Global law firm White & Case LLP has advised Lightning Power on its inaugural financings, consisting of a US$1.75 billion senior secured term loan, US$1.5 billion of senior secured notes and a US$600 million senior secured revolving credit facility. Lightning Power is a leading independent power producer with 11 GWs of grid-enhancing, flexible, quick-start natural gas-fired generation located in PJM, ISO-NE and NYISO.
Lightning Power's portfolio is composed of 18 natural gas-fired power projects owned by LS Power, strategically assembled to create a large-scale, diversified, pure-play natural gas independent power producer to meet the growing power needs of the US economy. Since its inception in 1990, LS Power has developed, constructed, managed and acquired more than 47,000 MWs of utility-scale solar, wind, hydro, battery energy storage, and natural gas-fired power generation, including baseload combined-cycle facilities and flexible combustion turbine peakers.
The White & Case team was led by partners Gary Kashar, Yehuda Rubel, Justin Wagstaff and Andrew Weisberg (all in New York), and included Capital Markets partner Edward So, counsel Abigail Simon, and associates Joanna Heinz, Eli Ashenafi, Joseph Chen and Elle Cotzomi (all in New York); and Debt Finance associates Spencer Paveck (New York) and Anthony Abraham (Miami). Law clerks Gabrielle Foster, Mwangala Simataa and Dylan Abolafia also assisted on the matter.
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