Akin Gump Advises SJI in Largest Sale of Distributed Solar Assets to Date

(Washington, D.C.) – SJI, a New Jersey-based energy services holding company delivering energy solutions to customers through three primary subsidiaries, has entered into an agreement to sell its portfolio of solar energy projects to an entity managed by Goldman Sachs Asset Management for approximately $350 million in cash. Akin Gump advised SJI in the matter.

This is the largest portfolio of distributed solar assets to transact to date and represents a significant milestone in the distributed solar and small utility solar space.

Through its indirect wholly owned subsidiary Marina Energy, SJI owns 76 distributed solar energy projects with total capacity of 204 MW. The projects, located at 143 sites across New Jersey, Maryland, Massachusetts and Vermont, provide power to schools, hospitals, and commercial and industrial facilities.

The Akin Gump team advising SJI included global project finance practice co-head John Marciano, counsel Aaron Bartell and associates Yaw Temeng and Nicole Scott; international trade partner Shiva Aminian; energy regulation, markets and enforcement co-head Chip Cannon and senior counsel Porter Wiseman; and antitrust partner Gorav Jindal and senior practice attorney Stacy Kobrick.

Founded in 1945, Akin Gump Strauss Hauer & Feld LLP is a leading international law firm with more than 900 lawyers in offices throughout the United States, Europe, Asia and the Middle East.

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