On December 24, 2020, SEEIT announced that it has agreed to acquire a series of portfolios of commercial and industrial (C&I) on-site solar and energy storage projects in the United States, together with a 50 percent interest in the platform that has created them, Onyx Renewable Partners (Onyx) from funds managed by Blackstone for a consideration of approximately $150 million. Blackstone will remain a 50 percent partner in Onyx. Wilson Sonsini Goodrich & Rosati represented SEEIT in the transaction.

SEEIT will acquire a 100 percent interest in four portfolios totaling over 175 MW, which provide renewable energy generated on-site directly to the end-user, and a 50 percent interest in Onyx’s follow-on pipeline, which is projected to exceed 500MW over the next five years. The four portfolios comprise over 200 operational, construction and development stage rooftop, carport, and "private wire" ground mounted solar PV projects, located in 18 U.S. states. Clients include municipalities, universities, schools, hospitals, military housing providers, utilities, and corporate customers.

Completion of the acquisition is expected in the coming weeks, after satisfaction of certain customary conditions and consents.

The Wilson Sonsini team that represented SEEIT in the transaction includes Charlotte Kim, Mark Holloway, Nikkisha Smith, Meghan Thomsen, Rui Ke, and Greg Broome.

For more information, please see SEEIT’s press release.