DARYL RICE represents investment banks, energy companies and other commodity traders in a variety of transactional, regulatory and risk management matters. He frequently advises clients on structured transactions related to energy, including solar energy, as well as on risk management and compliance issues.
With considerable experience in the areas of energy-related secured transactions and acquisitions, Daryl has advised on mirror transactions and total return swaps to pass-through risks from seller to buyer mergers and acquisitions transactions; structuring hedges for the financing and acquisition of power generation facilities; and on full-requirements energy supply contracts. Daryl has represented commercial and investment banks in repurchase and finance transactions for grain, oil and other commodities. Daryl represents a major solar energy developer in the negotiation of solar power purchase agreements in the Southeast. He has advised clients on wholesale energy services and supply contracts and transactions, derivative transactions, master agreements (including the ISDA, EEI, NAESB, as well as the ISDA and IECA Dodd-Frank Protocol agreements) and retail aggregation efforts. He also has counseled sellers and hedgers in natural gas and power long-term pre-pay transactions with municipal special purpose entities.
Prior to joining Sidley, Daryl’s recent experience includes the following:
- Represented a number of large commercial banks in the negotiation and structuring of long term hedges to support the financing and development of multiple new wind farms in Texas, Oklahoma, California and New York.
- Represented the commodities trading affiliate of a major investment bank in the power purchase and asset management contracts providing for the sale of long-term-full requirements power to several cooperatives in the Southeast.
- Structured the total return swaps for a major European trading company’s acquisition of a multi-billion-dollar physical energy and commodities trading business from a large US commercial bank.
- Represented a financial institution in negotiating a hedging agreement in connection with a private equity fund’s purchase of a natural gas-fired power plant in the West. The client provided the fund with a highly structured tolling off-take agreement under which the financial institution provided natural gas and received power and other energy products, secured by a combination of first and second liens.
- Represented the commodities trading affiliate of non-U.S. investment bank in the sale of its wholesale power and natural gas trading portfolio, and assisted the client in securing regulatory approvals, creating total return swap and mirror transactions and obtaining third-party consents.