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4.17.26
Wilson Sonsini Advises Zanskar on Close of $40 Million in Novel Development Capital Financing
On April 16, 2026, Zanskar, the first AI-native geothermal energy company, announced the closing of $40 million in a Development Capital Facility. Wilson Sonsini Goodrich & Rosati advised Zanskar on the transaction, which is among the first ever structured for early-stage geothermal development. The financing was co-led by Just Climate and Spring Lane Capital, with additional capital committed by Tierra Adentro Growth Capital.
The Development Capital Facility draws on best practices from the renewables and natural resource sectors, establishing a revolving development credit facility designed to accelerate project development across Zanskar’s growing portfolio. The non-recourse facility covers key pre-construction activities, bridging projects to traditional bank project financing, and is structured to upsize to $100 million as Zanskar’s portfolio scales.
The financing transaction strengthens Zanskar’s ability to commercialize its pipeline of naturally occurring geothermal systems and sets a scalable financing precedent for greenfield geothermal as a recognized asset class across the United States.
The Wilson Sonsini team that advised Zanskar on the transaction included Scott Zimmermann, Jason Slagle, Nicole Gambino, Bob O’Connor, Jordana Palgon, and Jenae Sharp.
The Development Capital Facility draws on best practices from the renewables and natural resource sectors, establishing a revolving development credit facility designed to accelerate project development across Zanskar’s growing portfolio. The non-recourse facility covers key pre-construction activities, bridging projects to traditional bank project financing, and is structured to upsize to $100 million as Zanskar’s portfolio scales.
The financing transaction strengthens Zanskar’s ability to commercialize its pipeline of naturally occurring geothermal systems and sets a scalable financing precedent for greenfield geothermal as a recognized asset class across the United States.
The Wilson Sonsini team that advised Zanskar on the transaction included Scott Zimmermann, Jason Slagle, Nicole Gambino, Bob O’Connor, Jordana Palgon, and Jenae Sharp.
News Articles
7.11.25
Lawdragon Names 12 Wilson Sonsini Lawyers to Its 2025 List of Next-Generation Lawyers
Twelve Wilson Sonsini attorneys have been recognized in the 2025 Lawdragon 500 X – The Next Generation, the third edition of the guide. Individuals listed in the guide traditionally have “proven themselves early in private practice, accruing credentials, deals, and cases early and often,” with the majority of lawyers having been in practice between seven and fifteen years.
Client Highlights
1.30.25
Firm Advises On.Energy on $77.6 Million Construction Credit Agreement with Pathward, BridgePeak
On January 28, 2025, On.Energy, a fully-integrated energy storage developer, technology company, and asset manager, announced the close of construction credit facilities provided by Pathward and BridgePeak Energy Capital to build its 160 MWh Palo de Agua battery storage portfolio across the state of Texas. Wilson Sonsini Goodrich & Rosati advised On.Energy on the transaction.
Client Highlights
9.25.24
Wilson Sonsini Advises Clearway on $550 Million Construction Financing
On August 26, 2024, Clearway Energy Group announced that it has closed $550 million in construction financing and started construction on its Rosamond South I solar and storage project in Kern County, California. Once complete, the 140 MW solar and 118 MW storage project will generate enough electricity to power more than 63,000 homes every year. Wilson Sonsini Goodrich & Rosati advised Clearway on the transaction.
Client Highlights
7.31.24
Firm Advises Clearway on 25-Year Power Purchase Agreement with Puget Sound Energy
On July 23, 2024, Clearway Energy Group announced that it has signed a 25-year power purchase agreement (PPA) with Puget Sound Energy for the Haymaker wind farm, a 315 MW facility under development in Wheatland and Meagher Counties in Montana. Wilson Sonsini Goodrich & Rosati advised Clearway on the transaction.
Once operational, Haymaker will generate enough electricity to power approximately 116,000 homes each year. It is expected to provide millions in landowner payments and over $100 million in property tax revenue over the life of the project. Hundreds of well-paying union labor jobs will be created during construction and a permanent local workforce will operate and maintain the site. Construction of Haymaker Wind is scheduled to begin in 2026, with commercial operations expected by 2028.
The Wilson Sonsini team that advised Clearway on the transaction included Peter Mostow, Matthew Bogdan, Jaron Goddard, and Nicole Gambino.
Once operational, Haymaker will generate enough electricity to power approximately 116,000 homes each year. It is expected to provide millions in landowner payments and over $100 million in property tax revenue over the life of the project. Hundreds of well-paying union labor jobs will be created during construction and a permanent local workforce will operate and maintain the site. Construction of Haymaker Wind is scheduled to begin in 2026, with commercial operations expected by 2028.
The Wilson Sonsini team that advised Clearway on the transaction included Peter Mostow, Matthew Bogdan, Jaron Goddard, and Nicole Gambino.
Newsletters
7.31.24
Sustainability and ESG Advisory Practice Update, July 2024
We are pleased to share the July 2024 issue of Wilson Sonsini’s Sustainability and ESG Advisory Practice Update. Each issue combines news, key legal developments, and resources related to sustainability and environmental, social, and governance (ESG) matters relevant to public and private companies internationally.
Client Highlights
7.08.24
Firm Advises Sunrun on over $1 Billion in Non-Recourse Financings in Q2 2024, Including Record-Setting Securitization
On June 11, 2024, Sunrun, the nation’s leading home solar, battery storage, and energy services company, completed its latest asset-backed securitization of solar leases and power purchase agreements. The securitization consists of $886.3 million in A+ rated Class A-1 and Class A-2 notes and $91.2 million in BB rated Class B notes, for an aggregate $977.5 million initial balance. The notes are secured by two tax equity funds of rooftop solar and energy storage systems distributed across various states and utility service territories. ATLAS SP Securities, a division of Apollo Global Securities, LLC, acted as structuring agent and served as joint bookrunner along with Citigroup Global Markets Inc., J.P. Morgan Securities LLC, KeyBanc Capital Markets Inc., Morgan Stanley & Co. LLC, MUFG Securities Americas Inc., and RBC Capital Markets, LLC as co-managers and initial purchasers for the securitization, and SMBC Nikko Securities America, Inc. as an initial purchaser. The $443.15 million Class A-1 notes were publicly marketed and the $443.15 million Class A-2 notes were privately placed. At closing, the asset-backed securitization was both the largest ever in Sunrun’s history and across the entire residential solar industry. Combined with a $230 million asset-backed securitization of solar leases and power purchase agreements closed in April 2024, the Class A-1 and Class A-2 notes collectively represent over $1 billion of senior debt financing raised by Sunrun in the second fiscal quarter of 2024.
Newsletters
6.26.24
Sustainability and ESG Advisory Practice Update, June 2024
We are pleased to share the June 2024 issue of Wilson Sonsini’s Sustainability and ESG Advisory Practice Update. Each issue combines news, key legal developments, and resources related to sustainability and environmental, social, and governance (ESG) matters relevant to public and private companies internationally.
Client Highlights
4.30.24
Wilson Sonsini Advises On.Energy on $25 Million Working Capital Facility
On April 25, 2024, On.Energy, a fully integrated energy storage solutions provider and Independent Power Producer (IPP), announced the closing of a $25 million senior secured first lien facility with Lombard Odier Investment Managers (LOIM) on behalf of funds under its management, including the LOIM Sustainable Private Credit Strategy. Wilson Sonsini Goodrich & Rosati advised On.Energy on the transaction.