Solar

Solar power offers enormous potential as a feedstock in the production of green hydrogen and derivative fuels, such as green ammonia, e-methanol and sustainable aviation fuel, which will be critical to the decarbonization of hard to abate sectors such as heavy industry, long-haul road transport and the maritime and aviation industries.

As a result, solar has become a major commodity in the global marketplace. Utilities, installers and an array of investors are deploying solar energy on a broad scale. These developments have led to new and exciting growth opportunities for companies and investors operating across the sector.

This very broad spectrum of solar-backed energy transition solutions has different capital and financing requirements and different risk profiles. We are highly experienced at structuring projects and transactions to attract the most appropriate form of capital whether that be equity, bank debt, institutional capital or private credit.

Areas of Focus

Our lawyers have extensive energy and renewables experience and we advise across all aspects of the sector, including on the development and financing of utility-scale and distributed generation solar projects, combining solar with storage and solar generation as a feedstock for green fuel production.

Our deal volume exceeds billions of dollars in closed and funded investments supporting gigawatts (GW) of solar energy, including on the following types of solar projects:

• Large and small utility-scale
• Rooftop and ground mounted
• Residential and community
• Commercial and industrial (C&I)
• Solar and battery storage
• Solar to produce green hydrogen and derivative fuels.

We are best known for our capabilities in the following core areas:

• Project finance, development, construction, permitting, operations and maintenance
• Mergers & acquisitions (M&A), joint ventures and securities & corporate governance
• Liability management, financial restructuring, distressed and special situations
• International trade, lobbying & public policy and export controls & economic sanctions
• Energy regulatory 
• Tax structuring & equity financing
• Environmental, social & governance (ESG).

Our experience spans the full life cycle of renewables projects:

• Development, construction, operation and maintenance
• Financing and refinancings, whether using bank debt, institutional capital or private credit
• Acquisition and disposals and joint ventures
• Financial restructurings and special situations
• Government support and incentives including federal tax credits and grants
• Energy regulatory advice
• Offtake arrangements
• Electrolysis and green hydrogen and derivative fuel production
• Green corporate and virtual power purchase agreements
• Electricity, emissions and renewable certificates of origin trading
• Battery storage, flexibility and route to market services
• Land and permitting issues
• Grid network and transmission infrastructure and assets.

Cross-Disciplinary Practice

Drawing upon the resources of a global full-service firm, our renewables energy lawyers collaborate seamlessly across borders and disciplines. Our coverage area includes the United States, United Kingdom and Europe, Latin America, Asia, Canada, Africa and the Middle East.

Leading-Edge Regulatory Experience

Our top-tier energy regulatory team advises on market participation, the capacity market and other regulations relevant to renewable energy, including those in the United States for Midcontinent Independent System Operator (MISO), California Independent System Operator (CAISO), Pennsylvania, Jersey, Maryland Power Tool (PJM) and the Electric Reliability Council of Texas (ERCOT).

Powerhouse Financing Practice

We are experienced in all of the financing solutions expected to play a significant role in delivering the energy transition, including bank project finance or limited recourse finance; bond capital markets; common debt platforms; green, sustainable or impact finance (including green bonds, green loans and sustainability linked loans); development finance institution (DFI) and export credit agency (ECA); sovereign infrastructure bank lending; streaming or royalty financings; “HoldCo” or fund financings; private credit, institutional direct lending and special situations lending.

Industry-Leading Tax Credit & Tax Equity Team

Our industry-leading tax team helps market participants navigate the intricacies of tax credits, as well as new investment opportunities related to the Inflation Reduction Act. Within our ranks are also seasoned projects lawyers with deep experience in emerging financing models, including public-private partnerships.

ESG

We also advise our clients on ESG issues relevant to the sector, including reputation and risk management (e.g., greenwashing, authenticity and substantiation of claims), ESG data reporting and disclosure compliance and embedding ESG factors in investment, lending and governance processes.

Representative Matters

• Represent Excelsior Energy Capital in multiple utility-scale and C&I solar projects across all aspects of development, debt financing, and tax-equity investment. Among other matters, we advised in Excelsior’s long-term partnership agreement with Unico Solar Investors to build, own and operate a 250 megawatt (MW) pipeline of commercial and industrial solar projects across North America.
• Advised Helios Energy Investment in connection with the purchase of a more than $200 million portfolio of solar projects located in North Carolina.
• Advised Phanes Group on the development and U.S. International Development Finance Corporation (DFC) financing of the 46 MW Nkhotakota solar farm in Malawi, one of the first power purchase agreements (PPAs) signed with Malawi’s national utility (ESCOM) and Malawi’s first competitive power sector tender.*
• Represent associations and companies in ongoing antidumping, countervailing duties and safeguard matters involving imports of solar cells and modules before the U.S. Department of Commerce, International Trade Commission and the federal courts.
• Advised a global leading solar photovoltaic (PV) developer on a global partnering agreement with an international oil major.*
• Represented SunPower Corporation in the development and sale of multiple large, utility-scale photovoltaic solar projects in California, including the development of both phases of the Antelope Valley Solar Project and the sale of a 4.7 GW portfolio of utility-scale development solar assets to Clearway Energy Group (NRG Renew).
• Advised ENEOS Corporation on all aspects of its acquisition of an indirect interest in a project company developing a 140 MW solar power project in Texas, including counseling on due diligence, negotiation of the transaction documentation and debt financing.
• Counseled SunTrust in its tax equity investment in the Holstein solar project, a 200 MW solar project located in Nolan County, Texas, the first solar photovoltaic alternative offtake project to reach commercial operation in ERCOT.
• Represented Rabobank as mandated lead arranger on establishing a credit facility of up to $200 million to support CleanCapital’s pipeline of distributed solar and energy storage projects.*
• Advised a leading international telecommunications major on two solar-backed corporate PPA transactions and one roof-top solar PPA transaction in the U.K.*
• Advised Northleaf Capital Partners in its acquisition of the 15.4 MW Phantom Solar facility located in Killeen, Texas.
• Advised Aquila Capital on its acquisition of the Banwell solar farm in the U.K.
• Represented a major solar energy developer in an antidumping and countervailing duties investigation of solar cells and modules from China.
• Represented Middle River Power in the execution of a 15-year power purchase agreement with Clean Power Alliance for a 100 MW solar project in San Bernardino County, California.

 *Matters handled by Akin partners prior to joining the firm.