SEEIT’s $177 Million Acquisition of RED-Rochester

Wilson Sonsini Goodrich & Rosati advised SEEIT on the deal.

SEEIT announced that it has agreed to acquire a 100 percent equity interest in a commercial district energy system, RED-Rochester, LLC (RED), from a fund managed by an affiliate of Stonepeak Infrastructure Partners for an equity cash consideration of approximately $177 million.

RED is one of North America’s largest district energy systems, with 117 MW of steam turbine generators plus boilers, chillers, and other equipment that provide exclusive utility services to commercial and industrial customers within the 1,200-acre Eastman Business Park in Rochester, New York. RED offers 16 onsite services, including electricity, steam, chilled water, wastewater, compressed air, nitrogen, lake water treatment, industrial water distribution, and high purity water distribution. 

SEEIT’s acquisition of RED will be funded from existing cash reserves and RCF facilities, which includes the capital raised by SEEIT in its equity fundraising in February. Completion of the acquisition is expected following satisfactory conclusion of customary regulatory conditions and consents. 

The Wilson Sonsini team that represented SEEIT in the transaction included Charlotte Kim (Picture), Mark Holloway, Melissa Hollatz, Broderick Henry, Anthony Malone, Heather Curlee, Derek Wallace, and Nika Antonikova.

Involved fees earner: Heather Curlee – Wilson Sonsini Goodrich & Rosati; Broderick Henry – Wilson Sonsini Goodrich & Rosati; Melissa Hollatz – Wilson Sonsini Goodrich & Rosati; Mark Holloway – Wilson Sonsini Goodrich & Rosati; Charlotte Kim – Wilson Sonsini Goodrich & Rosati; Derek Wallace – Wilson Sonsini Goodrich & Rosati;

Law Firms: Wilson Sonsini Goodrich & Rosati;

Clients: SEEIT;

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Author: Martina Bellini