Vinson & Elkins

Lithium Americas Receives Conditional Commitment for $2.26 Billion ATVM Loan from the U.S. DOE for Construction of Thacker Pass

Retrieved on: 
Thursday, March 14, 2024
Lithium, PLA, EV, Employment, Climate change, GM, TPA, Letter, Environment, Tribe, Loan, Project, Goldman Sachs, NABTU, Pass, Recycling, Vinson & Elkins, Reno 1868 FC, Promise, News, University, Carbon, Paiute, TSX, CBA, Water, Fort McDermit, Community benefits agreement, Fortification, DOE, Engineering

VANCOUVER, British Columbia, March 14, 2024 (GLOBE NEWSWIRE) -- Lithium Americas Corp. (TSX: LAC) (NYSE: LAC) (“Lithium Americas” or the “Company”) has received a conditional commitment (the “Conditional Commitment”) from the U.S. Department of Energy (“DOE”) for a $2.26 billion loan under the Advanced Technology Vehicles Manufacturing (“ATVM”) Loan Program (the “Loan”) for financing the construction of the processing facilities at Thacker Pass, located in Humboldt County, Nevada (“Thacker Pass” or the “Project”).

Key Points: 
  • The Loan is intended to help finance the construction of Thacker Pass, targeted to produce an initial 40,000 tonnes per year (“tpa”) of battery grade lithium carbonate (“Phase 1”).
  • Lithium Americas and its engineering, procurement and construction management (“EPCM”) contractor, Bechtel, entered into a National Construction Agreement (Project Labor Agreement) (“PLA”) with North America’s Building Trades Unions (“NABTU”) for construction of Thacker Pass.
  • Lithium Americas is committed to sustainably developing Thacker Pass, including working closely with local communities and designing the operation to reduce any potential environmental impacts.
  • Lithium Americas is currently focused on advancing detailed engineering, procurement and execution planning for the construction of Thacker Pass.

CURO Group Holdings Corp. to Reduce Debt and Strengthen Financial Position Through Restructuring Support Agreement; Implements Prepackaged Restructuring Plan by Commencing Voluntary Chapter 11 Reorganization

Retrieved on: 
Monday, March 25, 2024
Banking, Fintech, Professional Services, Finance, Empyrean, RSA, Growth, Vinson & Elkins, Disclosure, Bankruptcy Code, DIP, LLP, Senior, United States bankruptcy court, Bankruptcy, Credit, Corporate action, OTC, File, Oaktree Capital Management, LP, Security (finance)

CURO also intends to file recognition proceedings in Canada under Part IV of the Companies’ Creditors Arrangement Act.

Key Points: 
  • CURO also intends to file recognition proceedings in Canada under Part IV of the Companies’ Creditors Arrangement Act.
  • CURO branches are open, operating as usual and continuing to serve customers in the U.S. and Canada.
  • (“Oaktree”), Caspian Capital LP, and Empyrean Capital Partners (the “Ad Hoc Group”) led negotiation of the RSA on behalf of creditors.
  • The DIP financing, which is subject to court approval, is expected to support the Company’s ongoing operations during the court-supervised process.

Enviva Announces Comprehensive Agreements to Delever Balance Sheet and Strengthen Financial Position

Retrieved on: 
Wednesday, March 13, 2024
Forest Products, Energy, Natural Resources, Other Energy, KCC, RSA, Growth, Inc., Lazard, Vinson & Elkins, Alvarez and Marsal, Wood, United States bankruptcy court, Bankruptcy, File, Swedish Royal Academies, Interim, Security (finance)

To implement this pre-arranged restructuring, Enviva and certain of its subsidiaries have commenced voluntary Chapter 11 proceedings in the U.S. Bankruptcy Court for the Eastern District of Virginia (the “Court”).

Key Points: 
  • To implement this pre-arranged restructuring, Enviva and certain of its subsidiaries have commenced voluntary Chapter 11 proceedings in the U.S. Bankruptcy Court for the Eastern District of Virginia (the “Court”).
  • These motions, which Enviva expects to be approved in short order, are expected to help facilitate a smooth transition into Chapter 11.
  • Enviva expects to continue to pay suppliers in the ordinary course for authorized goods received and services provided after the filing.
  • Vinson & Elkins LLP is serving as legal counsel; Lazard is serving as investment banker; and Alvarez & Marsal is serving as financial advisor to Enviva.

SWIFT CURRENT ENERGY ANNOUNCES POWER PURCHASE AGREEMENT AND TAX EQUITY FINANCING FOR 260 MW SOLAR PROJECT IN TEXAS

Retrieved on: 
Tuesday, March 26, 2024
Diamond, Electricity, Associated Banc-Corp, Solar energy, Project, Swift Current, Vinson & Elkins, City, Carbon, UnitedHealth Group, Morgan Stanley, ATI Technologies, NRG Energy, PPA, Willkie Farr & Gallagher, First Solar, Renewable energy

HOUSTON, March 26, 2024 /PRNewswire/ -- Swift Current Energy ("Swift Current") today announced that its 260 MWdc Tres Bahias Solar project ("Tres Bahias" or the "Project") located on the Gulf Coast of Texas is now powering City of Houston facilities through a power purchase agreement ("PPA") with an affiliate of NRG Energy, Inc. ("NRG Energy"). Tres Bahias is the largest operating solar project in Calhoun County, Texas and the third largest in the Texas Gulf Coast region.

Key Points: 
  • Solar energy generated from Tres Bahias Solar will supply power to City of Houston facilities via a PPA with an NRG Energy, Inc. affiliate
    HOUSTON, March 26, 2024 /PRNewswire/ -- Swift Current Energy ("Swift Current") today announced that its 260 MWdc Tres Bahias Solar project ("Tres Bahias" or the "Project") located on the Gulf Coast of Texas is now powering City of Houston facilities through a power purchase agreement ("PPA") with an affiliate of NRG Energy, Inc. ("NRG Energy").
  • Tres Bahias is the largest operating solar project in Calhoun County, Texas and the third largest in the Texas Gulf Coast region.
  • Swift Current previously announced that ING Capital, LLC provided construction financing for the Project, with Siemens Financial Services and Associated Bank as additional lenders in the construction financing.
  • A portion of the solar energy generated from the Project will be used to power some City of Houston facilities.

Fervo Energy Raises $244 Million to Accelerate Deployment of Next-Generation Geothermal

Retrieved on: 
Thursday, February 29, 2024
Alternative Energy, Energy, Other Energy, Goldman Sachs, Commander-in-Chief, Africa (Royal Navy), Arnold Ventures LLC, Vinson & Elkins, Growth, Mitsubishi Heavy Industries, EGS, Entrepreneurship, History, Electricity, Heart, Devon Energy, Ministry of Energy, Partnership, Renewable energy

Fervo Energy (“Fervo”), the leader in next-generation geothermal development, today announced that it has raised $244 million in new funding led by Devon Energy, a pioneer in shale oil and gas.

Key Points: 
  • Fervo Energy (“Fervo”), the leader in next-generation geothermal development, today announced that it has raised $244 million in new funding led by Devon Energy, a pioneer in shale oil and gas.
  • “Demand for around-the-clock clean energy has never been higher, and next-generation geothermal is uniquely positioned to meet this demand,” said Tim Latimer, Fervo CEO and Co-Founder.
  • “Fervo has transformed geothermal into a scalable carbon-free resource ready to meet the moment.”
    Goldman Sachs & Co. LLC acted as exclusive placement agent to Fervo Energy.
  • Fervo Energy provides 24/7 carbon-free energy through the development of next-generation geothermal power.

Atlas Energy Solutions Inc. to Acquire Hi-Crush Inc., Creating the Largest Proppant Producer in the Country and an Industry Leading Logistics Provider

Retrieved on: 
Tuesday, February 27, 2024
Oil, Gas, Energy, Logistics, Supply Chain Management, Transport, Other Energy, Permian, CFO, Goldman Sachs, Sand, Forecasting, Vinson & Elkins, Mining, Investment, Public expenditure, Growth, Mergers and acquisitions, Organization, Webcast, Eastern Time Zone, LLP, ABL, Central Time, Sales, Partnership, Security (finance)

Both the up-front cash consideration and the principal amount of the Seller's Note are subject to revision for customary post-closing adjustments.

Key Points: 
  • Both the up-front cash consideration and the principal amount of the Seller's Note are subject to revision for customary post-closing adjustments.
  • Both companies have led the industry’s innovations to drive efficiencies in proppant and logistics in different but complementary ways, a testament to the high quality people involved.
  • Combining the teams, their technologies and best practices, as well as their complementary geographical footprint, should compound constructively to the benefit of our shareholders.
  • I echo Bud and John’s excitement in uniting two of the most innovative players in frac sand under Atlas.

Stonepeak to Acquire 50% Interest in Dominion Energy’s Coastal Virginia Offshore Wind Project

Retrieved on: 
Thursday, February 22, 2024
Environment, Finance, Other Energy, Professional Services, Alternative Energy, Sustainability, Green Technology, Energy, Asset Management, Senior, Multimedia, Vinson & Elkins, Project, Dominion Energy, Wind, Dominion, Carbon, Mizuho Securities, Mizuho Securities USA, Farm, Partnership, Renewable energy

Stonepeak, a leading alternative investment firm specializing in infrastructure and real assets, today announced that it has reached an agreement with Dominion Energy (NYSE: D) to acquire a 50% interest in its Coastal Virginia Offshore Wind project (“CVOW” or “the Project”) through the formation of an offshore wind partnership.

Key Points: 
  • Stonepeak, a leading alternative investment firm specializing in infrastructure and real assets, today announced that it has reached an agreement with Dominion Energy (NYSE: D) to acquire a 50% interest in its Coastal Virginia Offshore Wind project (“CVOW” or “the Project”) through the formation of an offshore wind partnership.
  • The Project is expected to be the largest offshore wind farm in the U.S. and one of the largest offshore wind farms globally upon completion.
  • View the full release here: https://www.businesswire.com/news/home/20240221428505/en/
    CVOW is a 2.6 gigawatt offshore wind project 27 miles off the coast of Virginia Beach, Virginia capable of serving the power needs of 660,000 homes.
  • To learn more about Coastal Virginia Offshore Wind, please visit https://coastalvawind.com/about-offshore-wind.aspx .

Esperanza and Andros Capital Partners Announce Acquisition of Ursa Princess from ExxonMobil and Formation of Deepwater Gulf of Mexico Joint Venture

Retrieved on: 
Wednesday, February 21, 2024
Oil, Gas, Energy, Acquisition, Shell plc, Multimedia, Vinson & Elkins, ECP, ExxonMobil, Ursa tension leg platform, ConocoPhillips, Shell, GOM, Ursa, BP, Partnership, Security (finance)

The Ursa acquisition includes current production of ~8,500 Boe/d (82% oil) net to ExxonMobil’s interest as well as associated infrastructure, including the Ursa Tension Leg Platform (“Ursa TLP”) host facility.

Key Points: 
  • The Ursa acquisition includes current production of ~8,500 Boe/d (82% oil) net to ExxonMobil’s interest as well as associated infrastructure, including the Ursa Tension Leg Platform (“Ursa TLP”) host facility.
  • Ursa is operated by Shell Offshore Inc. (“Shell”), a subsidiary of Shell plc, a leading operator in the Deepwater GOM.
  • Upon Closing, ECP (15.96%) joins other non-operated working interest partners BP Exploration & Production Inc (22.69%) and ConocoPhillips (15.96%).
  • The privately negotiated acquisition represents ECP’s third investment in the GOM through its partnership with Cockrell Interests (“Cockrell”) since 2021.

Flotek Strengthens Executive Leadership Team with the Addition of Amy Blakeway as Senior Vice President, General Counsel

Retrieved on: 
Monday, March 4, 2024
Washington and Lee University, Senior, Kate Richard, Chemistry, Vinson & Elkins, Growth, Harvard Law School, General counsel, Health, Safety, Planning, Business administration, Corporate services, FTK, Associate, Knowledge, Management

HOUSTON, March 4, 2024 /PRNewswire/ -- Flotek Industries, Inc. ("Flotek" or the "Company") (NYSE: FTK) today announced that it has appointed Amy Blakeway as Senior Vice President, General Counsel, effective March 1, 2024.

Key Points: 
  • HOUSTON, March 4, 2024 /PRNewswire/ -- Flotek Industries, Inc. ("Flotek" or the "Company") (NYSE: FTK) today announced that it has appointed Amy Blakeway as Senior Vice President, General Counsel, effective March 1, 2024.
  • Ryan Ezell, Chief Executive Officer, said, "I am pleased to welcome Amy as the newest member of our leadership team at an exciting and important time, as we capitalize on our tremendous growth opportunities and expand our global footprint.
  • Amy is an accomplished leader with a wealth of knowledge and a deep understanding of the energy landscape.
  • Prior to Mesquite Energy, Ms. Blakeway held numerous legal and leadership roles at Sanchez Oil & Gas Corporation, Independence Contract Drilling, and Forethought Financial Group.

Hornblower Group to Be Acquired and Receive Significant New Equity Investment

Retrieved on: 
Wednesday, February 21, 2024
FTI Consulting, PJT Partners, Running, Deutsche Bank, Vinson & Elkins, SVP, Transport, Tourism, Growth, Sale, FAQ, Travel, CCAA, Guggenheim Partners, Value Partners (asset management), Journey Beyond

Under the terms of the agreement, funds managed by Strategic Value Partners, LLC and its affiliates (together, "SVP"), a global alternative investment firm, will acquire majority ownership of Hornblower and provide a significant equity investment in the business.

Key Points: 
  • Under the terms of the agreement, funds managed by Strategic Value Partners, LLC and its affiliates (together, "SVP"), a global alternative investment firm, will acquire majority ownership of Hornblower and provide a significant equity investment in the business.
  • Crestview Partners ("Crestview") will retain a significant minority position in Hornblower and become the sole owner of Journey Beyond, a stand-alone operating unit of Hornblower and the leading experiential travel provider in Australia.
  • Hornblower is taking this action because of the underperformance of AQV, which has not rebounded from the pandemic.
  • With substantial growth potential in travel and tourism, we see significant opportunities ahead for Hornblower to further expand its leadership position.