Engineering, procurement and construction (EPC) contracts are evolving as utilities seek to spread risks, contain costs, and execute their business strategies. As a result, turnkey contractors are...
added new attorneys to the firm’s practice. K. Jason Lucas joins the firm’s Wheeling, W.V., office and focuses his practice in the area of energy law. Diana S. Prulhiere joins the firm’s Charleston, W.V., office, focusing her practice in the area of environmental law.
Vertex appointed Barry Shurkey as global head of applications. Shurkey is responsible for leading the Vertex global applications team as it develops industry-specific IT applications.
M&A & Finance
ITOCHU and General Electric completed the first transaction under their collaboration agreement by making a co-investment in the estimated $319 million CPV Keenan II wind farm under construction in Oklahoma. GE Energy sold a portion of its $65 million preferred equity interest in the wind farm to Tyr Keenan II, an indirect subsidiary of ITOCHU. This co-investment is the first transaction under the collaboration and cooperation agreement that GE and ITOCHU finalized in May to identify co-investment opportunities in renewable energy worldwide.
Allegiance Capital facilitated T&D Solutions ’ acquisition of E&R Inc. , a power line maintenance services company based in North Carolina. Terms of the private transaction weren’t disclosed.
Ice Energy , which provides smart grid-enabled distributed energy storage systems, closed a $24 million Series C financing. The equity investment—from TIAA-CREF, Energy Capital Partners, Good Energies, Sail Ventures and Second Avenue Partners—provides Ice Energy with working and growth capital to support its deployment of utility-scale distributed energy storage projects. TIAA-CREF’s $4.5 million portion is its first under a new green building technology partnership with Good Energies.
1366 Technologies , a solar technology manufacturer, closed a $20 million Series B financing, bringing the company’s total amount raised to $37.55 million. Korea’s Hanwha Chemical and Ventizz Capital Fund IV joined returning investors North Bridge Venture Partners and Polaris Venture Partners in backing the company.
Stream Energy has begun operations in the Pennsylvania electricity market and recently started accepting residential customers’ requests for service in the PPL service area in southwestern Pennsylvania.
Gateway Energy announced its fixed-rate offer for electricity, which the company says provides 10 percent savings for residents when compared with PECO’s first-quarter price to compare. Gateway says its 8.9 cents/kWh fixed rate is guaranteed through June 30, 2011.