Sidley represented I Squared Capital, through its ISQ Global Infrastructure Fund I, in reaching an agreement to sell its hydropower platform, Cube Hydro Partners and its affiliate, Helix Partners (taken together, Cube Hydro), to Ontario Power Generation through its U.S. hydroelectric platform. Cube Hydro owns 385 megawatts of hydro capacity on 10 river systems in five states, with 19 small to mid-sized, run-of-the-river and peaking hydro plants. The enterprise value of the deal is US$1.123 billion, according to a statement from Ontario Power Generation. The transaction is expected to close in the coming months following standard regulatory approvals.
The cross-office and cross-practice team was led by partners Tara Higgins (New York) and Noreen Phelan (Washington, D.C.), with support from associates Chris Hutchison (Washington, D.C.) and Sagar Sritharan (New York). The team also included Employee Benefits and Executive Compensation partner Audry Casusol (New York) and associate Teresa Napoli (Chicago); Tax partner Suresh Advani (Chicago); and Employment and Labor group counsel James Weiss (Chicago).