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Latham Advises EDF Renewables on Sale of Minority Stake in PowerFlex

December 14, 2022
Multidisciplinary team advised on the transaction that aims to accelerate the deployment of solutions for commercial and industrial customers to decarbonize onsite energy consumption.

PowerFlex, an EDF Renewables North America (EDFR) affiliate and a national provider of intelligent solar, storage, and electric vehicle charging solutions for commercial and industrial customers, announced a US$100 million investment from Manulife Investment Management (Manulife IM) on behalf of investors.

Latham represented EDFR in connection with the sale of a minority stake in PowerFlex to Manulife IM, as well as a separate acquisition by Manulife IM of a portfolio of operational distributed solar generation and storage projects developed by PowerFlex. EDFR retains a controlling stake in PowerFlex following the closing.

The Latham deal team was led by Washington, D.C./Houston M&A partner Ethan Schultz, with New York partner David Owen and associates Daley King, Matt de Bernardo, and Jordan Wampler. Advice was also provided on tax matters by Houston partner Jim Cole, with associate Andrea Herman; on employee benefits matters by Washington, D.C. partner Matt Conway; on antitrust matters by Washington, D.C. partner Jason Cruise; on energy regulatory matters by Washington, D.C. partner Tyler Brown; and on data and tech transactions matters by New York partner Steven Betensky, with associates Andrew Abokhair and Dewey Kang.