King & Spalding Advises Haddington CAES Development Company in the Sale of Its Norton Energy Storage Project to FirstEnergy

HOUSTON, TX--(Marketwire - November 23, 2009) - King & Spalding advised CAES Development Company, LLC, and Norton Energy Storage, LLC, in the sale of all rights in Norton Energy Storage, a compressed air energy storage (CAES) project under development in Norton, Ohio, to FirstEnergy Generation Corp., a subsidiary of Akron, Ohio-based First Energy Corp. CAES Development Company, LLC, and Norton Energy Storage, LLC, are portfolio companies of Haddington Ventures LLC's managed funds.

Haddington has obtained all permits necessary to develop more than 2,000 megawatts (MW) of storage in a 2,200-foot-deep inactive mine on a 92-acre site near Norton. Engineering and equipment design and project cost estimates have been completed for the first 268 MW of generation (two modules) and 220 MW of compression, allowing for substantial expansion after the first phase.

For more information on this transaction, visit: http://www.prnewswire.com/news-releases/haddington-sells-rights-to-its-norton-energy-storage-project-to-firstenergy-71572382.html.

CAES allows utilities to use inexpensive and renewable off-peak electricity to compress air and store it in airtight underground caverns to later meet periods of high demand. When electric power demand peaks during the day, the process is reversed, and the compressed air is returned to the surface and combined with a third of the natural gas typically used in gas-fired power generation to produce electricity.

King & Spalding has nearly a decade of experience in the development of CAES projects such as the Norton Energy Storage Project, is actively involved in other CAES projects developments and is engaged in government advocacy and outreach matters on behalf of the Coalition to Advance Renewable Energy Through Bulk Storage (CAREBS) -- a government advocacy group comprised of CAES project developers, equipment manufacturers and other renewal energy industry stakeholders interested in the grid efficiency and reliability enhancements that CAES and other bulk energy storage projects offer.

The Houston-based King & Spalding legal team involved in this transaction consisted of Kenneth Culotta (global transactions partner), Peter M. Oxman (real estate partner), Juan-Pablo "John" Crespo (global transactions partner-elect) and Monica Hwang (global transactions associate).

Haddington Ventures, through its private equity funds, generally makes control-oriented investments in companies focused on gathering, separation, processing, treating, compression, storage and transmission of energy. Haddington principals developed many of the independent high-deliverability natural gas storage facilities in the United States, experience which has played an integral role in Haddington's CAES development efforts.

About King & Spalding

King & Spalding is an international law firm with more than 800 lawyers in Abu Dhabi, Atlanta, Austin, Charlotte, Dubai, Frankfurt, Houston, London, New York, Paris, Riyadh (affiliated office), San Francisco, Silicon Valley and Washington, D.C. The firm represents half of the Fortune 100 and, according to a Corporate Counsel survey in August 2009, ranks fifth in its total number of representations of those companies. For additional information, visit www.kslaw.com.

Contact Information: Contact: King & Spalding Kimberly Brooks +1 212 827 4378 kbrooks@kslaw.com