Milbank LLP is advising Nabors Industries, Ltd. in the planned business combination of Nabors Energy Transition Corp., an affiliate of Nabors Industries, Ltd., with Vast Solar, a market-leading concentrated solar power (CSP) company. The combined entity will be named Vast and is expected to be listed on the New York Stock Exchange under the ticker symbol “VSTE," while remaining headquartered in Australia. The transaction is expected to be completed during the second or third quarter of 2023.
Founded in Australia in 2009, Vast’s proprietary CSP system uses a modular tower design and a unique sodium loop for heat transfer to efficiently capture and store solar heat for conversion into clean and renewable electricity and heat. The company’s system is designed to deliver greater efficiency, simplified permitting, faster construction and more reliable operations when compared to conventional central tower CSP plants.
Nabors Industries, Ltd. is a leading provider of advanced technology for the energy industry. By leveraging its core competencies, particularly in drilling, engineering, automation, data science and manufacturing, Nabors, which owns the global industry’s largest fleet of land drilling rigs and equipment, is committed to innovate the future of energy and enable the transition to a lower-carbon world.
The Milbank deal team was led by Global Corporate partner Scott Golenbock and consulting partner Charles Conroy along with associate Anthony Zurcher, Global Capital Markets partner Brett Nadritch and associate Lyndon Plothow.
