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Eversheds Represents CCI in Sale of NorTex Midstream Partners

Eversheds Sutherland is pleased to announce that it is representing client Castleton Commodities International LLC (CCI) in its sale of NorTex Midstream Partners (NorTex or the Company), a Houston-based natural gas storage and transportation company, to private equity firm Tailwater Capital (Tailwater).

Founded in 2007, NorTex provides revenue optimisation and asset reliability solutions for utilities and power generation facilities in North Texas through strategically located natural gas storage and transmission. The Company operates the largest portfolio of non-utility gas storage facilities in North Texas. NorTex’s asset base includes 36 Bcf of depleted reservoir working gas capacity, 83 total miles of natural gas transportation pipelines, as well as the Tolar Hub – the largest natural gas hub in North Texas. NorTex’s storage facilities have operated consistently for nearly 60 years, serving as critical infrastructure for the greater Dallas-Fort Worth market.

CCI is a global energy commodity merchant with integrated businesses focused on marketing, merchandising, and trading commodities, and the ownership, operation and development of commodities-related infrastructure and upstream assets.

Partner Ram C. Sunkara led the Eversheds Sutherland team in this transaction, with assistance from Partners M. Hill Jeffries, Meredith O’Leary, Lance J. Phillips, Amish M. Shah, Michael J. Voynich, Counsel Ronnie Dabbasi, Graham R. Green, Kyle E. Wamstad and Associates Katherine E. Dugat, Kyle J. Hayes, Michael M. Petrov, Alyssa N. Walker and Kathryn V. Wymer.

About Eversheds Sutherland

As a global top 10 law practice, Eversheds Sutherland provides legal services to a global client base ranging from small and mid-sized businesses to the largest multinationals, acting for 75 of the Fortune 100, 68 of the FTSE 100 and 113 of the Fortune 200.

With more than 3,000 lawyers, Eversheds Sutherland operates in 68 offices in 32 jurisdictions across Africa, Asia, Europe, the Middle East and the United States. In addition, a network of more than 200 related law firms, including formalised alliances in Latin America, Asia Pacific and Africa, provide support around the globe.

Eversheds Sutherland provides the full range of legal services, including corporate and M&A; dispute resolution and litigation; energy and infrastructure; finance; human capital and labour law; intellectual property; real estate and construction; and tax.

Eversheds Sutherland is a global legal practice and comprises two separate legal entities: Eversheds Sutherland (International) LLP (headquartered in the United Kingdom) and Eversheds Sutherland (US) LLP (headquartered in the United States), and their respective controlled, managed, affiliated and member firms. The use of the name Eversheds Sutherland is for description purposes only and does not imply that the member firms or their controlled, managed or affiliated entities are in a partnership or are part of a global LLP.

Eversheds Sutherland advises Element Markets in recent acquisition

Eversheds Sutherland is pleased to announce that it represented client Element Markets, the leading independent marketer of renewable natural gas (“RNG”) and environmental commodities in North America, in a majority interest sale to The Rise Fund, a global impact investing platform managed by alternative asset firm TPG.

The acquisition of Element Markets represents The Rise Fund’s second investment in the climate transformation and renewable energy space within the past six months.

“We would like to thank Ram and the entire Eversheds Sutherland team for helping us navigate this highly complex, transformative transaction and for consistently providing excellent service throughout the fast-paced process,” said Randall Lack, Founder & Co-President of Element Markets.

Partner Ram C. Sunkara led the Eversheds Sutherland team with assistance from Partners Vlad M. Bulkin, Peter A. Fozzard, Michael A. Hepburn, M. Hill Jeffries, Susan G. Lafferty, Lance J. Phillips, Amish M. Shah, William E. Sheumaker, Michael J. Voynich, Scott Wright, Counsel Jackson M. Allen, Ronnie Dabbasi, Graham R. Green and Associates Maximillian R. Licona, Michael M. Petrov, and Kathryn V. Wymer.

Founded in 2005, Houston-based Element Markets uses differentiated environmental and market expertise to play a leading role in markets for low carbon fuel standard (“LCFS”) credits, renewable identification numbers (“RINs”), emission credits, and carbon credits.

Element Markets is a leading provider of greenhouse gas reductions via offsets and renewable natural gas to several Fortune 100 companies. The company has transacted over 50,000,000 tonnes of greenhouse gas credits and represents over 20% of the North American RNG to transportation market and is the primary cellulosic (D3) RIN supplier to two of the largest US refiners. By working with clients to find a cost-effective approach to environmental compliance, Element Markets has also become the largest regional marketer of emission credits in the United States.

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.