Consortium of Korean Investors’ $1.5 Billion Acquisition of Equity Interest in US Wind Portfolio

White & Case LLP advised a consortium of Korean investors on the deal.

A consortium of Korean investors executed the acquisition of a 49.9 percent cash equity interest in a portfolio of four wind projects in the US totalling 852 MWs, located in Texas, Illinois and Nebraska. The consortium consists of Korea Hydro & Nuclear Power Co., Ltd., Alpha Asset Management, Sprott Korea Investment, Hana Financial Investment and Korea Investment & Securities. The equity interest was acquired from Brookfield Renewable and Invenergy LLC in a transaction with an implied aggregate enterprise value for the portfolio of approximately US$1.5 billion.

The portfolio comprises two wind farms in Illinois: Bishop Hill (218 MWs) and California Ridge (226.5 MWs); the 200.6 MW Prairie Breeze wind farm in Nebraska; and the 207.2 MW Rattlesnake wind farm in Texas.

This landmark Korean transaction is one of the first major investments made by Korean infrastructure investors since COVID-19 and will be the largest-ever renewable energy acquisition completed globally by Korean investors.

The White & Case team that advised the consortium on the transaction was led by partner Marius Griskonis (Picture) and included partners Hagai Zaifman (Tax), Ipek Candan Snyder, Luke Laumann (M&A), Steven Lutt (Real Estate), Seth Kerschner (Environmental), and associates Aaron Raffel (M&A) and Josh Ryu (EIPAF), all in New York; partners Daniel Hagan (Energy Regulatory), Rebecca Farrington (Antitrust), Farhad Jalinous, counsel Keith Schomig (CFIUS), associate John Forbush (EIPAF) and counsel Stacia Sowerby (Trade), all in Washington, DC; counsel Morgan Hollins (M&A) and associate Michael Rodgers (Tax) in Houston; counsel Sarah Park and associate Mijin An in Seoul; associate Justin Chang in Melbourne and associate Isabella Ma in Hong Kong.

Involved fees earner: Mijin An – White & Case; Ipek Candan Snyder – White & Case; Justin Chang – White & Case; Rebecca Farrington – White & Case; John Forbush – White & Case; Marius Griskonis – White & Case; Daniel Hagan – White & Case; Morgan Hollins – White & Case; Farhad Jalinous – White & Case; Seth Kerschner – White & Case; Luke Laumann – White & Case; Steven Lutt – White & Case; Isabella Ma – White & Case; Sarah Park – White & Case; Aaron Raffel – White & Case; Michael Rodgers – White & Case; Hyunjong Ryu – White & Case; Keith Schomig – White & Case; Stacia Sowerby – White & Case; Hagai Zaifman – White & Case;

Law Firms: White & Case;

Clients: Alpha Asset Management; Hana Financial Group, Inc.; Korea Hydro & Nuclear Power; Korea Investment & Securities Co., Ltd.; Sprott Korea Investment;

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Author: Ambrogio Visconti