Latham & Watkins Represents PROENERGY in US$1.387 Billion Sale of Power Generation Portfolio to CPS Energy

CPS Energy and PROENERGY announced they have entered into a definitive agreement under which CPS Energy has agreed to acquire four natural gas power generation facilities with an aggregate electric capacity totaling 1,632-megawatts for US$1.387 billion, subject to standard net working capital adjustments. The transaction is expected to close in the third quarter of 2025. Located in the Electric Reliability Council of Texas market, the acquired assets include state-of-the-art, recently constructed peaking natural gas plants in Harris, Brazoria, and Galveston Counties.

Latham & Watkins LLP represents PROENERGY in the transaction with a corporate deal team led by New York partner David Kurzweil and New York counsel Alyssa Galinsky, with associate Victor Wang. Advice was also provided on project finance matters by Los Angeles partner Jeff Greenberg, with associate Cáit O'Sullivan O'Neill.