18 04 2016

Macquarie Infrastructure Partners acquires and finances the Lordstown Energy Center

Chadbourne & Parke LLP advised Macquarie Infrastructure Partners on the acquisition and financing of the Lordstown Energy Center (LEC), a 940 MW combined-cycle gas turbine electric power generation facility.


Macquarie Infrastructure Partners is a principal investment arm of Macquarie Infrastructure Group. The firm seeks to make infrastructure investments in roads and rail, traditional utilities, bridge projects, airports, ports, water and wastewater, energy and utilities, as well as social and communications infrastructure. The firm, led by Christopher J. Leslie, Andrew Cowley and Robert Lawsky is based in New York. The LEC site is situated approximately 50 miles southeast of Cleveland, Ohio, in the village of Lordstown. Under the terms of the transaction, Macquarie will provide 73 percent of the equity investment and Siemens Financial Services will provide the remaining 27 percent. A consortium of banks, led by Industrial and Commercial Bank of China, Crédit Agricole, Bank of America Merrill Lynch and Investec, will provide the US$445 million term debt to fund the construction. The developer of the project, Clean Energy Future, will retain an interest in the project. Siemens will act as the Engineering Procurement Construction contractor and provide the gas turbines, a steam turbine, and generators. Power produced by LEC will be delivered into the PJM market, which serves more than 60 million customers. The Chadbourne team included partners Rohit Chaudhry (Picture), Robert Eberhardt, Allen Miller, Robert Shapiro, William Cavanagh and Marjorie Glover, counsel Scott Bank, Sue Cowell, Caileen Gamache, Monika Szymanski and Christy Rivera, associates Mangesh Dhume, Patrick Narvaez, Chris Vale, Richard Wright, Richard Waddington, Rahwa Gebretnsaie, Christine Brozynski and Séverine Losembe, and paralegal Pamela Villacis.  Involved fees earner: Rohit Chaudhry - Chadbourne; Robert Eberhardt - Chadbourne; Christy Rivera - Chadbourne; Mangesh Dhume - Chadbourne; Rahwa Gebretnsaie - Chadbourne; Christine Brozynski - Chadbourne; Severine Losembe - Chadbourne; Allen Miller - Chadbourne; Monika Szymanski - Chadbourne; Patrick Narvaez - Chadbourne; Robert Shapiro - Chadbourne; Caileen Kateri Gamache - Chadbourne; William Cavanagh - Chadbourne; Richard Wright - Chadbourne; Marjorie Glover - Chadbourne; Scott Bank - Chadbourne; Susan Cowell - Chadbourne; Richard Waddington - Chadbourne;

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