Law firm assists second large wind energy transaction in two months
Husch Blackwell represented Duke Energy Renewables in closing a $330 million joint financing arrangement with Sumitomo Corporation of America for two wind farm projects: the 131-megawatt Cimarron II Project in Gray County, Kansas, and the 168-megawatt Ironwood Project in Ford County, Kansas. The deal closed on April 18.
This is the second large renewable energy deal for Husch Blackwell in as many months. The firm led Algonquin Power Co. in an $888 million acquisition involving wind facilities in four states that closed March 10.
Both Duke Energy wind farms are scheduled to be completed in 2012 and have long-term contracts in place to sell the electricity they generate. Kansas City Power & Light will purchase all of the electricity and associated renewable energy credits produced by Cimarron II under the terms of a 20-year agreement. Westar Energy will buy all the power and renewable energy credits produced by the Ironwood wind farm through a 20-year agreement.
The Husch Blackwell energy and infrastructure team was led by Partner John Crossley. Other team members include Partner John Brungardt, Senior Counsel Gaylord Smith and Associate Ellen Pantaenius (all Kansas City attorneys); and Partner Bob Wilkinson and Associate Megan Fuchs (St. Louis attorneys).
Headquartered in Charlotte, N.C., Duke Energy is a Fortune 500 company traded on the New York Stock Exchange. Sumitomo Corp. of America is the U.S. subsidiary of Sumitomo Corporation, a Japanese integrated trading and investment enterprise engaged in multifaceted business activities.
Husch Blackwell’s Energy Department represents clients in the development, construction, financing and acquisition of energy projects across the country, involving both traditional and renewable energy sources.