Sidley advised investors on IJGlobal’s 2022 Deal of the Year for Oil and Gas – Hydrogen, which was announced at the IJGlobal Awards 2022 in New York City. The IJGlobal Awards honor the year’s top transactions and organizations across the international infrastructure and energy sectors.
The winning deal and parties involved were honored for their work on the Advanced Clean Energy Storage Hydrogen Hub Financings. Sidley advised the investors in connection with the financing program for the world’s largest green hydrogen production and storage platform, which included Alberta Investment Management Corporation (AIMCo), GIC, Manulife Financial Corporation (Manulife), and Ontario Teachers’ Pension Plan Board (Ontario Teachers’).
This hydrogen storage deal represents the largest green hydrogen platform in the world upon completion and it was financed partially through a Department of Energy loan, the first to have been issued since September 2011. In addition to the investors’ initial US$650 million equity commitment, they have additional rights to increase their collective investment to US$1.5 billion.
The Sidley team that worked on this award-winning project was led by partner Tim Chandler with support from managing associate Cedric Seley III, and associates Austin Jacobs and Jack Messer (all Energy). Additional support was provided by partners Daniel Allison, Terence Healey, Tara Higgins, and C.J. Polito (all Energy); Patrick Harrison (Antitrust/Competition); Asi Kirmayer (M&A); David Kreisler and Susan Lewis (both Investment Funds); Jen Fernandez and James Mendenhall (both Global Arbitration, Trade and Advocacy); and Zackary Pullin (Tax); as well as counsel Josh Sutton (Energy) and Edward Sharon (Antitrust/Competition), and associates Forrest Brown (Energy), Justin Becker (Global Arbitration, Trade and Advocacy), and Aaron Mitchell and Andrew Smith (both Tax).