New York, Washington – Global law firm Hogan Lovells Cadwalader has advised Equinor as it acquires an interest in the Lackawanna Energy Center (Lackawanna), a 1,483 MW gas-fired combined cycle power plant (CCGT) in Pennsylvania. It will acquire 87.71% of the Class A shares in the Lackawanna Energy Center for US$940 million, subject to certain purchase price adjustments at closing.
The transaction represents a step forward in building an integrated power business in selected markets. Equinor will seek opportunities to expand its collaboration with Invenergy as the operator of the plant, building on Invenergy’s solid operating capabilities and position in the PJM power market.
The investment structure provides upfront preferred cash flow and visibility on long-term cash generation, supported by investor protection mechanisms. Under this agreement, Equinor will acquire an interest in Lackawanna from funds managed by Global Infrastructure Partners (GIP), a part of BlackRock. Invenergy will continue as the operator, leveraging its established operating platform and strong track record.
“This deal reflects Equinor’s strategic commitment to expanding a resilient generation portfolio in the United States,” said M&A partner Megan Ridley-Kaye. “Our New York and Washington teams partnered closely with Equinor to navigate the regulatory and transactional complexities, helping the company reach a pivotal milestone in its growth strategy.”
The transaction builds on Equinor’s long standing presence in the United States, the company’s largest source of energy production outside Norway, and aligns with its strategy to develop power positions in markets where it can combine industrial capabilities, market access and existing energy assets.
Where the legal industry reads first.
Enjoyed this article? Get the biggest legal industry updates, deals, appointments, insights and expert interviews in your inbox, free.
No spam. Unsubscribe anytime.From Legal Desire
Is your firm the one being cited, or the one being skipped?
We ran the test. On several everyday legal questions, software companies are answering and law firms are not. We help firms fix that, and we build the technology behind the practice.
Lawyers and firms: get featured on Legal Desire
Share your deals, lateral moves, firm news and insights with 1M+ monthly readers: founders, law firm partners, general counsel and practising lawyers across the US, UK, EU and GCC.
Get featuredSubmit a press releaseThe advising firms, the named deal team, the value and the parties, with every other announced deal by the same firms and lawyers. Open the deal record
