGlobal Middle East
Basalt Infrastructure Partners II LP — acquisition of Detroit Renewable Energy LLC, an integrated renewable energy system comprised of Detroit Thermal, Detroit Renewable Power and Hamtramck Energy Services
Brookfield Infrastructure Group Corporation — sale of Cross Sound Cable Company, the owner of a high voltage direct current electric transmission system connecting the New England and New York power grids, to A1A Energy North America LLC, an affiliate of Argo Infrastructure Partners
Duke Energy Corporation — $2.8 billion sale of its Midwest merchant generation business to a subsidiary of Dynegy Inc., which includes ownership interests in 11 power plants with a total capacity of approximately 6,100 MW, as well as Duke’s competitive retail electric and gas business; Platts Global Energy Awards, 2015 Strategic Deal of the Year
Entergy Louisiana LLC — build-and-sale agreement to acquire the Washington Parish Energy Center, a 361 MW natural gas-fueled electrical generation plant in Bogalusa, Louisiana, from Washington Parish Energy Center One, LLC, a wholly owned subsidiary of Calpine Corporation
First Reserve Corporation — long term hedge arrangement to enable the acquisition and financing of the 298 MW Kingfisher Wind Project located in Oklahoma; named “Commodities Deal of the Year” at the 2015 Commodity Business Awards, “2015 Financial Deal of the Year” at the Platt s Global Energy Awards and “Deal of the Year” at the 2016 Energy Risk Awards
Freeport Power Limited — amended and restated offtake agreement for a combined cycle power generation facility located at Dow Chemical Company’s Oyster Creek facility
Great Plains Energy Inc. — $8.017 billion unsecured bridge loan to bridge the cash portion of the consideration for the mergers with Westar Energy Incorporated, as borrower
Great Plains Energy Incorporated — revised stock-for-stock merger of equals transaction with Westar Energy, Inc., creating a company with a combined equity value of approximately $14 billion, and with nearly 13,000 MW of generation capacity and more than 51,000 miles of distribution lines
Hydro One Limited — $5.3 billion proposed acquisition of Avista Corporation in an all-cash transaction (now terminated)
Integrys Energy Group, Inc. — $298 million sale of 100 percent of the stock of Upper Peninsula Power Company to Balfour Beatty Infrastructure Partners L.P.
InterGen — gas supply arrangements for a 1,100 MW power generation facility located in Mexico
NRG Energy, Inc. — agreement with Unilever, a leading consumer goods company, for NRG to sell 80 percent of the power from NRG's Langford Wind Farm, in order to support Unilever's pledge to move to 100 percent clean power use by 2020
Rockland Capital, LLC — acquisition of 100 percent of the equity interests in Michigan Power LP, LLC, which owns a 125 MW natural gas-fired combined cycle cogeneration facility located in Ludington, Michigan, from affiliates of ArcLight Capital Partners, LLC
Rockland Capital, LLC — $180 million acquisition of the 625 MW Lee Energy Facility in Dixon, Illinois from Dynegy Inc.
Rockland Power Partners II, LP — sale of a portfolio of more than 1,000 MW of peaking generation units in the PJM Interconnection to Lincoln Power, L.L.C., a subsidiary of Carlyle Power Partners II, L.P.
Southern Company — $469 million acquisition of a 90.1% stake in the 257 MW Wake Wind project