Michael J. Masri, P.C.

Kirkland & Ellis counseled GCM Grosvenor (NASDAQ: GCMG), a leading global alternative asset management firm, on its Infrastructure Advantage Strategy acquiring a 25% equity interest in Shepherds Flat, the largest repowered wind farm in North America, from Brookfield Asset Management (NYSE: BAM, TSX: BAM) and its institutional partners, including its listed affiliate Brookfield Renewable (NYSE: BEP, BEPC; TSX: BEP.UN, BEPC). Read GCM Grosvenor’s press release The Kirkland team was led by corporate partners John Kaercher, Patrick Salvo and Zahra Usmani and associate Gabrielle Sumich; debt finance partners Robert Eberhardt and Lucas Spivey; tax partners Michael Masri, Steve Butler and Jon Nelsen and associate Brittany Nguyen; and energy regulatory partner Brooksany Barrowes.

Sep 24

1 min

Kirkland & Ellis served as special tax counsel to Intersect Power, LLC, a clean energy company bringing innovative and scalable low-carbon solutions to its customers in global energy markets, on its Oberon Solar + Storage project, located in Riverside County, California. Commercial operation was announced on November 14, 2023. The Oberon project generates 679 MWp of reliable solar energy, enough to power over 207,000 homes a year, and features 250 MW/1 GWh of co-located storage. The Oberon project aligns with the priorities of the Inflation Reduction Act by using American-made equipment and paying prevailing wages. It is also the first project to achieve operation through the streamlined approach under the Bureau of Land Management Desert Renewable Energy Conservation Plan. Energy, Renewable Energy Credits and Resource Adequacy generated by the Oberon project will be purchased by a combination of offtakers including Calpine Energy Solutions, Constellation, Ava Community Energy (formerly East Bay Community Energy), Microsoft and San Diego Community Power. Intersect secured funding for the project’s construction as part of the broader portfolio financing announced last September, when the company closed on portfolio level term debt, tax equity and construction financing commitments from leading financial institutions and investors. Read Intersect Power’s press release The Kirkland tax team was led by partners Michael Masri and Sophia Han and associate Griffin Peeples.

Nov 14

1 min

Kirkland & Ellis represented Apex Clean Energy in its agreement with ERG, a leading European renewable energy producer, for the partial sale of a portfolio of operating clean energy assets in the United States. Apex will continue to own a 25% stake in the portfolio and manage the operations of the facilities, with ERG acquiring a 75% stake. The portfolio—the first in a series that will support Apex’s capital recycling program—includes 224.4 MW Great Pathfinder Wind in Iowa and 92.4 MW Mulligan Solar in Illinois. The projects began commercial operations in February 2023 and July 2022 respectively. The two assets benefit from tax equity investments and long-term power purchase agreements with market-leading counterparts. Read more in Apex’s press release The Kirkland team was led by corporate partners Robert Goodin and Alec Manzer and debt finance partners Rohit Chaudhry and Leila Ravi, along with corporate associates Austin Johnson and Mohammad Alkadhem; tax partners Michael Masri and William Dong and associate Julia Ye; debt finance partner William Nicholson; and energy regulatory partner Drew Stuyvenberg.

Dec 21

1 min

Kirkland & Ellis counseled Ares Management Infrastructure Opportunities funds in an investment in a partnership with ENGIE North America holding a 2.7 GW portfolio consisting of 15 projects in operation across ERCOT, MISO, PJM and SPP, of which 53% is solar, 25% wind and 22% co-located battery storage capacity. This transaction is one of the largest sales completed in the renewables sector based on total capacity. ENGIE will retain a controlling share in the portfolio and will continue to operate and manage the assets. In connection with the investment, Kirkland also advised Ares on securing a new backleveraged first lien credit facility, which was jointly arranged by MUFG Bank, Ltd. and BNP Paribas. Read the transaction press release The Kirkland team was led by corporate partners Rob Goodin, Michael Cline and Daniel Cadis and associates Alexandra David and Brad Johnson; debt finance partners Rohit Chaudhry and Olivia George; tax equity partners William Nicholson, Michael Masri and Sophia Han; tax partners Bill Dong and Jacob Walley; and energy regulatory partner Drew Stuyvenberg.

Sep 13

1 min

Kirkland & Ellis counseled Aypa Power I LLC, a portfolio company of Blackstone Energy Partners, in connection with a $650 million senior secured multi-tranche hybrid credit facility, the largest in the energy storage industry. The new senior secured hybrid corporate facility consists of a $350 million letter of credit facility, a $200 million term loan facility and a $100 million revolving credit facility. The proceeds of the new senior secured facility will be used, among other things, to finance the development of Aypa Power’s renewable energy portfolio in the U.S. and Canada, to refinance certain existing obligations of Aypa Power, and to provide additional liquidity and credit support for Aypa Power’s renewable energy assets. Aypa Power is a leading energy storage and renewable power developer and currently has more than 22 GW in development across North America. The transaction closed on July 19, 2024. Read Aypa Power’s press release The Kirkland team was led by debt finance partners Tatiana Monastyrskaya and Linda Zang and associates Christopher Hargett and Cem Albayrak, with support from corporate associate Dan Dyring; tax partners Sophia Han and Michael Masri; derivatives partner Drue Santora; and energy regulatory partner Drew Stuyvenberg and associate Chad Richards.

Jul 30

1 min