Akin Gump Advises Diamond Generating Corporation in Acquisition of Pennsylvania Gas-Fired Power Project
(Los Angeles) – Akin Gump advised Diamond Generating Corporation, a subsidiary of Mitsubishi Corporation, in acquiring a 50 percent interest in an approximately 925 MW natural gas-fired power project located in Westmoreland County, Pennsylvania, near Pittsburgh. Affiliates of Tenaska Energy, Inc., the original developer of the project, own the remaining 50 percent.
Simultaneously with Diamond’s acquisition, the project closed a $780 million non-recourse project financing led by MUFG Union Bank, BNP Paribas, Citi and Industrial and Commercial Bank of China. Construction on the project began earlier this year and is expected to be completed by the end of 2018.
The Akin Gump team advising Diamond Generating Corporation was led by Dino Barajas and Vladimir Fet, partner and senior counsel, respectively, in the firm’s cross-border transactions practice, and Courtney Matsuishi, counsel in the corporate practice. They were joined by the following individuals:
Rachel Ramos, associate (cross-border transactions);
David Quigley, partner, and Charles Franklin, senior counsel (environment and natural resources);
Founded in 1945, Akin Gump Strauss Hauer & Feld LLP is a leading international law firm with more than 900 lawyers in offices throughout the United States, Europe, Asia and the Middle East.
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