Renewable Energy: M&A and Projects

S&C continues to represent clients at the forefront of innovation, including those in the renewable energy and environmental sectors. A perennial leader in project finance, the Firm has helped communities develop cleaner and safer approaches to natural resource utilization through our work with clients in these sectors. We have also advised these clients on strategic M&A, other types of financing, and joint venture and other corporate transactions.

Recent Highlights

3M
S&C represented the financial advisor to 3M in its $1.35 billion acquisition of CUNO, a world leader in the design and manufacture of fluid and filtration products for use in the healthcare, industrial and drinking water markets.

Alternate Fuels
An S&C partner advised the lenders to a wind power project in Evia, Greece, which at the time was one of the largest wind power projects in Greece. He also advised the lenders to the Fibropower group of companies in connection with the financing of a number of alternative fuel power projects and on numerous renewable energy projects in the UK.

American Ref-Fuel Holdings
S&C represented the financial advisor to Danielson Holding Corp., owner of Covanta Energy Corp., a leader in renewable energy and waste disposal in the U.S., in its $1.9 billion purchase of American Ref-Fuel Holdings, an owner and operator of waste-to-energy facilities in the Northeast United States.

American Water Works
S&C represented the financial advisor to American Water Works, Inc., one of the largest water utility holding companies in the U.S., in its acquisition by German multi-utility RWE AG.

AWG plc
S&C advised Canada Pension Plan Investment Board on the debt financing for the acquisition of AWG plc, a U.K. provider of water and wastewater services, by its subsidiary company Osprey Acquisitions Limited.

Bath County Projects
S&C represented the Allegheny Power System, Inc. subsidiaries in their acquisition of a 40% undivided interest in a pumped-storage hydroelectric project in Virginia operated by Virginia Electric and Power Company.

CFF Recycling
S&C represented CFF Recycling in its $3.2 billion acquisition of Penauille Polyservices. CFF specializes in the recycling and re-use of various metals and end-of-life consumer goods, including cars and electric and electronic equipment.

Chicago Climate Exchange
S&C was counsel in the creation of the Chicago Climate Exchange, the first U.S. voluntary program for trading of greenhouse gases.

Hidroeléctrica Aconcagua Project
S&C represented the borrower and the sponsor in negotiating the terms of the financing provided by the International Finance Corporation for the construction of a hydroelectric power plant by the Aconcagua River in Chile by Hidroeléctrica Aconcagua S.A., a Chilean corporation. Phase I of the project consisted of the construction, equipping and initial operation of a $90 million 72.6 MW run-of-river plant.

Lyonnaise Asia Water Limited
S&C represented the sponsor, Lyonnaise des Eaux, in the formation of Lyonnaise Asia Water Limited for the purpose of investing in start-up and existing potable water production, distribution and treatment facilities and waste water facilities.

Niagara Mohawk Power
S&C advised Niagara Mohawk Power in the $425 million sale of its hydroelectric power plants to Orion Power.

Osmonics
S&C represented the financial advisor to Osmonics, a manufacturer of water purification and fluid filtration equipment, in its acquisition by General Electric.

Pacific Hydro
S&C advised Pacific Hydro on the project financing of La Higuera plant in Chile. In addition, S&C advised Pacific Hydro on the financing for its acquisition of the 39.3 mw Coya and 37 mw Pangal hydropower projects in Chile, and provided advice regarding the project financing of these projects.

Raft River
S&C is representing the joint venture partner to the Raft River Phase 1 geothermal venture to construct and operate a geothermal power generation plant in Idaho.

Suez
S&C has advised on numerous strategic transactions involving the French energy and water conglomerate Suez S.A. and its affiliates, including representing the financial advisor to:

• Suez in its sale of Ondeo Nalco Company to a consortium comprised of The Blackstone Group, Apollo Management, L.P. and Goldman Sachs Capital Partners;
• Suez in the acquisition of a Swedish waste business;
• SITA, the waste services division of Suez, in SITA’s and Rhodia’s acquisition of Ensco and in SITA’s joint venture with Rhodia;
• Suez in connection with an abandoned NTL transaction;
• Suez in the acquisition of an Austrian electric company;
• English China Clays in its sale of Calgon to Suez;
• SITA in Suez’s acquisition of a minority interest in SITA;
• SITA and Suez in the acquisition of international waste business of Browning-Ferris Industries Inc.;
• Suez in the merger of General Waterworks Corp. and United Water Resources; and
• Suez in its acquisition of General Waterworks Corp.

S&C is currently advising a financial advisor in the merger of Suez with Gaz de France.

Tétouan Project
An S&C partner advised the lenders to the Tétouan project which involved the construction of 50 MW wind powered plant in Morocco.

Theun Hinboun
An S&C partner advised the sponsors in the Theun Hinboun hydropower project, the first Independent Power Producer in Laos.

Utilities Inc.
S&C represented the financial advisor to Utilities Inc. in its acquisition by Nuon, an environmentally focused energy delivery company in the Netherlands.