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Del. Chancery Denies motion to Dismiss In re Pattern Energy Group Inc. Stockholders Litigation


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Corwin Cleansing Denied Again: Delaware Court of Chancery Green Lights Claims Alleging Loyalty Breaches Tainting Company Sales Process in In re Pattern Energy Group Inc. Stockholders Litigation
Tuesday, May 18, 2021
On May 6, 2021, Vice Chancellor Zurn of the Delaware Court of Chancery issued a 200-page decision denying a motion to dismiss in 
In re Pattern Energy Group Inc. Stockholders Litigation, a class action challenging the $6.1 billion go-private, all-cash sale of Pattern Energy Group Inc. (“Pattern Energy” or the “Company”) to Canada Pension Plan Investment Board (“Canada Pension”)
1.  The transaction was narrowly approved by 52% of the Pattern Energy stockholders on March 10, 2020, with both ISS and Glass Lewis recommending stockholders vote against the sale.  The sale closed on March 16, 2020.  ....

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Delegating Preparation of Proxy Statement to Management was an Unexculpated Act of Bad Faith


Delegating Preparation of Proxy Statement to Management was an Unexculpated Act of Bad Faith
By
May 8, 2021
In Re Pattern Energy Group Inc. Stockholders Litigation involved an M&A transaction where the sales process of Pattern Energy Group Inc. was run by an undisputedly disinterested and independent special committee that recognized and nominally managed conflicts, proceeded with advice from an unconflicted banker and counsel, and conducted a lengthy process attracting numerous suitors that the special committee pressed for value.  The foregoing positive attributes were offset by selecting a bidder that did not offer the highest price at the behest of perhaps conflicted parties supported by conflicted management. ....

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Former Biden aide sees green as renewable energy lobbyist


(Gina Ferazzi / Los Angeles Times via Getty Images)
Renewable energy companies are deploying a former aide to President Joe Biden to lobby the White House on the specifics of its proposed $2 trillion infrastructure package that would provide huge windfalls for the industry. 
Christopher Putala, a former Biden staffer on the Senate Judiciary Committee from 1989 to 1998, more than doubled his client list and lobbying revenue under the new president. Putala’s one-man lobbying firm raked in $770,000 in the first three months of 2021, up from $310,000 during the same period last year.
That first-quarter haul was a personal best for Putala, who primarily represented telecom companies in Washington before Biden’s win ushered in an influx of green energy clients on Jan. 11. Putala reported bringing in a total of $300,000 from six renewable energy firms, Apex Clean Energy, Clearway Energy Group, Invenergy LLC, Pattern Energy Group, IP Renewable Energy Holdings and Longroad ....

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Biden's Big Infrastructure Plan Would Further Boost Renewable Energy - Governors' Wind Energy Coalition


Governors Wind Energy Coalition
Biden’s Big Infrastructure Plan Would Further Boost Renewable Energy
Source: By Russell Gold, Wall Street Journal • Posted: Thursday, April 1, 2021
The president’s proposal to address climate change would extend wind and solar tax credits another decade, and create new incentives for transmission lines
Transmission lines have proven notoriously difficult to build amid opposition from landowners. Photo: Justin Sullivan/Getty Images
President Biden’s $2.3 trillion infrastructure plan would supercharge an already booming clean-power sector by expanding subsidies and addressing key bottlenecks impeding the shift to a greener grid.
The plan, unveiled Wednesday, calls for the creation of a new tax credit to support the construction of high-voltage transmission lines, a major roadblock for the build-out of renewable energy. ....

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