Jones Day - Services - Power Projects/Renewables

Power Projects Overview

Lawyers in Jones Day's Energy Delivery & Power practice regularly advise participants in power project transactions throughout the world. Our power industry clients include domestic and international electric utilities, independent power producers, electric transmission companies, developers and owners of wind power and other renewable energy sources, construction, engineering and environmental firms, companies trading electricity and natural gas, and financial institutions providing capital and related services to these industries. Our lawyers combine legal knowledge with an in-depth understanding of the business aspects of the utility and power industries to help clients bring project-related transactions, regulatory proceedings, and disputes to successful conclusion.

Our power sector experience includes natural gas, coal, and oil-fired power plants; nuclear generating facilities; cogeneration facilities that are fueled with wood, fossil, and synthetic fuels; agricultural and municipal solid waste projects; hydroelectric projects; and wind, solar, biomass, and other renewable energy facilities.

Our project-related practice services include:

Project structuring, development, and operation
Negotiation of power purchase, transmission, trading, and fuel supply agreements
Corporate, project, and structured financing
Risk management
Project acquisitions, sales, and joint ventures
Construction and operations contracting
Market restructuring, deregulation, and privatization
National and international dispute resolution
Regulatory counseling
Local, national, and cross-border tax issues

By identifying and addressing project risks and opportunities up front, Jones Day has enabled clients to achieve a number of industry firsts and other innovative transactions. We have participated in some of the most complex and notable power project financings around the world, including:

Representing Entergy Nuclear in connection with a $577 million limited recourse financing relating to its acquisition of the Indian Point 3 and James A. FitzPatrick nuclear power plants, which is the only limited recourse financing ever achieved for a nuclear facility
Representing affiliates of American National Power in connection with a $1.205 billion project financing for the Coleto Creek coal-fired power plant in Texas
Representing Banco Bilbao Vizcaya Argentina in connection with €357 million project financing of ten wind power plants in Spain
Representing Banco Santander in connection with a $240 million project financing for electric transmission lines in Brazil
Representing Banco Santander in a $296 million leveraged lease financing for a 64 MW solar thermal electric generating facility in Colorado, the first leveraged lease financing of a concentrated solar plant in the United States
Representing Dominion Resources in connection with a $825 million synthetic lease financing transaction for the construction of a 1,200 MW gas-fired power plant in Pennsylvania
Representing Merrill Lynch in a $597 million synthetic lease acquisition financing for Keyspan Energy in connection with its acquisition of the 2,168 MW Ravenswood generating facility

Jones Day was also instrumental in the development of the EEI Master Power Purchase and Sale Agreement and related Collateral Annex and Master Netting Agreement, which are widely used in both physical and financial transactions in the U.S. electric power industry.

Renewable Energy Practice Overview

Jones Day has long been recognized as having one of the leading global renewable energy practices. For example, over the past several years, we have represented wind power project finance lenders in over two dozen wind project finance transactions in Spain, and in 2004 we closed more wind project financings (by both dollar value and number of deals) than any other law firm in the world. Our wind project finance experience in the U.S. includes assisting our client, American Electric Power, in a $121 million project financing of the 100.5 MW Desert Sky wind project, named the 2002 North American Renewables Deal of Year by Project Finance Magazine.

Other recent noteworthy transactions include:

E.ON AG/Acquisition of Airtricity North America. Jones Day represented E.ON AG in connection with its approximately $1.9 billion acquisition of the North American wind development business of Airtricity Holdings Limited. This engagement followed our work for another large international energy company in connection with potential acquisitions of three other major U.S. developers of wind energy facilities during 2007.
Banco Santander, et al./Nevada Solar One. We represented Banco Santander in connection with the $296 million leveraged lease financing of the 64 MW Nevada Solar One thermal solar electric generating facility located in Boulder City, Nevada.

A growing part of our U.S. renewables practice is helping our public utility clients develop practical solutions to the challenges involved with meeting renewable energy mandates and related initiatives. We are actively assisting several U.S. utility clients on the integration of wind resources into their generation portfolios, including through issuance of RFPs to solicit proposals for the delivery of wind energy resources, the purchase of renewable energy from such facilities, and the acquisition of ownership interests in wind projects.

We support our client’s renewable energy projects with a multidisciplinary team comprising specialist lawyers from the Firm's energy, environmental, real estate, finance, construction, and tax practice areas. Practice members are also located in a number of Jones Day’s U.S. and international offices, giving our clients access to our extensive experience in renewable energy projects and transactions in many U.S. and international markets.

We advise our clients on all aspects of the development, construction, financing, and operation of renewable energy projects, including:

Land control
Permitting
Regulatory matters at the federal, state, and local levels
Construction, equipment procurement, and operating contracts
Power sales agreements (including commodity hedges), interconnection agreements, and transmission arrangements
Capital raising transactions, including IRC section 45 tax credit and renewable energy credit monetization transactions
Acquisitions of renewable energy projects in various stages of development
Project financing

We assist our clients on due diligence to analyze the economic and technical viability of a renewable energy project, including assessing development risk, operational viability, transmission and delivery issues, and, particularly in connection with the design and construction of a new facility, experience, and financial resources of the project developers. Lawyers in our renewable energy practice are also conversant in the new and increasingly complex environmental markets being created to reduce reliance on fossil-fueled energy sources and bring about the shift to a less carbon-intensive economy.

We believe our role is to help our clients identify market trends in order to take early action which can provide future competitive advantages. In this regard, our lawyers follow carefully and advise clients on green attribute trading and marketing initiatives, and other legislative and regulatory developments affecting the economics of renewable energy projects.

Contact(s)

Thomas C. Havens
New York
Tel: 1.212.326.3939
E-mail

Luis Muñoz
Madrid
Tel: 34.91.520.39.39
E-mail

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Lawyers Staff Overview Experience Professionals News Publications Achievements Contact(s) Thomas C. Havens New York Tel: 1.212.326.3939 E-mail Luis Muñoz Madrid Tel: 34.91.520.39.39 E-mail Main Practice Energy Delivery & Power	Power Projects Overview Lawyers in Jones Day's Energy Delivery & Power practice regularly advise participants in power project transactions throughout the world. Our power industry clients include domestic and international electric utilities, independent power producers, electric transmission companies, developers and owners of wind power and other renewable energy sources, construction, engineering and environmental firms, companies trading electricity and natural gas, and financial institutions providing capital and related services to these industries. Our lawyers combine legal knowledge with an in-depth understanding of the business aspects of the utility and power industries to help clients bring project-related transactions, regulatory proceedings, and disputes to successful conclusion. Our power sector experience includes natural gas, coal, and oil-fired power plants; nuclear generating facilities; cogeneration facilities that are fueled with wood, fossil, and synthetic fuels; agricultural and municipal solid waste projects; hydroelectric projects; and wind, solar, biomass, and other renewable energy facilities. Our project-related practice services include: Project structuring, development, and operation Negotiation of power purchase, transmission, trading, and fuel supply agreements Corporate, project, and structured financing Risk management Project acquisitions, sales, and joint ventures Construction and operations contracting Market restructuring, deregulation, and privatization National and international dispute resolution Regulatory counseling Local, national, and cross-border tax issues By identifying and addressing project risks and opportunities up front, Jones Day has enabled clients to achieve a number of industry firsts and other innovative transactions. We have participated in some of the most complex and notable power project financings around the world, including: Representing Entergy Nuclear in connection with a $577 million limited recourse financing relating to its acquisition of the Indian Point 3 and James A. FitzPatrick nuclear power plants, which is the only limited recourse financing ever achieved for a nuclear facility Representing affiliates of American National Power in connection with a $1.205 billion project financing for the Coleto Creek coal-fired power plant in Texas Representing Banco Bilbao Vizcaya Argentina in connection with €357 million project financing of ten wind power plants in Spain Representing Banco Santander in connection with a $240 million project financing for electric transmission lines in Brazil Representing Banco Santander in a $296 million leveraged lease financing for a 64 MW solar thermal electric generating facility in Colorado, the first leveraged lease financing of a concentrated solar plant in the United States Representing Dominion Resources in connection with a $825 million synthetic lease financing transaction for the construction of a 1,200 MW gas-fired power plant in Pennsylvania Representing Merrill Lynch in a $597 million synthetic lease acquisition financing for Keyspan Energy in connection with its acquisition of the 2,168 MW Ravenswood generating facility Jones Day was also instrumental in the development of the EEI Master Power Purchase and Sale Agreement and related Collateral Annex and Master Netting Agreement, which are widely used in both physical and financial transactions in the U.S. electric power industry. Renewable Energy Practice Overview Jones Day has long been recognized as having one of the leading global renewable energy practices. For example, over the past several years, we have represented wind power project finance lenders in over two dozen wind project finance transactions in Spain, and in 2004 we closed more wind project financings (by both dollar value and number of deals) than any other law firm in the world. Our wind project finance experience in the U.S. includes assisting our client, American Electric Power, in a $121 million project financing of the 100.5 MW Desert Sky wind project, named the 2002 North American Renewables Deal of Year by Project Finance Magazine. Other recent noteworthy transactions include: E.ON AG/Acquisition of Airtricity North America. Jones Day represented E.ON AG in connection with its approximately $1.9 billion acquisition of the North American wind development business of Airtricity Holdings Limited. This engagement followed our work for another large international energy company in connection with potential acquisitions of three other major U.S. developers of wind energy facilities during 2007. Banco Santander, et al./Nevada Solar One. We represented Banco Santander in connection with the $296 million leveraged lease financing of the 64 MW Nevada Solar One thermal solar electric generating facility located in Boulder City, Nevada. A growing part of our U.S. renewables practice is helping our public utility clients develop practical solutions to the challenges involved with meeting renewable energy mandates and related initiatives. We are actively assisting several U.S. utility clients on the integration of wind resources into their generation portfolios, including through issuance of RFPs to solicit proposals for the delivery of wind energy resources, the purchase of renewable energy from such facilities, and the acquisition of ownership interests in wind projects. We support our client’s renewable energy projects with a multidisciplinary team comprising specialist lawyers from the Firm's energy, environmental, real estate, finance, construction, and tax practice areas. Practice members are also located in a number of Jones Day’s U.S. and international offices, giving our clients access to our extensive experience in renewable energy projects and transactions in many U.S. and international markets. We advise our clients on all aspects of the development, construction, financing, and operation of renewable energy projects, including: Land control Permitting Regulatory matters at the federal, state, and local levels Construction, equipment procurement, and operating contracts Power sales agreements (including commodity hedges), interconnection agreements, and transmission arrangements Capital raising transactions, including IRC section 45 tax credit and renewable energy credit monetization transactions Acquisitions of renewable energy projects in various stages of development Project financing We assist our clients on due diligence to analyze the economic and technical viability of a renewable energy project, including assessing development risk, operational viability, transmission and delivery issues, and, particularly in connection with the design and construction of a new facility, experience, and financial resources of the project developers. Lawyers in our renewable energy practice are also conversant in the new and increasingly complex environmental markets being created to reduce reliance on fossil-fueled energy sources and bring about the shift to a less carbon-intensive economy. We believe our role is to help our clients identify market trends in order to take early action which can provide future competitive advantages. In this regard, our lawyers follow carefully and advise clients on green attribute trading and marketing initiatives, and other legislative and regulatory developments affecting the economics of renewable energy projects. Contact(s) Thomas C. Havens New York Tel: 1.212.326.3939 E-mail Luis Muñoz Madrid Tel: 34.91.520.39.39 E-mail