Kyle W. Drefke is the Office Leader in Washington, D.C. His practice focuses on advising energy industry participants in a wide range of financing, project development, and corporate transactions.

Financings. Kyle has represented clients in domestic and international financings, including syndicated credit facilities, private placements, and registered securities offerings. Representative matters include representation of:

  • borrowers in dozens of syndicated credit facilities;
  • issuers of billions of dollars of debt securities in registered, Rule 144A and 4(a)(2) offerings;
  • a Texas utility in the development and implementation of an innovative “floating lien” first mortgage indenture as part of the refunding of all long-term indebtedness of the utility;
  • a Minnesota generation and transmission cooperative (G&T) in a $1.4 billion Rule 144A debt offering, the largest-ever capital markets offering by a G&T;
  • a North Dakota G&T in a $1.5 billion global private placement, the largest-ever private placement by a G&T;
  • an investor-owned utility in the implementation of a new first mortgage indenture and an accompanying $640 million syndicated credit facility as part of a financial restructuring of the company;
  • a G&T in a $350 million private placement of long-term debt securities to finance the construction of its undivided ownership interest in a coal-fired generation facility; and
  • a federal power agency in lease-purchase transactions for natural gas-fired combined cycle facilities in Mississippi and Tennessee.

Power Purchase Arrangements. Kyle has extensive experience in the development and structuring of long-term power purchase agreements with respect to thermal (nuclear, coal and natural gas) and renewable generation facilities, including:

  • a power supplier in a 850 megawatt long-term power sales arrangement with two aluminum smelters in Kentucky;
  • a Texas utility in a request for proposals for firm, wind and solar energy and related contracts; and
  • an Oklahoma utility with respect to the restructuring of its power supply arrangements to include long-term supplies of conventional, wind and solar energy.

M&A and Corporate. Kyle has represented clients in mergers and acquisitions, auctions, joint ventures, corporate restructurings and other general corporate matters, including representation of:

  • a major US renewable developer in the acquisition of the development assets of a Maine wind project;
  • three cooperatives in the separate purchases of the Virginia electric distribution assets of two investor-owned utilities;
  • the negotiation of the acquisition of coal and natural-gas fired and renewable energy generation facilities; and
  • a leading renewables developer in a joint venture with two other leading renewables developers.

Project Development and Ownership. Kyle has represented clients in various matters relating to the development, construction, ownership and operation of electric generation facilities in the United States, South America and Europe, including representation of:

  • the unregulated subsidiary of an investor-owned utility in the negotiation of joint ownership arrangements relating to construction of a natural gas-fired combined cycle facility in Missouri;
  • an independent power producer in the development and construction of a natural gas-fired combustion turbine facility in Colombia; and
  • a Japanese equity investor in wind-powered generating facilities in Italy.

DOE Funding. Kyle has represented clients obtaining substantial financing from the U.S. Department of Energy, including:

  • a public power authority in a $1 billion+ DOE loan guarantee to finance its undivided interest in two new nuclear generation units;
  • an automotive company in a $528 million DOE loan guarantee for the development of a next-generation electric vehicle; and
  • a major global conglomerate in the negotiation of a DOE grant to fund construction of a U.S. manufacturing facility.

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