Kirkland Advises Energy Spectrum Partners and ESGEN Acquisition Corp. on Updated Transaction Terms for its Pending Combination with Sunergy
Kirkland & Ellis counseled Energy Spectrum Partners-backed ESGEN Acquisition Corp. (Nasdaq: ESACU, ESAC, ESACW), a special purpose acquisition company, on its amended transaction terms for its pending business combination with Sunergy Renewables, LLC, a leading Florida-based provider of residential solar and energy efficiency solutions, that would result in the combined company becoming a publicly listed company on the Nasdaq Stock Exchange.
By the updated terms of the transaction, ESGEN’s sponsor, ESGEN LLC, has committed to purchase up to $15 million in Convertible Preferred Equity Securities, of which $10 million will be funded at the close of the business combination and the remaining $5 million can be funded at the combined company’s discretion up to six months after closing. The purchase of the Convertible Preferred Securities will be funded by Energy Spectrum Partners VIII LP. The updated pro forma implied enterprise value of the combined company is expected to be $390 million, and proceeds are expected to be used to fund operations and growth.
The Kirkland team was led by corporate partners Kevin Crews and Jack Shirley; capital markets partners Julian Seiguer and Ieuan List; and tax partner Bill Dong.
