Sidley represented the investors providing the construction equity for projects developed by the Advanced Clean Energy Storage Joint Venture (ACES Delta, LLC), which will be the largest green hydrogen production and storage platform in the world upon completion, including the initial ACES I project. The investors in the newly formed Haddington ESP I are Alberta Investment Management Corporation (AIMCo), GIC, Manulife Financial Corporation (Manulife), and Ontario Teachers’ Pension Plan Board (Ontario Teachers’). In addition to the investors’ initial US$650 million equity commitment, they have additional rights to increase their collective investment up to US$1.5 billion. This timely investment coincides with the Biden administration’s announcement to leverage the Defense Production Act to promote the development of crucial clean energy technologies. The U.S. Department of Energy has committed to a US$504.4 million loan guarantee to ACES Delta, advancing the administration’s zero-emission goals and creating hundreds of employment opportunities within construction and operation.
The Sidley team 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).