September 12, 2023

Willkie represented Haddington Ventures in connection with the sale of its majority stake in ACES Delta, LLC, the developer of what will be the world’s largest green hydrogen production and storage facility, to Chevron USA Inc.

On September 12, Chevron announced that it acquired 100% of Magnum Development, LLC, a Haddington portfolio company and majority owner of ACES Delta, which is a joint venture between Mitsubishi Power Americas, Inc. and Magnum Development. ACES Delta is developing the Advanced Clean Energy Storage project in Delta, Utah, a leading-edge renewable energy hub to produce, store and deliver green hydrogen.

The Advanced Clean Energy Storage project plans to use electrolysis to convert renewable energy into hydrogen and will use solution-mined salt caverns to store the energy.

Willkie previously represented Haddington Ventures in the creation of a $650 million equity syndication program to finance construction of the ACES Delta project.

Haddington Ventures is a private equity firm that oversees a growing portfolio of successful conventional and renewable energy businesses that are bringing innovative new infrastructure to the U.S. energy sector.

The Willkie team was led by partner Archie Fallon and associate Joe Laurel and included partner Robert Jacobson, counsel Jonathan Konoff, and associates Sidney Nunez, Hayden Kursh and Tyler Kuhn.