Kirkland Represents Blackstone Infrastructure Partners on Entry Into Consortium and in Consortium’s Acquisition of Renewables Portfolio for $1.5 Billion and First-of-its-Kind PTC Tax Credit Transfer
Kirkland & Ellis represented Blackstone Infrastructure Partners on its entry into IRG Acquisition Holdings (IRGAH), a consortium with Invenergy and Caisse de dépôt et placement du Québec (CDPQ), and the following related transactions:
- IRGAH’s acquisition of a 1,365-megawatt unregulated contracted renewables portfolio from American Electric Power for an enterprise value of $1.5 billion; and
- IRGAH’s acquisition financing, including a first-of-its-kind $580 million PTC tax credit transfer with Bank of America Securities, who served as Transferability Underwriter and Placement Agent. This is the first transaction in the market that successfully monetized production tax credits through the transferability structure.
Read the transaction press release
The Kirkland team was led by corporate partner Rhett Van Syoc and associate Daniel Cadis, debt finance partners Tatiana Monastyrskaya and Linda Zang and tax partners Sophia Han, Mark Dundon and Joe Tobias; with assistance from corporate associates Brett Mele, Alexiz Magro-Malo and Ruan Meintjes; debt finance associates Will Haslun, Klugy Mathurin and Kruthi Venkatesh; tax associate Julia Ye; energy regulatory partners Brooksany Barrowes and Marcia Hook and associate Duncan Grimm; international trade partners Ivan Schlager and Nathan Mitchell and associates Michelle Weinbaum and Brad Dumbacher; antitrust partners Alasdair Balfour and Shahrzad Sadjadi and associates Sarah Lonvick and Samantha Jones; investment funds ERISA partner Sabrina Glaser; litigation partner Meghan Dolan; and transactional liability insurance partner Hayley Hollender.
