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Bracewell & Giuliani Represents Calpine Corporation in Sale of Interest in Freestone Energy Center

November 8, 2010

HOUSTON  Bracewell & Giuliani LLP represented Calpine Corporation in the sale of a 25 percent undivided interest in the 1,038 MW combined-cycle Freestone Energy Center to Rayburn County Electric Cooperative, Inc. for a purchase price of $215 million. Calpine will remain the majority owner of the Fairfield, Texas facility, and will receive operating and management fees under the terms of the contracts.

The transaction included the negotiation of a joint ownership agreement and several related operating, service and management contracts between the parties and various Calpine affiliates. The transaction, which was announced in late October 2010, is expected to close in December, pending regulatory approval.

Bracewell attorneys involved in the transaction include:

Partners: Nancy A. Wodka, Thomas O. Moore, Lance W. Behnke

Counsel: Rebecca J. Rentz, Jacqueline R. Java

Associates: Laura N. Fellow, Lisa A. Smith, Michael C. Yates

Bracewell's energy practice draws upon the firm’s full global resources in all areas of business law, representing domestic and international energy industry clients in matters related to operations, finance, restructuring, governmental regulation, tax, environment, governance, litigation, and strategic communications. The firm and its attorneys are recognized among top energy, M&A and capital markets counsel by ranking bodies including Chambers & Partners, and in league tables from Thomson Reuters, Bloomberg and Dealogic.