Press Release
Press Release
Press Contacts: Erik Cummins, Matt Hyams, Olivia Thomas
07.31.18
Pillsbury is advising leading energy technology company Holtec International on its announced purchase of the Oyster Creek nuclear power station in New Jersey from Exelon Generation. Under the terms of the deal, which is expected to close in the third quarter of 2019 pending regulatory approval, Holtec will assume ownership of the Oyster Creek site, real property and used nuclear fuel and will manage all site decommissioning and restoration activities. The value of the transaction was not disclosed.
The Oyster Creek plant in Ocean County, N.J., produces 636 net megawatts of zero-emission electricity at full power, enough to supply 600,000 homes. Exelon announced plans for the facility’s permanent shut down in February 2018 and reached an agreement with the state to close the station no later than December 2019. The sale will have no negative impact on the timeline for decommissioning, which remains on track for completion in eight years.
Read more about this transaction here.
The multi-office Pillsbury team advising Holtec on this landmark transaction is led by Corporate and Securities partner Stephen Amdur and Energy partner Jay Silberg. The team also includes Energy partners Jeff Merrifield, Sheila Harvey and Michael Lepre, special counsel Timothy Walsh and senior associate Anne Leidich; Corporate and Securities senior associate Alyssa Fiedler, counsel Matthew Kane and associates Ryan Brewer, John Byrne, II and Supriya Krishnan; Tax partners Brian Blum and Marc Simonetti, senior counsel Robert Logan, special counsel Michael Cataldo and associate Mike Le; Environmental special counsel Reza Zarghamee; Global Sourcing & Technology Transactions partner Mario Dottori and associate Apprameya Iyengar; Executive Compensation and Benefits partner Peter Hunt and senior associate Justin Krawitz; Employment and Labor special counsel John Scalia; Real Estate partner Eric Kremer; Insolvency and Restructuring partners Patrick Potter and Andrew Troop, counsel Dania Slim and associate Andrew Alfano; Litigation partner Jeffrey Gans; Capital Markets partner Peter Baumgaertner and senior counsel Daniel Brown; and Investment Management partner Kimberly Mann.
Pillsbury has one of the legal industry’s largest and most preeminent energy practices, having worked on large-scale energy projects and their financing in more than 75 countries on six continents. The firm provides advice on policy, regulation, transactions, litigation, intellectual property, real estate and land use. Our experience also extends to crisis response, going back to our representation of the Three Mile Island owner.