Shikoku Electric’s acquisition of 8.9% equity interests in South Field Energy LLC

Shearman & Sterling advised Shikoku Electric the acquisition

Shikoku Electric (TSE:9507) is one of the 10 electric utilities in Japan that carry on the integrated process of generating, transmitting, distributing and selling electricity in their respective service areas. Since its establishment on May 1, 1951, the company has been providing electricity service to more than four million people in Shikoku.

Advanced Power, NH-Amundi Asset Management, PIA Investment Management and an affiliate of Bechtel Development Company, Inc. also own equity interests in the South Field Project.

Advanced Power is a privately owned company established in 2000 to develop low-carbon and renewable electric generating projects in Europe and North America. The company has more than 7,000 MW in operation, under development, construction or management in the United States and Europe. South Field Project is Advanced Power’s third major infrastructure project in the United States in 3½ years.

Expected to be completed in the second quarter of 2021, the South Field Project will create approximately 1,000 construction jobs during its peak period and will produce enough electricity to power approximately one million homes.

The Shearman & Sterling team advising Shikoku Electric was led by partner Kenneth Lebrun (Picture) and associates Paul Jun and Misa Azuma. Other attorneys who worked on the transaction included partner Robert Freedman, counsel Robert LaRussa and Donna Bobbish and associate Ryan Bray.

Involved fees earner: Kenneth Lebrun – Shearman & Sterling; Paul Jun – Shearman & Sterling; Misa Azuma – Shearman & Sterling; Robert Freedman – Shearman & Sterling; Donna Bobbish – Shearman & Sterling; Robert LaRussa – Shearman & Sterling; Ryan Bray – Shearman & Sterling;

Law Firms: Shearman & Sterling;

Clients: Shikoku Electric Power Co.;

Author: Michael Patrini