Energy Assets Unified by Reorganization
An international power generator with facilities throughout New York sought to restructure its holdings to consolidate all of its renewable energy assets into a single operating entity, allowing it to expand financing for its renewable portfolio. As part of the restructuring, the company had to obtain regulatory approvals from the Public Service Commission.
Our attorneys assisted the company in making the case to PSC officials that the reorganization of assets did not represent a transfer of interests under Section 70 of the Public Service Law and that it was otherwise in the public interest because it advanced the state’s environmental policy goals.
The Public Service Commission agreed and decided to take no further review of the action, in effect allowing the reorganization to proceed. The reorganization resulted in the creation of one of the world’s largest, listed pure-play renewable energy platforms.
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