June 19, 2010
NEW YORK — July 19, 2010 — Hunton & Williams LLP acted as project counsel for renewable energy development company Exergy Development Group, LLC in its partnership with GE Energy Financial Services, Reunion Power and Atlantic Power Corporation to invest in Idaho’s largest wind power project. The GE unit, Reunion Power and Atlantic Power made equity investments in the nearly half-billion-dollar portfolio of 11 wind farms developed by Exergy.
“This is a significant project for renewable energy development and for Idaho. The project underscores Exergy’s core values of supporting the environment while developing power generation projects,” says Raj Pande, partner in the firm’s energy and project finance practice, who led the Hunton & Williams team. “We are pleased to support the development of cleaner technologies.”
The wind parks will have the capacity to generate 183 megawatts of electricity, enough to power approximately 39,700 average Idaho homes and, according to U.S. Environmental Protection Agency methodology, avoid 331,000 short tons a year in greenhouse gas emissions — the equivalent of taking about 57,000 cars off the road. GE Energy Financial Services, Atlantic Power and Exergy will own the non-managing member equity interests in the Idaho Wind Partners project. Reunion Power will hold the managing member equity interest and will act as the manager of the project. The wind farms will sell all of their power to Idaho Power Company under 20-year agreements. Once completed, the portfolio is expected to qualify for the federal U.S. Treasury cash-grant program designed to stimulate renewable energy projects. Construction company Fagen, Inc. initiated project construction in June and is expected to complete the wind farms by the end of the year.
Exergy Development Group is a leading independent renewable energy development company in the United States. It was given the prestigious Carpe Ventum (Seize the Wind) award in 2005 by Wind Powering America, a division of the U.S. Department of Energy, for developing the Fossil Gulch wind park, Idaho’s first utility-scale wind project.
Hunton & Williams has a dynamic energy and infrastructure practice, with more than 150 lawyers in 18 offices around the world dedicated full-time to advising clients on a broad range of energy and infrastructure matters, including project development and acquisition financing, regulatory and environmental issues, corporate transactions and financial restructuring. The firm has extensive experience in structuring wind projects in the United States and Europe. Lawyers have represented sponsors, lenders and offtakers in connection with the development and financing of wind farms both land-based and offshore.
In addition to Raj Pande, the Hunton & Williams team included Robert Schmicker, David Marshall and senior paralegal Julie Mendoza.
Hunton & Williams LLP provides legal services to corporations, financial institutions, governments and individuals, as well as to a broad array of other entities. Since our establishment more than a century ago, Hunton & Williams has grown to more than 900 lawyers serving clients in 100 countries from 18 offices around the world. While our practice has a strong industry focus on energy, financial services and life sciences, the depth and breadth of our experience extends to more than 100 separate practice areas, including bankruptcy and creditors rights, commercial litigation, corporate transactions and securities law, intellectual property, international and government relations, regulatory law, products liability, and privacy and information management.