Energy and Project Finance

AIG Highstar Capital

Represented AIG Highstar Capital, L.P. in the $849 million sale of its Southern Star Central Corp. multistate gas pipeline system to a joint venture between GE Energy Financial Services and Caisse de depot et placement du Quebec (CDP). The sale price reflected a “value gain” of over 80% within a three year period.
 
Astoria Energy II

Represented Astoria Energy II and Astoria Project Partners II in connection with the development and financing of its new 540 MW combined cycle natural gas-fired electric generation facility in New York City. Astoria Energy II has a 20 year tolling contract with New York Power Authority. Capital costs estimated to be approximately $1.5 billion. Named 2009 Americas Power Deal of the Year by Project Finance International.

Astoria Energy

  • Represented Astoria Energy as developer in a complex refinancing of the construction financing of a 500 MW gas fired power plant currently under construction in the Astoria section of Queens involving $725 million in long-term financing in the form of bank loans and over $100 million in letters of credit to support contractual obligations to contract counterparties, debt service reserve requirements and working capital needs. Named as 2004 North American Single Asset Deal of the Year by ProjectFinance magazine.
  • Represented Astoria Energy as developer in all aspects of the permitting, development and financing of a $983 million 500 MW gas-fired electric generation plant in Astoria section of New York City. This complex transaction involved $700 million in debt financing funded in the B Loan market and $283 million in equity financing provided from several different sources and incorporated several unique features including a conduit financing structure involving the Liberty Development Corporation and the credit enhancement of the EPC contractor’s obligations.
  • Represent Astoria and sponsors in contested Federal energy regulatory proceedings and compliance matters, including upstream-interest changes and FERC “affiliate” and market-power compliance.
BioEnergy

Represented BioEnergy in connection with development and finance matters related to an approximately 100 million gallon per year corn based ethanol facility in Clearfield, Pennsylvania. $265 million financing closed February 2008 with $140 million multitranche bank loan facility agented by WestLB and TD Banknorth, $65 million tax-exempt bond financing, and various state loans and grants. Equity is provided by a group of hedge funds led by Plainfield Asset Management.

Energy Investors Funds (EIF)
  • Represent EIF as developer and 100% owner in a $400 million 400 MW electric generation facility in Fresno, Calif. Successfully closed project financing with BNP Paribas serving as sole underwriter for the senior secured bonds raised to finance the construction of the project. The Panoche Energy Center project has a 20-year offtake contract with PG&E for 100% of the capacity and electricity generated by this plant.
  • Represented Energy Investors Funds as acquirer, on all energy regulatory and
    co-investment matters, of interests related to the Calypso group of projects, which includes 14 plants across the U.S. (total 2,231 MW) managed by Cogentrix, one of the largest global independent power developers. Calyon served as sole underwriter for the term loan and revolver used to finance the $840 million project. Named 2007 North American Portfolio Power Deal of the Year by ProjectFinance magazine.

GE Energy Financial Services (GE EFS)

  • Representing GE EFS in the equity financing of the Shepherds Flat wind power portfolio, consisting of three projects with a combined capacity of up to 845MW located in Oregon with offtake contracts with Southern California Edison. GE EFS's total investment is estimated to be up to approximately $1 billion, and total capital costs are estimated to more than $1.5 billion.
  • Represented GE EFS as tax equity investor in connection with the $840 million financing of a 334.5 MW portfolio of three wind power projects developed by
    Noble Environmental Power and located in upstate New York. Named 2008 North American Renewable Deal of the Year by ProjectFinance magazine; 2008 Best Renewables Deal by Power Finance & Risk magazine; and 2008 Americas Renewable Deal of the Year by Project Finance International.
  • Represented GE EFS as tax equity investor in the $600 million financing of a 285 MW portfolio of four wind energy projects developed by Noble Environmental
    Power and located in upstate New York. Named 2007 North American Renewable Deal of the Year by ProjectFinance magazine and 2007 Americas Environmental Deal of the Year by Project Finance International.
Kleen Energy Systems, LLC

Represented Kleen Energy Systems, LLC and Energy Investors Funds in connection with project development and debt and equity transactions valued at more than $1.3 billion for the construction and long term financing of Kleen’s 620 MW dual fuel fired electric generation project in Middletown, Connecticut. Kleen has a 20-year capacity sales contract with Connecticut Light and Power. Successfully closed financing involving a syndicate of more than 20 financial institutions, arranged by Goldman Sachs Credit Partners. Named 2008 North American Single Asset Power Deal of the Year by ProjectFinance magazine.