Kirkland & Ellis counseled Canada Pension Plan Investment Board (CPP Investments) on its acquisition of a 49 percent interest in California energy producer Aera Energy (Aera) in partnership with IKAV which has acquired the remaining 51 percent interest in Aera. Aera was previously owned by Shell and ExxonMobil. Aera is California’s second largest oil and gas producer, accounting for nearly 25 percent of the state’s energy production. CPP Investments and IKAV intend to help Aera balance its energy transition efforts with the need to continue meeting California’s conventional energy demands by investing in a renewable energy portfolio that will power Aera’s existing operations. Over time, renewable power will be deployed across Aera’s land holdings, while selected legacy oil and gas infrastructure will be repurposed to create carbon capture and storage capability. Read the CPP Investments press release here The Kirkland team was led by corporate partners Kevin Crews and Allan Kirk; debt finance partners Lucas Spivey and James Bedotto; tax partners David Wheat and Joe Tobias; and real asset partners Thomas Laughlin and Will Eiland; and included assistance from corporate associates David Jean-Baptiste, Oscar Fernando Leija, Chris Boggs and Alexiz Magro-Malo; and debt finance associates Steven Keithley and Tristan Prentice.