LG puts wind behind Clipper's growth in the US with roles on $350m transaction spree
LG has taken the lead role on a series of transactions raising more than $350m (£177.5m) for Clipper Windpower. LG corporate partners Lance Feaver and Hugh Maule led the firm's team advising Clipper on all aspects of the investment, which is intended to support Clipper's growth into the US.
April 30, 2008 at 10:36 PM
2 minute read
LG has taken the lead role on a series of transactions raising more than $350m (£177.5m) for Clipper Windpower.
LG corporate partners Lance Feaver and Hugh Maule led the firm's team advising Clipper on all aspects of the investment, which is intended to support Clipper's growth into the US.
The main investment comes from a $150m (£76m) agreement with the private equity arm of JP Morgan Chase, One Equity Partners. A team led by Latham & Watkins UK corporate partner Martin Saywell advised One Equity.
The firm also advised on a related $50m (£25.2m) share issue and a $60m (£30.3m) secured credit facility. In addition, Clipper has agreed to meet certain obligations in order to secure around $85m (£43m) of pre-delivery turbine payments from a second customer.
Feaver told Legal Week: "This series of deals is very important, financially and strategically, for Clipper. It enables it to move forward into the next operational phase and capitalise on the rapidly-expanding US wind energy market."
In an unrelated deal, US firms Chadbourne & Parke and Hunton & Williams have also advised on transactions involving Clipper.
The deal sees Hunton taking up its first instruction for the Crown Estate since being appointed to its energy panel N advising on its purchase of a new prototype wind turbine from Clipper Windfarm.
Hunton energy partner John Deacon led the team for the Crown Estate, while Chadbourne advised regular client Clipper with a team led by London energy partner Agnieszka Klich and Los Angeles partner Ed Zaelke.
The prototype, which has been sold for an undisclosed fee, stands 175m high – as tall as the Gherkin – and will generate up to 7.5 megawatts of electricity.
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