Power & Utilities M&A - McDermott Will & Emery

Power & Utilities M&A


Companies in the power and utilities sector operate in a complex environment. Not only are they subject to expansive regulation at the federal, state and local level, but they need to be responsive to stakeholders’ concerns regarding public interest, including with respect to cleaner energy production, increased demand for more renewable resources and shifting climate change policies. They also need access to capital to address the ever-increasing investments necessary to meet operational, regulatory and stakeholder requirements. M&A transactions in this sector are often carefully structured to address the foregoing factors, and against this backdrop, our highly experienced team helps clients understand and navigate the issues that frequently arise in these transactions.

Our team’s experience allows us to work closely with our clients’ deal teams on all phases of the transaction, including bidding strategies, transaction structures, due diligence, environmental, regulatory and tax concerns and transaction execution. We are also well-positioned to advise on the numerous legal issues that may arise in these types of transactions as our M&A lawyers leverage the substantial experience of their colleagues across the Firm, such as those in regulatory, tax, employee benefits, labor, environmental, real estate, finance, intellectual property, technology, competition and antitrust, in our full complement of transaction practices.

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  • Represented Agera Energy in historic Chapter 11 Case, navigated highly regulated landscape to close complex Section 363 Sale to Exelon Generation
  • Advised Algonquin Power & Utilities in the acquisition of a 51% interest in four wind farms totaling 845 MW of capacity in Texas from RWE, two of which wind farms were operating and two were under development in Texas. Representation included full diligence on the assets, assistance during competitive bidding process, acquisition documentation, negotiation of LLCA with RWE, and structuring liability sharing issues relating to tax equity and other investors.
  • Represented Agera Energy, in the sale of a portfolio of its retail electric and natural gas contracts serving residential, commercial and industrial customers in 16 states, to Exelon Generation, pursuant to a Section 363 Sale as part of Agera Energy’s Chapter 11 Case
  • Advised Argo Infrastructure Partners LLC in its $514 million acquisition of Macquarie Infrastructure Corporation’s Hawaii businesses, which comprise a combined regulated gas utility and unregulated distributor of propane and several smaller businesses, including controlling interests in two solar facilities

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