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PE Firm Accuses Power Co. Of Reneging On Investment Deal

Law360, New York (April 24, 2017, 7:10 PM EDT) -- A Connecticut-based private equity shop specializing in energy investments sued an energy company and its affiliates in New York court Monday, claiming they breached their obligations to pay a cash fee and hand over equity as part of a power plant acquisition.

New Canaan Capital Management LLC alleges that Erie Power LLC, Ozado Power LLC and GP Genco LLC breached a contract stemming from an investment agreement. Erie was supposed to pay the private equity firm a cash fee and give it a 20 percent equity interest in a special purpose vehicle created to acquire the power plant, in exchange for...

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