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Michael E. Espinoza
P: +1.212.938.6460
F: +1.800.404.3970

Cheryl Martin


Michael Espinoza represents energy clients on transactional matters with a focus on the electric power and gas sectors. Michael advises on a broad array of transactions, including mergers, acquisitions and divestitures involving electric generating facilities, regulated electric and gas utilities, retail electric and gas businesses and electric transmission facilities; wholesale and retail power purchase agreements, tolling agreements and energy management agreements; project agreements for traditional and renewable projects; and joint venture, partnership and other investment structures involving the development and ownership of electric generating, storage and transmission assets. He also advises clients on general corporate matters and corporate governance issues.

His clients include regulated utilities and utility affiliates, independent power producers, retail energy suppliers, energy marketing and trading companies, transmission owners, financial institutions, infrastructure funds and private equity investors.

Representative Matters

Great Plains Energy Incorporated in its pending acquisition of Westar Energy, Inc. in a combined cash and stock transaction valued at approximately $12.2 billion

Talen Energy Corporation in the $1.175 billion acquisition of MACH Gen, LLC, the holding company of three natural gas-fired power plants located in New York, Massachusetts and Arizona with a total capacity of over 2,500 MW

National Grid USA in the contribution of its equity interests in Iroquois Gas Transmission System LP to Dominion Midstream Partners LP in exchange for approximately $225 million in public equity

A private equity fund in the acquisition of 12 solar projects totaling 80 MW from a developer

Duke Energy Corporation in the $2.8 billion sale of its Midwest merchant generation business to a subsidiary of Dynegy Inc., which includes ownership interests in 11 power plants with a total capacity of approximately 6,100 MW, as well as Duke’s competitive retail electric and gas business; Platts Global Energy Awards, 2015 Strategic Deal of the Year

Integrys Energy Group, Inc. in the sale of a portfolio of over 50 distributed solar projects to TerraForm Power, LLC

Rochester Gas & Electric Corporation in the negotiation with R.E. Ginna Nuclear Power Plant LLC, a subsidiary of Constellation Energy Nuclear Group LLC, of a Reliability Support Services Agreement for the continued operation for reliability purposes of a 581MW nuclear power plant located in Ontario, New York

An electric utility group in the negotiation of multiple 20-year wind power purchase agreements to purchase power from wind projects totaling approximately 850 MW

Integrys Energy Group, Inc. in the sale of its competitive retail electric and natural gas business, Integrys Energy Services, Inc., to Exelon Generation Company, LLC

Integrys Energy Group, Inc. in the $298 million sale of Upper Peninsula Power Company, a regulated electric utility in the Upper Peninsula of Michigan, to Balfour Beatty Infrastructure Partners LP

Optim Energy, LLC in all aspects of its electric generation business, including in connection with its Chapter 11 bankruptcy in the District of Delaware

JP Morgan in the unwinding of a leveraged lease and related transfer of the Brandywine Power Facility, a 230MW combined-cycle, natural gas-fired generation facility located in Brandywine, Maryland

An electric utility group in the negotiation of a joint venture to develop, own and operate transmission facilities in New York.

Apex Compressed Air Energy Storage LLC in the formation of a joint venture with Dresser Rand to develop a 317MW compressed air energy storage facility in Texas

Portfolio companies of a private equity firm in negotiating energy management agreements for its portfolio of natural gas-fired generation facilities located in the northeast United States

A retail electric provider in the restructuring of a wind power purchase agreement

Puget Sound Energy Inc. in the acquisition of the Ferndale Cogeneration Station, an approximately 270 MW dual-fired combined-cycle cogeneration facility located in Whatcom County, Washington, from Tenaska Washington Partners LP

Duke Energy International in the $415 million acquisition of CGED Group's Iberoamericana de Energía Ibener S.A. subsidiary in Chile, including two hydroelectric generating assets with a combined 140 megawatts of installed capacity

Venoco, Inc. in negotiating hedging arrangements relating to the financing of its going private transaction

Great Plains Energy Incorporated in the formation of Transource Energy LLC, a joint venture with AEP Transmission Holding Company LLC focused on developing competitive transmission projects in the United States, and the contribution of rights to two regional transmission projects to the venture

Duke Energy in the formation of ADAGE LLC, a joint venture with AREVA SA focused on building biomass power facilities in the United States

Puget Sound Energy, Inc. in connection with a joint development agreement with RES Americas to jointly develop wind power projects in Washington state

Puget Sound Energy, Inc. in the re-development of the Snoqualmie Falls Hydroelectric Project, an historic run-of-river hydroelectric generating plant originally commissioned in 1898

Direct Energy Services, LLC in its $300 million acquisition of Strategic Energy LLC from Great Plains Energy Incorporated

PPL EnergyPlus, LLC, in connection with the entry into of a power purchase agreement to purchase the output from the Springfield Power Project biomass generating facility owned by Marubeni

PPL EnergyPlus, LLC, in connection with the development of, and sale of the power output from, the Moretown landfill gas project located in Moretown, Vermont

Optim Energy, LLC, in the development and construction of Cedar Bayou Unit 4, a 550 MW gas-fired combined cycle power plant jointly owned with NRG Energy

Puget Sound Energy, Inc., in its $120 million acquisition of the 275 MW Goldendale Energy Center from Calpine Corporation through Calpine’s bankruptcy process

Various utilities in the preparation of model power purchase and tolling agreements and model term sheets in connection with renewable energy requests for proposals and general energy resource acquisitions

Various developers in the preparation of proposals for the construction of renewable power generation facilities in response to requests for proposals by utilities, including the evaluation and negotiation of power purchase agreements


J.D., New York University School of Law, 2006
B.A., University of California, Los Angeles, 2003

Bar Admissions

New York