NRG Energy forms 50-50 joint venture with JX Nippon to build and operate World's Largest Carbon Capture and Enhanced Oil Recovery Project

Client(s) NRG Energy, Inc.

Jones Day represented NRG Energy, Inc. in arranging equity and debt financing for its Petra Nova carbon capture and enhanced oil recovery project located southwest of Houston, Texas. The Jones Day team advised NRG as mergers and acquisition counsel in the sale of a 50 percent interest in Petra Nova to a U.S. affiliate of JX Nippon Oil & Gas Corporation and additionally counseled NRG in respect of the equity contributions from both NRG and JX Nippon of approximately $300 million each. The firm also acted for NRG as lead borrower's counsel in connection with loans to the project of $250 million to be provided by the Japan Bank for International Cooperation and Mizuho Bank, Ltd., backed by Nippon Export and Investment Insurance.