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Cases & Deals

November 22, 2018

King & Spalding Advised Starwood as it Entered Into an Agreement to Purchase the West Lorain Power Plant from FirstEnergy Generation, LLC

King & Spalding advised Starwood Energy Group Global, LLC, a leading private equity firm focused on energy infrastructure, as it entered into an agreement to purchase the West Lorain Power Plant located in Lorain, Ohio from FirstEnergy Generation, LLC, for an aggregate purchase price of $144 million. The acquisition will be accomplished in an auction sale pursuant to a U.S. Bankruptcy Code Section 363 in which Starwood will serve as the stalking horse bidder.

The West Lorain Power Plant is a 545 MW, periodic start, combustion-turbine generating station located near Lake Erie that includes seven combustion turbines, two heat recovery steam generators and a steam turbine generator.

The sale is subject to receipt of customary approvals, including approval of the Federal Energy Regulatory Commission and Hart-Scott-Rodino. If approved, the companies expect to close the transaction in the first half of 2019.