Simpson Thacher is representing PPL Corporation ("PPL") in connection with both the sale of its Long Island generation business to J-POWER USA Development Co., Ltd. ("J-POWER"), for approximately $135 million plus working capital, and the sale of the majority of its PPL Maine subsidiary's hydroelectric generation business to Black Bear Hydro Partners, LLC, an affiliate of ArcLight Capital Partners, LLC ("ArcLight"), for approximately $95 million. The Long Island generation business sold to J-POWER consists of PPL Edgewood Energy, LLC and PPL Shoreham Energy, LLC, which, respectively, own the Edgewood generating facility in Brentwood, N.Y., and the Shoreham generating facility in Brookhaven, N.Y. The sale to the ArcLight affiliate of the PPL Maine assets consists of a sale of five hydroelectric generating facilities, along with a 50% interest in a sixth hydroelectric generating facility (the remainder of which is owned by an ArcLight affiliate), all of which facilities are located in Maine. PPL expects both sales, which are subject to the receipt of regulatory approvals and consents, to close before the end of 2009.
The Simpson Thacher team working on these transactions includes David Lieberman, Brian Chisling, Pierre-Luc Arsenault and Charlene Caprio (Corporate); Greg Grogan, Rachel Berry and Samantha Shipp (Executive Compensation and Employee Benefits); Jennifer Klein (Tax); and Michael Isby (Environmental).