© 2017 The Texas Lawbook.
By Natalie Posgate
(April 13) – A group of Houston King & Spalding lawyers said Wednesday that they advised the Japanese Sojitz Corp. in its acquisition of a 33 percent equity stake in the Birdsboro Power Plant, a Philadelphia-area natural gas-fired combined-cycle power generating facility near the Marcellus Shale.
The project marks Sojitz’s first large-scale power plant investment in North America. Sojitz bought the 33 percent stake from a fund managed by Ares EIF Management.
Sojitz turned to Houston energy partner Ken Culotta as well as King & Spalding’s Tokyo office managing partner to lead its end of the investment. Other Houston attorneys on the King & Spalding deal team included partners John Crespo and Angus McFadden, counsel Adrian Talmantes and Monica Hwang and associate Evan Korngold. Attorneys from the firm’s New York, Charlotte and Washington, D.C. offices were also involved.
King & Spalding has handled previous transactions for Sojitz in the energy in infrastructure sectors.
The plant is expected to begin commercial operations spring 2019. It will supply energy in the Pennsylvania-New Jersey-Marland Region (PJM).
Financial terms of the project were not disclosed.
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