Buddle Findlay is pleased to have assisted Pioneer Energy in the acquisition of Roaring Forties Energy Limited Partnership's 50% interest in Southern Generation Limited Partnership (SGLP).
SGLP (now Pioneer Energy Renewables Limited Partnership (PER)) is a renewable energy development partnership that is substantially owned by Pioneer Energy with a portfolio of renewable generation assets (focusing on wind and hydro assets).
As part of the acquisition, Buddle Findlay assisted Pioneer Energy with a significant restructure of its business, including bringing Pioneer Energy's long-standing partner, Buller Electricity, in as a new limited partner of PER. The restructure involved incorporating a new Pioneer Energy Group Limited Partnership that holds Pioneer Energy's interest in PER and provides corporate services to the partnership. In addition, we assisted in transferring the core generation assets from Pioneer Energy to PER, assisted the newly structured PER to acquire all of the partnership interest in Pulse Energy Alliance LP, and assisted in the significant refinance of Pioneer Energy's banking syndicated facilities.
Buddle Findlay partner Mark Odlin and senior associate Celeste Brown led the overall transaction. Senior associates, Anna Wishart and Danielle Elley, respectively, provided support on the banking and property requirements for the transaction. Solicitors Sam Summerfield and Stephanie Maritz also assisted with the overall transaction.
Mark Odlin commented "we were delighted to assist Pioneer Energy in this acquisition and restructure as it will strengthen the Pioneer Group's ability to invest in renewable energy projects."
