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Latham & Watkins Advises Brookfield Renewable in Carbon Management Partnership

August 5, 2022
Brookfield commits US$500 million to joint venture with California Resources Corporation.

California Resources Corporation (NYSE: CRC), an independent oil and natural gas company committed to energy transition in the sector, has announced the formation of a joint venture with Brookfield Renewable, creating a carbon management partnership focused on carbon capture and sequestration development.

Brookfield Renewable has committed an initial US$500 million to invest in projects that are jointly approved through the JV. The investment from Brookfield will be allocated through the Brookfield Global Transition Fund, the world’s largest fund dedicated to facilitating the global transition to a net zero carbon economy.

Latham & Watkins LLP represented Brookfield in the transaction with a team that included: on M&A/corporate matters, Washington, D.C./Houston partner Ethan Schultz, and Houston associates Ashley Nguyen, Denny Lee, Joshua Blankenship, and Vera Bespalova, along with Houston partner Jonathan Castelan and associate Sam Bentley; on CCS/regulatory matters, New York partner JP Brisson and Los Angeles counsel Michael Dreibelbis, with Washington, D.C. associate Jim Lambert; on tax matters, New York partner Eli Katz and Chicago associate Michael Zucker; on real estate matters, Los Angeles partner Kim Boras, New York counsel Shira Bressler and Los Angeles associate Ann McAdam; and on environmental matters, San Diego partner Jennifer Roy.