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10.25.23
Firm Advises Warwick Carbon Solutions on its First-of-Its-Kind Industrial Decarbonization Project
On October 5, 2023, Warwick Carbon Solutions (WCS) subsidiary Broadwing Energy announced that it signed formal agreements to build a first-of-its-kind power and steam cogeneration facility in Decatur, Illinois. WCS will build and operate a 360MW cogeneration plant with carbon capture and sequestration for the provision of integrated clean energy and green steam to Archer-Daniel-Midland's (ADM's) Decatur processing operations. Wilson Sonsini Goodrich & Rosati serves as lead project development and finance counsel to WCS in the transaction, having negotiated power and steam supply, carbon transfer and management services, FEED, and related real estate agreements, advised on interconnection and regulatory matters, are preparing to negotiate EPC agreement and financing arrangements for the project with 45Q investment tax credits and long-term debt. This may be one of the largest industrial decarbonization projects ever developed and financed in the U.S. with capacity to permanently sequester more than two million tons of CO2 annually.
Client Highlights
12.27.21
Wilson Sonsini Advises TransAlta on 300 MW White Rock Wind Project
On December 22, 2021, TransAlta Corporation announced that it has entered into two long-term power purchase agreements (PPAs) for the offtake of 100 percent of the generation from its 300 MW White Rock East and White Rock West Wind Power Projects (collectively, “White Rock Wind Project”) to be located in Caddo County, Oklahoma. Contracting the renewable electricity and environmental attributes to an outstanding new customer with an AA credit rating from S&P Global Ratings enables TransAlta to move into the construction phase and add the 300 MW White Rock Wind Project to its growing wind generation fleet. Wilson Sonsini Goodrich & Rosati represented TransAlta in the negotiation of key commercial contracts for the White Rock Wind Project.
The White Rock Wind Project will consist of a total of 51 Vestas turbines with construction expected to begin in late 2022 and a target commercial operation date in the second half of 2023. TransAlta will construct, operate, and own the facility. Total construction capital is estimated at approximately $460 million to $470 million and is expected to be financed with existing liquidity and tax equity. Over 90 percent of the project costs are captured under executed fixed price turbine supply agreements with Vestas and executed fixed price engineering, procurement, and construction agreements with M.A. Mortenson Company. The project is expected to generate total annual earnings before interest, taxes, depreciation, and amortization (EBITDA) of approximately $44 million, including production tax credits.
The White Rock Wind Project will consist of a total of 51 Vestas turbines with construction expected to begin in late 2022 and a target commercial operation date in the second half of 2023. TransAlta will construct, operate, and own the facility. Total construction capital is estimated at approximately $460 million to $470 million and is expected to be financed with existing liquidity and tax equity. Over 90 percent of the project costs are captured under executed fixed price turbine supply agreements with Vestas and executed fixed price engineering, procurement, and construction agreements with M.A. Mortenson Company. The project is expected to generate total annual earnings before interest, taxes, depreciation, and amortization (EBITDA) of approximately $44 million, including production tax credits.
Client Highlights
1.21.21
Wilson Sonsini Represents Goldman Sachs Renewable Power in Acquisition of Recurrent Energy’s Slate Project
On January 13, 2021, Canadian Solar announced that its subsidiary, Recurrent Energy, has completed the sale of the Slate project—expected to be one of the largest PV-plus-battery-storage projects in the United States—to Goldman Sachs Renewable Power LLC. The revenue from the transaction will be recognized in the first quarter of 2021 and commercial operation is expected in late 2021. Wilson Sonsini Goodrich & Rosati advised Goldman Sachs Renewable Power in the transaction.
The Slate project is a 300 MWac solar plus 140.25 MW/561 MWh storage project located in Kings County, California, that has commenced construction. Canadian Solar’s energy storage subsidiary, System Solutions and Energy Storage, will provide the battery storage integration solution for the project. In addition, PNC Bank is providing a tax equity commitment. The Slate project, which has signed power purchase agreements with five different off-takers, will generate enough low-cost clean energy to power approximately 126,000 California homes.
Wilson Sonsini was pleased to represent Goldman Sachs Renewable Power in the transaction.
For additional information, please see Canadian Solar’s press release.
The Slate project is a 300 MWac solar plus 140.25 MW/561 MWh storage project located in Kings County, California, that has commenced construction. Canadian Solar’s energy storage subsidiary, System Solutions and Energy Storage, will provide the battery storage integration solution for the project. In addition, PNC Bank is providing a tax equity commitment. The Slate project, which has signed power purchase agreements with five different off-takers, will generate enough low-cost clean energy to power approximately 126,000 California homes.
Wilson Sonsini was pleased to represent Goldman Sachs Renewable Power in the transaction.
For additional information, please see Canadian Solar’s press release.
Client Highlights
10.08.20
Wilson Sonsini Advises Chevron in Dairy Biomethane Fuel Projects Partnership with Brightmark
On October 7, 2020, Brightmark LLC and Chevron U.S.A. Inc. announced the formation of a joint venture, Brightmark RNG Holdings LLC, to own projects across the United States to produce and market dairy biomethane, a renewable natural gas (RNG). Equity investments by each company in the new venture will fund construction of infrastructure and commercial operation of dairy biomethane projects in multiple states. Chevron will purchase RNG produced from these projects and market the volumes for use in vehicles operating on compressed natural gas. Marathon Capital acted as exclusive financial advisor to Brightmark in establishing the partnership with Chevron.
Client Highlights
10.08.20
Wilson Sonsini Advises in Formation of Joint Venture Calibrant Energy
On October 5, 2020, Macquarie’s Green Investment Group (GIG) and Siemens’ Smart Infrastructure (SI) and Financial Services (SFS) groups announced the formation of Calibrant Energy (Calibrant), a joint venture that offers comprehensive onsite Energy as a Service (EaaS) solutions at no up-front cost for its customers, which include corporate and industrial clients, as well as municipalities, universities, schools, and hospitals. Wilson Sonsini Goodrich & Rosati is advising Siemens in the transaction.
Client Highlights
3.01.19
Wilson Sonsini Represents Affiliate of Goldman Sachs Renewable Power in Sale Agreement
In March 2019, the firm represented an affiliate of Goldman Sachs Renewable Power LLC (GSRP) in connection with a membership interest purchase and sale agreement entered into with SunPower Corporation and an affiliate thereof (SunPower) pursuant to which SunPower agreed to sell to GSRP, in exchange for consideration of up to $86.9 million, the membership interests in certain limited liability companies that own leasehold interests in operating solar commercial and industrial projects subject to sale-leaseback financing arrangements, along with other related subsidiaries.