Fried Frank acted as counsel to Citigroup as lead financial advisor to Consolidated Edison, Inc. (Con Edison) in the US$1.54 billion acquisition of a Sempra Energy subsidiary. The acquisition, by a Con Ed subsidiary, includes 981 megawatts (MW) AC of operating renewable electric production projects, including the 379 MW AC share of projects that Sempra owns jointly with Con Edison subsidiaries, and certain development rights for additional solar electric production and energy storage projects. The acquisition will increase Con Edison's utility-scale, renewable energy production portfolio to approximately 2,600 MW AC, of which 85% is solar and 15% is wind. The sale is subject to customary closing conditions and consents, including approvals by the Federal Energy Regulatory Commission and the US Department of Energy, and the expiration or early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act. The acquisition is expected to be completed near the end of 2018.
The Fried Frank team was led by corporate partner Philip Richter and included corporate partner Warren S. de Wied and corporate associate Roy Tannenbaum.