Orrick advised GE Energy Financial Services in the sale of a partial stake in the CPV Towantic Energy Center to a subsidiary of Ullico Infrastructure Master Fund, L.P.
The CPV Towantic Energy Center is a 785MW combined-cycle, gas-fired power project located in Oxford, Connecticut. Ullico will purchase a 13.7% stake in project from GE EFS, which will still hold a 35.3% stake following the sale. The remaining 51% of CPV Towantic is owned by Competitive Power Ventures. When completed, the project will supply power needed for approximately 800,000 homes, using advanced, high efficiency gas turbines supplied by GE.
The Orrick team was led by energy and infrastructure partner Tara Higgins and included Kristin Seeger, Chris Hutchison and John Grant, along with Adam Wenner and Cory Lankford on energy regulatory issues, John Narducci and James Larkin on tax matters, Robert Lawrence and Zachary Huey on environmental and permitting, James McQuade and Herbert Levine on labor issues, Jason Flaherty on ERISA matters, and Michelle Conde on debt-related diligence issues.