Simpson Thacher represented TransAlta Corporation (“TransAlta”) in the sale of a 49% minority ownership interest in its 500-MW wind portfolio in Oklahoma to Ares Infrastructure funds (“Ares”) for cash proceeds of US$305 million, before customary closing adjustments.
The portfolio includes the 100-MW White Rock West, 200-MW White Rock East and 200-MW Horizon Hill wind facilities. The facilities are supported by long-term contracts with investment-grade counterparties. TransAlta will maintain operational oversight of the portfolio under a long-term asset management agreement.
The Simpson Thacher team included Shamus Crosby, Breen Haire, Ana Sanchez, Kevin Hess, Alberto Aradillas and John Carter (M&A); Steven Lorch, Jessica Berman and Jacob Kennedy (Tax); David Rubinsky, Jesslyn Nunez and Marie Gesellschap (Executive Compensation & Employee Benefits); Alysha Sekhon, Caroline Geiger, Chandler Gerard-Reimer and Priscilla Kim (Intellectual Property); Dennis Loiacono and Helene Marie Snyder (Real Estate); Steve DeLott (Insurance); and Sam Saunders, Marten Olsson and Tina Zheng (Banking & Credit).