June 23, 2010

Beowulf Energy and Natural Gas Partners Announce Third Joint Power Investment

As announced on June 21, a company controlled by Paul, Weiss client Beowulf Energy LLC and its principal, Paul B. Prager, and Natural Gas Partners, the leading investment franchise in the energy industry, have entered into an agreement to acquire the 258 MW Cedar Bay generating facility from Cogentrix Energy, LLC, an indirect subsidiary of The Goldman Sachs Group, Inc. This is the third joint power investment by Mr. Prager and Natural Gas Partners, following the acquisition of Bicent Power in 2007 and Bicent California in 2008. The terms of the transaction were not disclosed. The Paul, Weiss team representing Beowulf included corporate partners Carl Reisner and Dale Sarro, associates Youjung Byon, Marianne Chow, Courtney Haraguchi, John Inglis, Lucy Popkin, Andrea Quek, Wendi Sklaver, Jay Spader, Judy Tomkins, Carrie VanFleet, Ramy Wahbeh and Justin Winegar, and paralegal Brooke Spiegel; tax partner David Sicular and associate Mashiho Yuasa; environmental counsel Bill O'Brien; litigation counsel Kevin Loftus and associate Donna Ioffredo; employee benefits counsel Maureen Riley, associates Reuven Falik and Michelle Zimmerman-Day, and former associate Tzvi Mackson; real estate partner Peter Fisch, and associates James Fanelly and Michael Roberts; and bankruptcy partner Stephen Shimshak and associate Phil Weintraub. D.C. lawyers Patrick Campbell and associate Chris Pietila assisted with the regulatory aspects of the matter. Special thanks to tax partner Jeff Samuels and environmental partner Gaines Gwathmey for covering during the final push towards signature. Closing is scheduled for late summer or early fall.