Davis Polk & Wardwell LLP advised Wells Fargo Securities, LLC as sole book-running manager on the $137 million SEC-registered initial public offering of 6,850,000 shares of common stock of Tortoise Power and Energy Infrastructure Fund, Inc. The shares are listed on the New York Stock Exchange under the symbol “TPZ.”

Tortoise Power and Energy Infrastructure Fund, Inc. is a newly organized, non-diversified, closed-end management investment company managed by Tortoise Capital Advisors, L.L.C.

The Davis Polk corporate team included partner Joseph A. Hall and associates Roman Ajzen and James P. Richards. Partner Mary Conway and associate Catherine Paskoff Chang provided tax advice. Partner Nora M. Jordan and counsel Susan Betteridge Baker provided Investment Company Act advice. Amarilys Katy Barbosa was the legal assistant on the transaction. All members of the Davis Polk team are based in the New York office.