News & Insights


April 12, 2021

King & Spalding Power Transaction Earns Deal of Year Honors from Proximo and Project Finance International

NEW YORK, April 12, 2021 — Two publications have named the investment in and financing of the CPV Three Rivers Energy Center on which King & Spalding advised their 2020 Deal of the Year.

Project Finance International named the transaction its US Power Deal of the Year, and energy and infrastructure data service Proximo named it Asset Power Deal of the Year.

The CPV Three Rivers Energy Center located in in Grundy County, Ill., will represent over US$1.3 billion in private investment, including US$875 million of senior credit facilities arranged on a true club basis with broad-based support from a diverse group of 14 international financial institutions and investment from the equity partners. CPV Three Rivers is a state-of-the-art 1,250-megawatt natural-gas-fueled, combined-cycle electric generation facility that will sell its electricity and capacity into the PJM market, providing enough power to meet the demand of up to 1.25 million homes and businesses throughout Northern Illinois, including Chicago.

King & Spalding’s M&A/Private Equity team advised on behalf of Axium Infrastructure. Partner Jonathan Melmed led the team, with assistance of partners Tristan Pelham Webb, Enrico Granata, Adam Hankiss, Robert Garner, Jeffrey Misher; counsel George M. Williams, Jr.; and associate CR Park. The King & Spalding project finance team represented Competitive Power Ventures advised on project finance, derivatives and project contract matters. Partner Brandon Dalling led that team with assistance from partners James F. Bowe, Jr. and Peter Hays; and counsels Frank Schoen and Bill Rice.