New York, NY. Nixon Peabody advised OGCI Climate Investments LLP (OGCI)—a more than $1 billion fund led by a consortium of oil companies, including BP, ExxonMobil, Chevron, and Shell, focused on low-carbon investments—in its partnership with private equity investment firm Starwood Energy Group to develop a large-scale carbon capture facility to be constructed alongside a natural gas power plant.
Commercially available CO2 capture technology is expected to capture more than 90% of carbon emissions from an existing power facility. In turn, the captured CO2 will be deployed toward enhanced oil recovery and permanently sequestered in an existing oil field.
“It was an honor working closely with OGCI, supporting their mission to decarbonize energy-intensive industries, and bringing to life this first-of-its-kind project with Starwood Energy and Elysian Ventures, as project developer,” said Ellen Friedman, co-leader of Nixon Peabody’s Energy and Infrastructure Projects team, who led the firm’s team that advised OGCI.
Nixon Peabody advised OGCI in connection with the investment structure, including the anticipated use of Section 45Q tax credits in the financing of this project. The firm’s team led by Ellen included attorneys Victor Milione, Shariff Barakat, Rick Cox, Brian Krob, Jeffrey Costellia, and Sebastian Torres-Rodriguez.
“On behalf of my team, we look forward to continue supporting OGCI and its mission,” Ellen added.