Dykema, a leading national law firm, acted as legal advisor to CPS Energy in its acquisition of natural gas plants in Corpus Christi and Laredo, Texas from Talen Energy for $785 million subject to customary net working capital adjustments at closing. The two natural gas plants are an approximately 1,710-megawatt (“MW”) generation portfolio located in the South Zone of the Electric Reliability Council of Texas (“ERCOT”) market. The transaction is expected to close in the second quarter of 2024.
This transaction supports CPS Energy's generation plan. It secures an additional 1,710 MWs of power for the greater San Antonio community and will be available as soon as this summer. The addition of these units aligns with the generation plan, which includes the retirement of older units and the addition of a blend of gas, solar, wind, and energy storage.
The Dykema team that assisted with the transaction was led by Will Liebmann and included Rodrigo Figueroa, Emily Reed, Tom Alleman, Howard Iwrey, Asel Lindsey, Nick Monaghan, Robert Nelson, Andrew Sherwood, Jillie Foerster, Samantha Chaiken, Peyton Click, and Tyler Hubert.
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