Power Finance and Risk honored Sidley with the 2019 “North America Conventional Power M&A Deal of the Year” award at the 16th Annual Deals and Firms of the Year Awards. The awards recognize the most impressive advisers, sponsors, lenders, investors and deals of 2018 in the power sector. Sidley was recognized for representing Stonepeak Infrastructure Partners in its simultaneous acquisition of the Canal 1, 2 and 3 power generation facilities in the Northeastern United States. Canal 1 and 2, which have a combined summer capacity of 1,112 MW, were purchased for US$390 million from GenOn Energy Inc. as part of GenOn’s bankruptcy process. Canal 3, a 333 MW facility purchased from NRG Energy Inc. for an undisclosed amount, was still under construction at the time of the acquisition. In addition to representing Stonepeak with the acquisition of the Canal facilities, Sidley also assisted Stonepeak in obtaining acquisition financing for Canal 1 and 2 and project financing for Canal 3.
The Sidley team was co-led by energy partner Tim Chandler and associate Adam Prestidge, with support from energy associates Mario Samos and John Brannan, restructuring associate Michael Fishel, regulatory partner Terence Healey and associate C.J. Polito, along with environmental counsel Maureen Crough. The acquisition financing was led by energy counsel Dan Allison, with support from Quan Lu and Colin Vo Kavanaugh. The project financing team was led by energy partner Brian Bradshaw, with support from counsels Averill Conn and Adam Cowan. Partner Zack Pullin provided tax advice.