Deal description: Baker Botts represented the management team of Broad Reach Power, a utility-scale standalone battery storage business, in its binding agreements to be sold to ENGIE by EnCap Energy Transition Fund and Apollo Global Management at an equity value over $1 billion. As part of the transaction, certain members of Broad Reach Power’s management team entered into certain agreements with ENGIE with respect to the continued leadership of the acquired business.
The sale of Broad Reach Power involves 350MW of operating assets, as well as 880MW under construction assets with a commissioning expected before the end of 2024, 1.7GW of advanced stage projects and a significant pipeline of early-stage projects. The projects are located in Texas, California and the central states of the United States.
The deal is expected to close by the fourth quarter and is subject to anti-trust and energy regulatory authority approval.
Baker Botts Lawyers/Offices Involved:
Corporate: Clay Brett (Partner, Houston), Travis Wofford (Partner, Houston), Catherine Ellis (Associate, Houston), Chelsea Johnson (Associate, Houston), Sarah Dyer (Associate, Houston)
Advisory: Danny David (Partner, Houston)
Labor & Employment: Jennifer Trulock (Partner, Dallas), Jason Loden (Partner, Dallas)
Tax: Steve Marcus (Partner, Dallas)
Global Projects: Elaine Walsh (Partner, Washington, D.C.)
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