White & Case advises Calpine on $1.5 Billion of senior notes offerings

Global law firm White & Case LLP has advised Calpine Corporation on the private placement of $650 million in aggregate principal amount of its 4.625% senior notes due 2029 and $850 million in aggregate principal amount of its 5.000% senior notes due 2031. Each offering was upsized at pricing from an initial tranche size of $500 million. White & Case also advised on concurrent tender offers to repurchase and redemptions of the company’s 5.550% senior notes due 2024 and 5.750% notes due 2025.

Calpine is America’s largest generator of electricity from natural gas and geothermal resources and one of the largest retail providers of power.

The White & Case Capital Markets team was led by partners Gary Kashar and Andrew Weisberg, and included partner David Dreier, counsel Isaac Tendler and Heidi Schmid, and associates Abigail Simon, Cesar Briceno Lopez, Kate Warrick, Ami Shin, Appy Ali, Kyle Ezzedine and Robin Heszkel (all in New York).

Eversheds Sutherland advises Ball Corporation on VPPAs

Eversheds Sutherland is pleased to announce that it represented client Ball Corporation (Ball) in two virtual power purchase agreements (VPPAs) to further the company’s progress in achieving 100% renewable energy in Europe.

The two VPPAs were for wind developments in Sweden and Spain, specifically for the Corral Nuevo project with wpd and for the Brattmyrliden project with Falck Renewables – for a total of 93.4 megawatts (MW) of additional wind energy. They will allow the company to address approximately 63% of the European electricity load utilised in its aluminium beverage packaging plants (excluding Russia) with new renewable energy.

Eversheds Sutherland Global Energy Partner Ram C. Sunkara (US) and Counsel Joshua L. Belcher (US) led the transaction. They were assisted in Europe by a team led by Partner Jean-Pascal Boutin (UK), Counsel Marta Vizcaíno Martín (Spain) along with Senior Associate Ben Brown (UK).

The transaction highlights Eversheds Sutherland’s ability to seamlessly negotiate and execute VPPAs and PPAs for corporate off takers across multiple domestic and international jurisdictions.

The two developments will collectively enable Ball to reduce its Scope 2 greenhouse gas emissions generated in Europe by approximately 60% compared to 2019, equivalent to the carbon reduction that would be provided by removing more than 47,000 passenger vehicles from the road annually. Scheduled to come online in 2021, Ball’s share of the Corral Nuevo and Brattmyrliden wind projects will generate nearly 308,000 megawatt hours (MWh) of renewable electricity in Europe each year—equivalent to the electricity load of approximately 10 Ball beverage packaging plants.

About Eversheds Sutherland’s Global Energy Group

For more than four decades, Eversheds Sutherland’s Global Energy Group has been counselling energy clients in guiding their businesses through an ever-changing landscape. With more than 300 energy and infrastructure lawyers located in business, financial and policy capitals throughout Africa, the Americas, Asia, Europe and the Middle East, Eversheds Sutherland has the in-depth industry knowledge, deep resources and expansive reach necessary to compete in today’s global energy markets.

Eversheds Sutherland’s clean energy and sustainability lawyers work daily in the industry, and are leading the way on the energy transition dialogue. From the 20% renewable energy target set by the European Council, to federal tax incentives in the US, to global corporations’ sustainability initiatives, to the government-imposed bidding process for Chinese wind projects, the market is always changing, and we can advise on this ever-evolving landscape.

Anita Horváth appointed co-head of the Europe energy group

We are delighted to announce the appointment of partner Anita Horváth as co-head of the Europe energy group. Serving alongside fellow co-head, Arek Krasnodębski, she will focus on further developing our transactional work within the energy sector.

Anita is among the premier lawyers advising on complex domestic and cross-border M&A, joint ventures and private equity transactions in Hungary and the region, due to her excellent international reputation, clients increasingly call on her to lead multijurisdictional transactions. In addition to her regional appointment, Anita has also recently been named co-head of our Corporate and M&A practice in Hungary, alongside Rob Irving.

We congratulate Anita on her appointment, and wish her continued success in her new roles.

About Dentons

Dentons is the world’s largest law firm, delivering quality and value to clients around the globe. Dentons is a leader on the Acritas Global Elite Brand Index, a BTI Client Service 30 Award winner and recognised by prominent business and legal publications for its innovations in client service, including founding Nextlaw Enterprise, Dentons’ wholly owned subsidiary of innovation, advisory and technology operating units. Dentons’ polycentric approach, commitment to inclusion and diversity and world-class talent challenge the status quo to advance client interests in the communities in which we live and work.

Pinsent Masons advises Flogas Ireland on latest acquisition

Multinational law firm Pinsent Masons has advised Flogas Ireland, a subsidiary of DCC plc, on its entry into Northern Ireland with the acquisition of Budget Energy.

It marks the largest investment that Flogas has made in Ireland into the growth of its energy business and will enable its expansion into the residential and commercial electricity market in Northern Ireland where it has been operating for over 30 years in the liquefied petroleum gas (LPG) and more recently, the commercial natural gas market.

Budget Energy is one of Northern Ireland’s leading electricity suppliers. In recent years it has contracted with a strong portfolio of local renewable energy generation across solar, wind and anaerobic digestion sources. This renewable generation will be a key contributor to Flogas’s sustainability strategy. Budget Energy, which trades as BE Energy in the Republic of Ireland (ROI) has over 90,000 customers.

Commenting on the deal, Andrew Kerr said, “A deep rooted understanding of Ireland’s highly competitive energy retail sector and increasing regulatory demands enabled us to successfully bring this transaction into fruition. This is an extremely significant acquisition for Flogas and is closely aligned with its long term strategy to become one of Ireland’s leading all-island energy suppliers.”

Pinsent Masons advised Flogas on all aspects of the acquisition and was led by Andrew Kerr and Lisa Early with support from Danielle McKeefry, Dorian Rees, Laura McCrea and Craig Patterson.

The deal marks another important milestone in Pinsent Masons’ long standing relationship with DCC plc. Last year, the firm advised DCC Vital in its sale of Kent Pharmaceuticals.

Pinsent Masons advises WElink on 133 MW Puerto Real 1 sale

Multinational law firm Pinsent Masons has advised WElink Group, a leading international provider of renewable energy and low-carbon construction solutions, on its sale of the 133 MW Puerto Real 1 project in Spain.

Asset manager Capital Dynamics acquired a 100% equity stake in the project through its subsidiary Clean Energy Infrastructure business located in Cadiz, southern Spain.

The project site is located in Cadiz province in the Spanish southern region of Andalusia, and the solar farm is scheduled to start commercial operations in the first quarter of 2021. Once operational, the Puerto Real 1 project is estimated to reduce greenhouse emissions by over 175,000 metric tons– the equivalent of emissions produced by 38,000 passenger vehicles driven for a year or the electricity to power almost 30,000 homes for a year. Over the lifetime of the project, the site will employ up to 300 workers, many from the local area.

Pablo Dorronsoro, Head of Energy at Pinsent Masons Madrid office who led the sale, explained, “It’s been a pleasure for us to have supported WElink on this strategic transaction in the Spanish market. This transaction represents the relevance of Spanish renewables for the international investors and the growing interest within such an active market.”

Andrew Dodge, Director of Investments and Transactions Europe at WElink, commented that, “Puerto Real is a significant transaction for WELink as it represents a key milestone in the Spanish market as a subsidy free project. The performance of Pinsent Masons Madrid team has been exemplary especially in light of the significant restrictions imposed by the global pandemic. Their commitment, hard work and resourcefulness was instrumental in ensuring this transaction completed just prior to the lockdown.”

The Pinsent Masons Madrid team advised WElink in all related matters of the project, including: (i) preparing and updating due diligence report, (ii) regulatory advice necessary for the development of the project and the project agreements, (iii) interconnection agreement and incorporation of EIG; (iv) expropriation procedures, (v) real estate matters. The firm also advised WElink in its previous acquisition of the project from Ansasol, and its development until RTBS.

Partner Pablo Dorronsoro led the transaction working closely with Partner Idoya Arteagabeitia; Senior Associates Marta Salazar and Gabriela Camuñas; Associates Javier Alagón, Olimpia Ortega and Mar Cabrera and Lawyer Pedro Gila.

Pinsent Masons advises HZI on its first Energy from Waste Plant

International law firm Pinsent Masons has advised HZI on the development of the A$511 million East Rockingham Resource Recovery Facility in Western Australia.

The East Rockingham Resource Recovery Facility Project, which will be Australia’s second ‘energy from waste’ plant (EfW), is set to go into operation by the end of 2022. Pinsent Masons is advising Swiss cleantech company Hitachi Zosen Inova (HZI) as developer, part-owner, co-operator and EPC joint venture contractor of the plant, which is the company’s first EfW plant in Australia.

The plant will process 300,000 tonnes of municipal and industrial waste a year to generate 28.9 MWe of energy into the grid. Construction is scheduled to begin at the beginning of January 2020.

The project was developed by a consortium consisting of HZI, New Energy Corporation and Tribe Infrastructure. The contract to design, build and commission the plant was awarded by the project shareholders to an EPC consortium formed by Acciona and HZI.

Commenting on the deal, energy and infrastructure partner, Anthony Arrow, said the project supports HZI’s reputation as a global leader in the energy from waste market. “We are pleased to have worked alongside HZI on their first project in Australia, which will bring enormous waste management benefits for the environment and at the same time generate electricity.”

“This work also demonstrates our team’s strength in the energy sector. Our focus continues to be on the changes and latest advancements in the industry, from both a global and local perspective, which is why we’re able to deliver practical legal advice to energy clients operating anywhere.”

HZI was supported by a Pinsent Masons cross-border team, with involvement across each of our Perth, Melbourne, Sydney and Birmingham offices. The Australia team acting on the transaction included partner Anthony Arrow, partner George Varma, special counsel Catherine Bendeich, special counsel Katie Joukadjian, legal director Ed Kelly, associate Toby Evans, associate Cameron Reid, lawyer Susan Xu and graduate lawyers Jesse Chen, Lydia Holt and Nicola Macrow on project advisory and the EPC contract; partner Jeremy King and lawyer Shubho Mukherjee on project financing; partner Bill Ryan and lawyer Chris Zhang on risk advisory; and partner Brian Scott, associate Lucy Carter and lawyers Lisa Meyer and Ananya Mittra on corporate-related matters. Support from the UK team was led by partner Didar Dhillon.