Press Release

Kirkland Represents Investec on Refinancing of its 802 MW Potomac Energy Center by Ares Management

Kirkland advised Investec Inc. as a lead arranger and sole bookrunner in connection with a $490 million refinancing for the Potomac Energy Center (f/k/a the Panda Stonewall Project), a natural gas-fired, 802 megawatt combined cycle gas turbine (CCGT) located in Loudon County, Virginia and owned by Ares Management Corp. Ares agreed to purchase the CCGT earlier this summer from Panda and Siemens Financial Group. The refinancing closed on November 12, 2021, one day before the maturity of the project’s existing TLB facility. 

The team was led by debt finance partners Kelann Stirling and Rohit Chaudhry and associates Will Haslun and Paul Roberts, with assistance from derivatives partner Jaime Madell, energy regulatory partner Marcia Hook and environmental transactions partner James Dolphin and associate Caleb Anderson.