Chang, Pistilli & Simmons has acted for the Babcock & Brown Power Group (BBP) on the sale of its remaining 50% interest in the NewGen Kwinana Power Station (a 320MW power station located in the Kwinana Industrial Estate, 30km South of Perth, Western Australia) to an entity related to ERM Power Pty Limited for $50 million, with a possible further $13.2 million payable subject to the performance of the power station to 30 June 2009.
BBP had previously announced in December 2008 and February 2009, the sale of a 20% interest in the NewGen Kwinana Power Station and the sale of a 50% interest in the NewGen Neerabup Power Station.
Chang, Pistilli & Simmons advised BBP on all stages of the sale process, including the discharge of its various pre-emptive obligations in combination with a multifaceted bid process.
Completion of the sales has enabled BBP Holdings Pty Limited to fully repay its debt facility, having returned $116.8 million to it before the performance payment of up to $13.2 million.
The CP&S team was led by partner Richard Graham, assisted by Marcus Connor and Anthe Shanbaum.