International law firm Milbank, Tweed, Hadley & McCloy LLP, led by Global Corporate partner John Franchini together with Global Project Finance partner William Bice, acted as counsel to Bosque Power Company, in the $432 million sale, plus adjustments, of its 800-megawatt central Texas power plant to Calpine Corporation, the largest U.S. independent power generator.
The power plant is located on a 280-acre site about 70 miles south of Dallas.
Bosque Power Company’s 800-megawatt power plant includes two generation blocks: a 250-megawatt block with one natural-gas turbine, one heat-recovery steam generator and one steam turbine that achieved commercial operations; and a 550-megawatt block containing two natural-gas turbines, as well as two heat-recovery steam generators and one steam turbine.
The parties are targeting a transaction close in early November 2012.
Mr. Franchini said, “We’re very pleased to work with Bosque Power in selling this major energy asset to one of the country’s leading energy producers. The deal represents a significant complement to Calpine’s fleet in the Texas market. This transaction is an excellent reflection of the combined strengths of Milbank’s corporate and project finance practices, which have deep experience in the power and energy sector.”
Other Milbank attorneys involved in this transaction includes Tax partner Russell Kestenbaum and Global Corporate associates Brian Kelly and Broderick Henry.
