In January 1990, a bu
siness unit of Seaboard Corp. installed the first barge-mounted power plant in the Dominican Republic. Seaboard brought online another power barge in the Dominican a decade later.
Now, those two floating power plants are being sold in a $70 million deal. King & Spalding partners Russ Richards in Atlanta and Juan Crespo in Houston are advising Seaboard, one of the firm’s longtime clients.
The floating power plants [photo, left] are the operating assets of a Seaboard business unit, Transcontinental Capital Corp. The plants consist of two barges, on which are installed a system of diesel engines that generate electric power. The barges are named the Estrella del Norte and the Estrella del Mar and are floating on the Ozama River.
Pueblo Viejo Dominicana Corp., which operates a gold-mining project in the Dominican, is acquiring the barges. Pueblo Viejo Dominicana is a joint venture between Barrick Gold Corp. and Goldcorp Inc. The Dominican law firm Pellerano & Herrera advised Pueblo Viejo Dominicana on the purchase of the barges.
King & Spalding’s Richards has handled corporate work for Shawnee Mission, Kan.-based Seaboard on other occasions, including the $375 million sale of its poultry division to ConAgra in 2000, and the formation of a joint venture with Triumph Foods in 2004 to sell pork products.