Andrew L. Stuyvenberg
Overview
Drew Stuyvenberg is an energy regulatory partner in the Washington, D.C., office of Kirkland & Ellis LLP. Drew advises energy and financial industry clients in a variety of regulatory and transactional matters under the jurisdiction of the Federal Energy Regulatory Commission (FERC), the Department of Energy (DOE), state public utility commissions, the North American Electric Reliability Corporation (NERC), the Nuclear Regulatory Commission (NRC), and the Pipeline and Hazardous Materials Safety Administration.
Drew has counseled clients in regional transmission organization tariff disputes, worked to secure FERC approval for mergers and acquisitions under Federal Power Act (FPA) section 203, advised on regulatory risks in natural gas and oil pipeline investments, counseled on Natural Gas Act (NGA) regulations and policies, supported electric rate proceedings under the FPA, and assisted clients in receiving natural gas and electric export authorizations. He has also provided nuclear regulatory counsel for mergers, acquisitions, and international trade matters.
Drew regularly provides advice regarding compliance with the FPA, the NGA, the Interstate Commerce Act, the Public Utility Holding Company Act of 2005, the Public Utility Regulatory Policies Act, the Atomic Energy Act and agency implementing regulations under each statute.
Experience
Representative Matters
Since joining Kirkland, Drew has been involved in the following transactions:
- Rice Acquisition Corp II (NYSE: RONI), a special purpose acquisition company, in its $1.459 billion business combination with NET Power LLC, a clean energy technology company.
- Archaea Energy Inc. (NYSE: LFG), an industry-leading renewable natural gas company, in its $4.1 billion sale to bp p.l.c. (NYSE: BP).
- Blackstone Infrastructure Partners on its definitive agreement with Invenergy and Caisse de dépôt et placement du Québec for an approximately $3 billion equity investment in Invenergy Renewables Holdings LLC.
- Pacolet Milliken, a sustainability-focused investment firm, in its joint venture investment with Evensol, a leading developer of renewable biogas assets.
- Rubicon Carbon on its launch as a market-based products and solutions platform to help lead the next generation of the carbon market.
- Blue Source Sustainable Forests Co. (a joint venture between TPG Rise-backed Anew Climate, the largest carbon credit developer in North America, and various equity investors including Oak Hill Advisors) on a $1.8 billion acquisition of entities managed by The Forestland Group.
- Tailwater Capital and its portfolio company NorTex Midstream on the sale of NorTex to Williams (NYSE: WMB) for a $423 million cash purchase price.
- TPG Rise Climate in its approximately $550 million investment in a $750 million capital raise by Intersect Power, LLC, a developer of solar, energy storage, hydrogen, wind and other renewable power generation projects.
- TPG Rise and Element Markets, a leading renewable natural gas marketing and environmental commodities company, on the acquisition of Bluesource, the largest carbon credit developer in North America.
- TPG Rise Climate in its $300 million investment in Summit Carbon Solutions, a developer of a large-scale carbon capture and storage project, which will capture and permanently store up to 20 million tons per year of CO2 from facilities across the Midwestern United States.
- TPG Rise Climate on its 1/3 equity investment in Monarch Bioenergy, a joint venture between Roeslein Alternative Energy and Smithfield Foods that is a leader in capturing agricultural methane emissions and converting them into carbon-negative renewable natural gas.
- Ontario Teachers’ Pension Plan in two related transactions involving a 2,520 megawatt renewable energy portfolio operated by NextEra consisting of 13 US based utility-scale wind and solar assets, three of which include battery storage.
- Carlyle Renewable and Sustainable Energy Fund in its investments in CertainSolar, an owner of fuel cell and related assets, and NineDot Energy, a CertainSolar affiliate that develops and owns battery storage projects.
- JDH Capital on the sale of two of 100-MW gas-fired peaking plants, Chamon and Port Comfort, to Rockland Capital.
- Blackstone Energy Partners on its agreement to acquire Irth Solutions, a provider of cloud-based software-as-a-service (SaaS) solutions that automate processes for damage prevention and asset protection across critical network infrastructure assets.
- Generate Capital in a Series C equity investment as part of an overall debt and equity financing of $385 million in Compute North.
- Funds managed by Ares Management Corp.’s Infrastructure and Power strategy on a strategic equity investment of up to $600 million in SB Energy, SoftBank Group Corp.’s U.S. Climate Infrastructure Technology platform.
- Clean Energy Future – Lordstown, on a $460 million holdco syndicated debt financing comprising term loans, working capital loans and letters of credit.
- Cypress Creek Renewables on a $125 million holdco syndicated debt financing comprising working capital loans and letters of credit, backed by a 1.6 GW portfolio of operating utility-scale and distributed facility solar assets.
- Ares Acquisition Corp., a publicly-traded special purpose acquisition company, on its definitive business combination agreement with X Energy Reactor Co., LLC (X-energy), a leading developer of small modular nuclear reactors and fuel technology for clean energy generation.
- Gates Frontier in connection with its additional investment in TerraPower, a leading nuclear innovation company, in its $750 million fundraising round co-led by Gates Frontier and SK Inc. and SK Innovation.
- Spring Valley Acquisition Corp. (NASDAQ: SV) in its $1.9 billion merger with NuScale Power, an industry-leading provider of small modular nuclear reactor technology.
- Atlas Technical Consultants, Inc. (NASDAQ: ATCX), a leading provider of infrastructure and environmental solutions, in its acquisition by funds managed by GI Partners in an all-cash transaction valued at approximately $1.05 billion.
- Weeks Marine, Inc. in its sale to Kiewit Corporation.
- Cressey & Company LP on its acquisition alongside Health Enterprise Partners of The InterMed Group, a premier provider of healthcare technology management services.
- Ad hoc group of unsecured noteholders (the “Ad Hoc Group”) in the Chapter 11 cases of Talen Energy Supply, LLC and its affiliated debtors.
- Aterian Investment Partners, a private investment firm, on the sale of its portfolio company, NeoGraf Solutions, to Edgewater Capital Partners.
- The special committee of the board of directors of Verso Corporation (NYSE: VRS), an American-owned and -operated producer of graphic, specialty and packaging paper and market pulp, on its sale to BillerudKorsnäs, a provider of sustainable packaging materials and solutions, for approximately $825 million.
- Windjammer Capital Investors on its acquisition of Paragon Energy Solutions, LLC in partnership with Paragon management. Paragon is a leading independent provider of critical parts and services for existing utility nuclear power generation facilities, and the next generation of advanced small modular nuclear reactor technologies.
- The Jordan Company in its acquisition of Communications & Power Industries, a global manufacturer of electronic components, subsystems, and antenna systems for communications, government, and medical markets.
- Linden Capital Partners in its acquisition of Biospecimen Holdings, LLC.
- Murray Energy Holdings Co. and certain of its subsidiaries in their Chapter 11 cases in the United States Bankruptcy Court for the Southern District of Ohio. Murray entered Chapter 11 with approximately $2.7 billion in prepetition funded debt and more than $8 billion in actual or potential pension and employee benefit obligations.
- Blackstone Infrastructure Partners in its approximately $1 billion equity investment in Invenergy Renewables Holdings LLC.
- Ontario Teachers’ Pension Plan Board (OTPP) in its $250 million majority stake investment in Sevana Bioenergy, a developer of large-scale renewable natural gas projects.
- MAS Energy LLC and MAS CanAM LLC in the sale of MAS CanAm’s renewable natural gas development platform to CIM Group.
- Blackstone Infrastructure Partners on its participation in a consortium of investors that secured an almost 84,000 acre lease for $645 million in the U.S. Bureau of Ocean Energy Management’s New York Bight offshore wind auction.
- Rice Acquisition Corp., a special purpose acquisition company, in its $1.15 billion business combination with Aria Energy LLC and Archaea Energy LLC to form Archaea Energy, a publicly-traded renewable natural gas platform.
- Mas CanAm LLC in its $355 million sale of three renewable natural gas landfill assets to Kinder Morgan Inc.
- Cypress Creek Renewables, a leading vertically integrated renewable energy platform, on its acquisition by EQT Infrastructure V fund from certain funds managed by HPS Investment Partners, LLC and Temasek.
- Macquarie Asset Management (MAM) and Ontario Teachers’ Pension Plan Board on the signing of an agreement to jointly acquire a 31.6 per cent stake in Puget Holdings from Canada Pension Plan Investment Board (CPP Investments).
- EQT Infrastructure’s acquisition of Covanta Holding Corporation (NYSE: CVA), an owner and operator of Waste-to-Energy facilities in North America, in a transaction valued at $5.3 billion.
- Cypress Creek Renewables on a mezzanine debt financing backed by a 1.6 GW portfolio of operating solar projects, and on a senior financing of a portfolio of 14 operating solar projects.
- Ares' Infrastructure & Power strategy in its acquisition of a majority stake in Apex Clean Energy and certain related co-investment arrangements.
- KKR in its definitive agreements with NextEra Energy Resources and NextEra Energy Partners, LP to acquire a large portfolio of renewables assets.
- The Rise Fund, a global impact investing platform managed by TPG Global, in its acquisition of a majority stake in Element Markets, LLC , the leading independent marketer of renewable natural gas and environmental commodities in North America.
- GSO Capital Partners LP, predecessor to Blackstone Credit, in its preferred and common equity investment in Altus Power America, Inc., a solar generation company, as part of an $850 million recapitalization of Altus.
- TPG in its preferred equity investment of up to $140 million to fund capital contributions to Double E Pipeline LLC, a joint venture between Summit Midstream Partners LP and Exxon Mobil Corporation, to construct a FERC-regulated interstate natural gas pipeline in the Delaware Basin.
- Advised major wind and solar developer on revisions to form of virtual power purchase agreement.
- The lenders in the financing of Guernsey Power Project.
- EIG Global Energy Partners in its $750 million acquisition of equity interests in South Texas Midstream, LLC, a newly-formed joint venture with NextEra Energy Partners, LP.
Prior to joining Kirkland, Drew was involved in the following transactions:
- Coalition of transmission owners in MISO — proceedings before FERC regarding RTO-to-RTO disputes over use of transmission across seams and related cost allocation proceedings.
- Major financial institution — regulatory counsel for $1.5 billion private-placement of senior notes for major interstate natural gas pipeline company.
- Coalition of transmission owners in MISO — proceedings before FERC regarding rate disputes after an RTO expansion.
- Major investment company — regulatory counsel for $6.5 billion deal to acquire liquids pipeline company.
- Merchant generation owner — FERC market-based and reactive power rate filings, settlement proceedings, and ongoing compliance matters.
- Gas and electric utility companies — regulatory counsel to $6.2 billion merger of companies with wholesale and retail gas and electric assets.
- Major gas and oil company — advice on FERC regulations and policies applicable to proposed natural gas pipeline and liquefied natural gas transactions.
- Major private equity firm — regulatory counsel for $2.1 billion acquisition of 5,200 MW, natural gas- and coal-fueled generation portfolio in Ohio and Indiana.
- Merchant electric transmission developer — advice on regulatory matters associated with project development, siting, acquisition, and permitting.
- Major financial institution — regulatory counsel for $850 million notes offering for diversified energy company with oil and gas pipeline holdings, as well as retail gas and electric utility interests.
- Infrastructure investment company — regulatory counsel in deal for additional interest in utility-scale concentrating solar project.
- Major financial institution — regulatory counsel for approximately $800 million initial public offering of publicly traded partnership with onshore and offshore liquids and gas pipeline assets.
Prior Experience
More
Recognition
Recognized in The Legal 500 United States as “Next Generation Lawyer” for Energy Regulation: Electric Power, 2023–2024
Recognized in The Legal 500 United States for Energy Regulation: Oil and Gas, 2023–2024; and Energy Regulation: Conventional Power, 2020 & 2022
Credentials
Admissions & Qualifications
- District of Columbia
- Maryland
Education
- Georgetown University Law CenterJ.D.2014
- Duke UniversityMaster of Environmental Management2005
- Marquette UniversityB.S.magna cum laude2002