Environmental Transactions

Mergers & Acquisitions

Drawing on decades of experience and industry expertise, Sullivan & Worcester brings to deals a pragmatic, seasoned perspective and the sophistication necessary to navigate environmental risk in today’s fast-paced, competitive M&A market.

Even before the sale process starts, our lawyers help to prepare companies, assets and business units for a sale through the development of vendor environmental reports, strategic guidance regarding key risks, dataroom design and the structuring of transition services, permitting and shared facility arrangements.

For buyers, we perform tailored, cost-effective due diligence to evaluate risks associated with contamination, compliance, legacy operations, toxic torts, emerging regulatory requirements and other environmental liabilities. We design and negotiate transaction structures, indemnities, insurance solutions and cost-sharing arrangements to allocate or mitigate environmental risk. Relying on our environmental regulatory and litigation bench, we can also assist companies in the post-closing integration process, the resolution of outstanding diligence findings, and the prosecution of contractual indemnity or insurance claims.

Securities & Finance

Given the intense public scrutiny of environmental concerns and the complexity of environmental regulation, companies, lenders and financial institutions need to be vigilant when considering environmental and natural resource risks.

We advise companies and issuers on their securities filings, sustainability reports, and other public environmental disclosure requirements, and have the intellectual rigor necessary to translate regulatory jargon into common-sense disclosure. On behalf of financial institutions, we evaluate environmental risks affecting issuers, borrowers, mortgaged properties and other collateral, including as may relate to operations, legacy liabilities, future business plans, and emerging regulations, and advise on appropriate disclosure and contractual arrangements.

Energy & Infrastructure Projects

Having worked with clients across all subsectors of the energy industry, our energy and environmental lawyers bring an exceptional grasp of the changing landscape and policy and industry dynamics that are shaping investment.

Sullivan & Worcester advises on the environmental and regulatory aspects of power generation, renewable energy, and other infrastructure development, including air, water and land-use permitting; siting approvals; energy regulatory matters; site acquisition and development; and greenhouse gas and other regulation.

Drawing on the expertise of our environmental, energy, real estate and finance professionals, Sullivan & Worcester provides sponsors, investors, and lenders with a comprehensive understanding of the regulatory and permitting risks associated with project development, and the practical implications for the project cost and timeline.

Our multi-disciplinary team has experience with all facets of power plant development and advises on power purchase, fuel supply, engineering, procurement and construction (EPC), interconnection, transmission, operation and maintenance (O&M) and other project agreements. We also endeavor to help our clients take advantage of tax incentives and other financial assistance available to them.

Bankruptcy & Restructuring

The intersection of environmental and bankruptcy law is notoriously complicated as the underlying policies are often at odds with each other. Our environmental lawyers counsel debtors, creditors and lenders on the environmental aspects of bankruptcy proceedings and corporate restructurings.

We also help other stakeholders to understand the impact of bankruptcy in corporate transactions, such as when acquiring assets out of bankruptcy or acquiring a company that has undergone a corporate restructuring or otherwise benefits from a bankruptcy discharge.

Our environmental lawyers are particularly attuned to the issues currently affecting the U.S. coal sector, having advised stakeholders on several recent coal company bankruptcies. They counsel clients on environmental reclamation, permitting and other operational matters, while also bringing a sophisticated understanding of the environmental policies and energy industry dynamics affecting the costs of coal production, the demand for thermal coal and the export of metallurgical coal.

  • Represented an affiliate of Cube Hydro Partners in its acquisition of four hydropower stations in North Carolina totaling 215 MWs.
  • Represented a seller in the $890 million sale of its sulfuric acid virgin production and regeneration business
  • Represented a buyer in a $435 million acquisition of a large-scale cobalt refinery
  • Represented a lender in connection with asset-based revolving credit facility for manufacturing business
  • Counseled buyer on bankruptcy protections applicable to a target company for legacy site contamination and asbestos exposure claims, including the interaction of an asbestos trust and related channeling injunction
  • Represented a private equity investor in connection with the development of a greenfield 869-megawatt combined-cycle natural gas-fired generation facility

Key Contacts