The Legal 500 > United States > United States > Energy transactions: conventional power

Combining market-leading private equity, capital markets, project finance and restructuring practice area strength with a heightened focus on mandates within the energy sector (precipitated by the opening of the firm's office in Houston in 2014), Kirkland & Ellis LLP has successfully positioned itself as one of the leaders within the conventional power space. On the M&A front, the team is best-known for its work on behalf of private equity sponsors and infrastructure funds on buy and sell-side mandates throughout the value chain, including as it relates to the power and transmission, infrastructure and utilities sectors. The 'excellent' Houston-based partner Andrew Calder excels in handling corporate transactional and corporate governance mandates within the conventional power space. Calder heads up a team that also includes Rhett Van Syoc - whose wide-ranging energy and natural resources corporate practice includes a significant amount of private equity-driven domestic and international M&A within the power generation space. On the finance side, the 'fantastic' Washington DC-based partner Rohit Chaudhry regularly advises lenders on power-related project development and acquisition finance mandates.

The 'excellent' team at Latham & Watkins LLP advises clients across the spectrum of power mandates, from M&A transactions and joint ventures, through to advice on development projects and development finance-related matters. The firm has particularly strong coverage out of New York on the corporate front and handles a slew of instructions for both strategic investors and private equity sponsors on M&A mandates in the power space, typically at a later stage in the value chain. David Kurzweil is global co-chair of the power group and combines expert industry knowledge with corporate structuring prowess. Kurzweil is frequently at the forefront of the most significant power M&A mandates handled by the team, including his work for Vistra Energy on its $475m acquisition of Ambit Energy. Washington DC-based partner David Schwartz  co-heads the global power offering alongside Kurzweil and is able to parlay his strong regulatory knowledge within the power sector to provide a 'very comprehensive offering' to electric generation-related clients, including as it relates to work on complex event-driven corporate transactions, the negotiation and drafting of commercial agreements and representation on standalone regulatory matters. New York-based partner Paul Kukish regularly handles power-related M&A as part of his broad-ranging private equity practice, and is another key member of the team that also includes Los Angeles-based partner Jeffrey Greenberg, who regularly handles project finance and M&A-related power mandates.

Co-headed out of Washington DC and New York by Elaine Walsh  and Michael Didriksen, respectively, and also able to tap into significant resources from the firm's Texas heartland, Baker Botts L.L.P. represents utilities, independent power producers/developers, financial institutions and private equity funds across a broad range of power-related projects, including renewables, conventional generation, transmission, battery storage, and LNG-to-power. Walsh has vast experience handling corporate transactional work within the power sector, with work spanning M&A for leading domestic power companies including NRG Energy (which she recently advised on the $175m sale of the Canal 3 gas-fired power generating facility under development in Massachusetts), as well as advice to clients relating to the development of electric generation and fuel transportation and storage projects. Houston-based senior counsel William Lamb  regularly advises utilities companies on their most strategically important M&A work, including his recent representation of Westar Energy on its $14bn stock-for-stock merger of equals with Great Plains Energy. Austin-based partner Courtney Fore  was also involved in the aforementioned transaction and has a growing reputation within the power space for corporate and private equity-led M&A, as well as on debt and equity capital raisings.

Primarily based out of the firm's New York headquarters and also benefiting from a significant West Coast presence in Los Angeles, Milbank is active across all aspects of project development and finance, power generation and energy restructurings, and greenfield development matters. Leveraging a strong overarching project and acquisition finance capability, the firm regularly advises creditor-side clients on domestic and international new money financings and restructurings, where in addition to its product expertise across the capital structure, the firm also benefits from knowledge of the complex linkages between legal, regulatory and economic issues as they relate to the power and energy industry. Daniel Bartfeld co-heads the firm's project, energy and infrastructure finance team alongside Jonathan Green and regularly handles work for lenders and borrowers in relation to financings and restructurings involving conventional power. As well as domestic work, Bartfeld also excels at multi-source financings involving a Latin American nexus; notably he has been involved in many project financed gas and oil/commodity pipelines projects running from the US to Mexico, and within Mexico itself. William Bice is another core member of the team and has expertise across the development, financing, acquisition, disposition and restructuring of power generation (conventional and renewable) and transmission projects. Special counsel Richard Hillman is also recommended. All named practitioners are based in New York.

Co-headed by 'tax equity guru' Keith Martin and financing lawyer Benjamin Koenigsberg out of Washington DC and New York, respectively, and also able to draw upon the expertise of transactional energy lawyers situated throughout the firm's vast international network, Norton Rose Fulbright's projects group is well-versed across both renewables and conventional power projects, both from a domestic and international perspective. At the vanguard of the development of the US independent power sector since its inception in the 1970s, the firm maintains strong sponsor relationships but has also successfully diversified its client roster over time to include investor and lender clients. The scope of the firm's work is broad across corporate, financing, regulatory and restructuring matters, and it is therefore well-placed to advise on deals throughout the life-cycle, from inception of the development of a project, on the operational needs thereafter and in relation to any pursuant M&A.

Benefiting from energy focused M&A and finance lawyers based in Houston and New York, in particular, and also able to tap into significant regulatory capacity out of Washington DC, Orrick, Herrington & Sutcliffe LLP is well-placed to advise a balanced roster of stakeholders, including independent power producers, investors, and producers, across a myriad of mandates relating to the development, financing, sale and purchase of assets in the electricity space. Houston-based global head of the firm's energy and infrastructure group Blake Winburne has significant experience in the electric power sector (including fossil fuel-fired, simple and combined cycle and cogeneration generating facilities) and regularly handles work for large energy companies and private equity firms on M&A transactions, running the gamut from development stage assets through to fully operational facilities. Former co-head of the power group Tara Higgins joined Sidley Austin LLP in March 2019.

Able to marshal the resources of lawyers within the firm's broad-based market-leading private equity and banking practices, the energy and infrastructure practice group at New York powerhouse Simpson Thacher & Bartlett LLP, which is headed by David Lieberman, provides a 'strong and highly competent service' to funds, utilities, banks and independent power producers across the spectrum of power-related corporate and financing work. Work includes financing and M&A mandates relating to electric power and transmission, pipelines and infrastructure. The firm is, however, best-known for its ability to handle big-ticket utility consolidations, as well as later stage private equity acquisitions. Brian Chisling is a key member of the team and provides M&A, capital markets and banking expertise to a wide range of stakeholders in the power sector.

At the cutting-edge of project and acquisition finance techniques within the power industry for an impressive roster of commercial banks, including BNP Paribas and Credit Agricole, and also very active on the M&A front for sponsor clients, including Carlyle Power Partners and I Squared Capital, White & Case LLP appears with great regularity on many of the most significant transactions in the sector. Nandan Nelivigi heads up the firm's energy, infrastructure and project finance team and has an excellent pedigree handling financing and M&A mandates, both domestically and internationally, particularly on matters with an Indian nexus. The 'very experienced and commercial' Arthur Scavone is a well-known figure in the project finance space and as part of his broad-ranging practice has a particular niche advising lead arrangers in term loan B transactions in the US power sector. Michael Shenberg has a strong reputation among financial and strategic investors on M&A mandates within the electricity sector, both in relation to the acquisition/sale of large portfolios and single-asset deals. All named practitioners are based out of New York.

Led out of Houston by Ryan Holcomb and also able to call upon the transactional expertise of practitioners based out of New York and Washington DC, Bracewell LLP's power group is well-placed to advise utilities, independent power producers, retail and wholesale power companies on corporate and financing transactions throughout the value chain. In addition to the firm's transactional prowess, clients also benefit from a high degree of regulatory expertise, adding value on standalone issues as well as M&A transactions in the regulated utilities sphere. The team also has a niche advising on power trading matters, where it is able to deploy the expertise of numerous practitioners with former in-house experience at commodities trading businesses.

Benefiting from longstanding relationships with several energy utilities, including Dominion Energy, McGuireWoods LLP provides 'practical and knowledgeable' advice on some high-profile M&A in the sector. 'Very dynamic' Richmond-based partner Joanne Katsantonis is well-versed at handling M&A and financing work for a range of stakeholders, including utilities, independent power producers and infrastructure funds. Katsantonis handles a significant volume of work for core client Dominion Energy, including her recent representation of it on its $13.4bn merger with South Carolina-based SCANA Corporation. Baltimore-based partner Brian Kelly  co-heads the firm's power transactions team and provides 'strong leadership and great advice' across a range of M&A and finance transactions, including in relation to hedging and trading activities.

Strengthened in April 2019 by the arrival of a three-partner energy transactions team, led by the 'extremely knowledgeable' John Klauberg , from Bracewell LLP, Morgan, Lewis & Bockius LLP has an increasingly compelling offering in the conventional power sector. The arrival of Klauberg,  who is praised for his 'incomparable understanding of the issues and complexities' associated with power and utilities M&A, enhances the firm's existing strong project development finance offering for a primarily developer aligned client base. Boston-based partner Richard Filosa co-heads the firm's project finance, infrastructure and natural resources team alongside Klauberg and has a strong reputation across the project life cycle, from initial project structuring, development, and permitting through to the negotiation and closing of construction and permanent financing arrangements. Also based in Boston, Michael Müller has a growing reputation in the market for lenders, funds, developers and equity investors across a range of conventional power project financings.

Combining industry and product knowledge, Vinson & Elkins LLP's multi-disciplinary offering -  which utilizes experts from across the firm's M&A, project development and finance, regulatory and tax groups -  provides a very comprehensive service to a wide range of clients, including electric generating, transmission, and distribution utilities, independent power producers, financial institutions, power traders, and private equity and venture capital investors. Houston-based team head Trina Chandler is the cornerstone of the firm's power transactional practice and is regularly at the forefront of the most significant M&A, joint ventures and finance transactions in the space, including her recent work for Riverstone Holdings on the formation of a new European independent power producer, Onyx Strategic Investment Management I BV, and its subsequent acquisition of a fleet of coal-and biomass-fired power stations from affiliates of ENGIE. Kaam Sahely is also based in Houston and regularly handles conventional power work as part of his broad-ranging transactional energy practice.

Led from Chicago and New York by James O’Brien and Clyde Rankin respectively, Baker McKenzie LLP's projects team has a strong reputation in the market for the development and financing of power projects, including advice on corporate structures regarding power plant ownership and operation. Although the team handles a significant amount of purely domestic work, for a primarily developer focused client base, its sweet-spot is in relation to handling big-ticket international power projects, where it is effectively able to collaborate with lawyers from across the firm's extensive global network of offices.

Led out of Washington DC by Jeffrey Schroeder  and aided by a strong domestic footprint, which includes key offices in Houston, Richmond and New York, Hunton Andrews Kurth LLP's energy and infrastructure practice has the strength-in-depth to handle a significant volume of mandates relating to the financing, development and acquisition of conventional energy projects and portfolios. A balanced roster of clients, including commercial banks, institutional lenders, export credit agencies, end-users and strategic investors, ensures that the firm has a 360 degree view of the commercial realities of any given deal. As well as its prowess on the financing and M&A front, the firm is also able to tap into the expertise of environmental, tax, real estate, litigation and regulatory lawyers, ensuring that it is able to provide a holistic service across the life cycle of any given project.

'Very experienced across all facets of energy transactions', K&L Gates provides 'proactive and practical advice' across the spectrum of M&A, project development, financing and joint venture structuring relating to both conventional and renewable sources of energy. The team also has an 'excellent insight into where markets are trending', and perhaps most notably this manifests itself in its leading edge work for numerous large corporate end users in relation to their increasing willingness to step directly into the energy supply stream. David Hattery and William Keyser co-head the power practice out of Seattle and Washington DC, respectively, with Hattery appreciated by clients for his 'experience and knowledge in both the renewable and thermal energy industry'. 

Combining 'best in class FERC knowledge and experience' with corporate, capital markets and commercial expertise, Paul Hastings LLP provides a very rounded service to a range of clients, including private equity firms, sovereign wealth funds and public corporations. 'Efficient and knowledgeable' Washington DC-based corporate partner William DeGrandis personifies the firm's strength at the overlap between regulatory and transactional work, and regularly advises clients on regulatory and transactional matters relating to restructuring and open access transmission matters, including Regional Transmission Organization and Exempt Wholesale Generator issues.

Benefiting from 'amazing touch points within the industry across all types of projects and counterparties', Winston & Strawn LLP provides 'tremendous knowledge' to funds, strategic investors, institutional investors and financial institutions in relation to M&A and financings associated with conventional power and generation matters. Spearheaded by Richard Shutran, the firm's New York office is the primary location for conventional power work, with Jonathan Birenbaum  and Tara Greenberg particularly appreciated for their 'knowledge across all aspects of projects, from investing to contract review, debt and equity'. San Francisco-based partner Joe Karp co-heads the energy practice group alongside Shutran, and has more of a renewables focus to his work in the power space.

Led out of New York by Kent Rowey, and able to leverage a huge international network, as well as deeply entrenched firmwide lender relationships, Allen & Overy LLP's six-partner projects, energy, natural resources and energy group's core strength lies in its ability to resource large cross-border financing mandates in the conventional power sector. A significant amount of the financing work handled by the team in the power generation space is underwritten by export credit agencies and development banks, particularly as it relates to Latin America work. New York-based partner Dorina Yessios frequently takes the lead on conventional power-based project financings with a Latin American nexus, while the return of Jean Lee to the firm's Washington DC office, following a five-year stint in the firm's Seoul office, further bolsters the US team's strength in relation to export credit agency project finance work.

Led from Houston by Jeffrey Schlegel and aided by numerous M&A and finance lawyers diffused throughout the country, Jones Day's energy team advises electrical utility providers, transmission entities, independent power producers and developers across the full range of corporate and commercial contracts associated with conventional power projects. The firm's capacity in the area was, however, weakened somewhat by the departure in January 2019 of Gerald Farano to Gibson, Dunn & Crutcher LLP.

Although Mayer Brown previously handled some power-related M&A and financing work by dint of its cross-sector transactional strength, its focus in the space was galvanized at the beginning of 2019 by the arrival of New York-based partners Elena Rubinov and the 'very commercial' Frederick Lark from Bracewell LLP. Both partners have an excellent track record and have handled a plethora of high-profile M&A mandates for utilities companies and infrastructure funds in the power sector.

Although it has less of a pure conventional power focus than many of the firms in the rankings, Pillsbury Winthrop Shaw Pittman, LLP has successfully carved out a niche for itself acting as designated underwriters' counsel for energy companies on their capital markets activity. Spearheaded by New York-based partners Jeffrey Delaney and David Baxter, the scope of the firm's energy-related capital markets activity is broad and includes securing a variety of commoditized and highly structured debt financing on behalf of many utility companies.

Primarily based out of the firm's New York office and also able to leverage international resources from across the EMEA region, Shearman & Sterling LLP is well-placed to advise strategic investors, funds, and lenders across the spectrum of domestic and cross-border power projects from a finance, M&A and restructuring perspective. The firm is particularly strong at handling project finance-related work for commercial lenders, as well as development banks and multilateral institutions. New York-based partner Gregory Tan is one of the primary contacts.