Chadbourne Advises Macquarie Infrastructure Partners on New 940 MW Power Project

Global Business April 7, 2016

Chadbourne & Parke LLP advised Macquarie Infrastructure Partners on the acquisition and financing of the Lordstown Energy Center (LEC), a 940 MW combined-cycle gas turbine electric power generation facility. The LEC site is situated approximately 50 miles southeast of Cleveland, Ohio, in the village of Lordstown.

Under the terms of the transaction, Macquarie will provide 73 percent of the equity investment and Siemens Financial Services will provide the remaining 27 percent. A consortium of banks, led by Industrial and Commercial Bank of China, Crédit Agricole, Bank of America Merrill Lynch and Investec, will provide the US$445 million term debt to fund the construction. The developer of the project, Clean Energy Future, will retain an interest in the project. Siemens will act as the Engineering Procurement Construction contractor and provide the gas turbines, a steam turbine, and generators. Power produced by LEC will be delivered into the PJM market, which serves more than 60 million customers.

The Chadbourne team included partners Rohit Chaudhry, Robert Eberhardt, Allen Miller, Robert Shapiro, William Cavanagh and Marjorie Glover, counsel Scott Bank, Sue Cowell, Caileen Gamache, Monika Szymanski and Christy Rivera, associates Mangesh Dhume, Patrick Narvaez, Chris Vale, Richard Wright, Richard Waddington, Rahwa Gebretnsaie, Christine Brozynski and Séverine Losembe, and paralegal Pamela Villacis.  

Chadbourne ranked as the #1 legal adviser for global oil and gas projects, and #1 for project finance transactions in North America in 2015, according to research prepared by IJGlobal. The firm was recently named a "Project Finance Group of the Year" by Law360, marking the second consecutive year that the group has received this honor. Chadbourne has been particularly active representing sponsors and lenders in the acquisition, development and financing of US natural gas-fired power projects, having recently advised on transactions for the Bayonne Energy Center in New Jersey, the Carroll County Energy Project in Ohio, the Salem Harbor Power Station in Massachusetts, the St. Charles Energy Center in Maryland, the Woodbridge Energy Center in New Jersey and the Caithness Long Island power project.

About Chadbourne & Parke

For more than a century, Chadbourne & Parke has counseled innovators around the world. We are a full-service law firm that leverages the extraordinary talent from our 11 international offices to offer the highest caliber client service in more than 80 countries and across every region on the globe. Today, we are recognized internationally for our groundbreaking work in emerging economies and our deep experience in energy and infrastructure, corporate and finance transactions, international disputes, and bankruptcy and financial restructuring.