Chadbourne & Parke has long
been recognized as one of the best
projects firms in the USA. It possesses
a first-rate conventional power
practice, and is also considered a
go-to for the development and
financing of alternative and
renewable energy projects.”
Described in a recent
Chambers Global
as “a titan of energy projects in the USA,” Chadbourne is a
fran-chise name in the project finance market. Our traditional expertise in conventional power is matched
by a long-standing commitment to renewable energy. Over the past decade, we have developed one of
the leading renewable energy legal practices in the United States. Our pre-eminence in the renewable
energy sector, including the solar sector, is widely-recognized. In 2008 and 2010, our project finance
team was awarded the
Chambers USA
Award for Excellence for Energy Projects: Power Including
Re-newables, which is awarded to one law firm annually. In 2011, we represented clients in project finance
transactions totaling more than US$20 billion, including several first-of-a-kind financings in the
renew-able and conventional power sectors.
Chadbourne’s project finance lawyers were integrally involved in the creation of the independent power industry in the United States in the late 1970’s and early 1980’s. Chadbourne established itself early on as a premier devel-oper’s counsel. Its lawyers were instrumental in opening doors for independent generators in more than 20 US states and acted as counsel in a seminal case before the US Supreme Court. We continue to work on the developer side of the business, but over time a number of lenders, institu-tional investors, private equity funds and investment banks also have turned to us for counsel.
Chadbourne lawyers also have played a pioneering role in privatizations of the electricity industry throughout Latin America, Russia and the former Soviet bloc countries, central Europe, the Middle East, Africa and Asia. We have repre-sented clients in energy transactions in more than 80 coun-tries and on six continents. We are tapped regularly by the multilateral lending and export credit agencies that are the first to provide financing in such markets. Chadbourne lawyers include some of the world’s leading experts in political risk insurance and partial credit guarantees. Our lawyers are uniquely equipped to represent clients in almost any jurisdiction around the world.
Our involvement in the evolution and expansion of the independent power industry led us to become an early entrant and pioneer in renewables. Our early entry has given us a leading edge by allowing us to gain market knowledge and legal experience over decades. Our renewable energy team comprises more than 70 lawyers. We have played lead-ing roles in the development and implementation of virtually every tax equity structure now seen in the US renewable energy market. Over 100 developers, tax equity investors and lenders have turned to Chadbourne for assistance in developing, structuring, financing, buying and selling proj-ects and companies in the wind, solar, geothermal, biomass, biofuels and ethanol, landfill gas and hydroelectric industries. Some of these transactions have been among the most complex and high profile transactions involving renewable energy projects that have closed to date.
US$142.5
billion
Our Solar Energy Practice
Chadbourne’s experience in solar energy spans the entire spectrum of solar technology and includes both utility-scale and distributed generation models. We bring deep and extensive expertise, including many experienced legal spe-cialists, to the range of commercial and legal issues that arise in all forms of solar transactions, including: power purchase agreements; construction contracts; domestic and interna-tional tax planning; partnership flip, lease and other tax equity financings; commercial bank financings; bond and other capital markets financings; the US Treasury cash grant program; the US Department of Energy loan guarantee pro-grams; multilateral and bilateral agency financings; mergers and acquisitions; electric industry regulation; dispute resolu-tion; bankruptcy; environmental regularesolu-tion; real estate; trade regulation; and intellectual property. In our experience, familiarity and expertise contributes not only to successful but also to efficient and cost-effective representations.
Representative Solar Transactions
UTiliTy-ScalE PROjEcTS
• Jasper PV. Representing Google, Inc., in connection with the South African Renewable Energy Independent Power Producer Procurement Program, in its US$12 million in-vestment in the Jasper power project, a 96 MW solar PV plant in the Northern Cape province of South Africa.
• Bokpoort CSP. Representation of ACWA Power Interna-tional on the development and financing of the 50 MW Bokpoort concentrated solar power plant in South Af-rica. The Greenfield project will deploy parabolic trough technology and, when completed, will have the largest thermal energy storage capacity ever adapted for a solar power plant of this class and capacity to date.
17.2 gW
0.029 gW
14.568
gW
3.629
gW
1 gW
0.100 gW
Global Solar capacity additions in 2012
Source: European Photovoltaic Industry Association.
Europe North America South America Middle East & Africa Asia & Pacific Australia
• Desert Sunlight. Representation of a sponsor in connec-tion with the acquisiconnec-tion, development and construcconnec-tion financing of the 550 MW Desert Sunlight photovoltaic project in California. When completed, this project will be one of the largest solar projects in the world.
• Genesis. Representation of the initial purchaser and lend-ers in the construction financing of the 250 MW Genesis solar thermal project in California. When completed, this project will be among the largest projects in the world de-ploying parabolic trough technology.
• Crescent Dunes. Representation of equity investors in the construction financing of the 110 MW Crescent Dunes solar thermal project in Nevada. This project will deploy molten salt power tower technology.
We have represented clients
in energy transactions in more
than 80 countries and on
six continents.
• Arlington Valley. Representation of the sponsor in the construction financing of the 127 MW Arlington Valley photovoltaic project in Arizona. The financing included bank debt, fixed rate debt offered as a private placement, cash grant bridge loans and letters of credit.
power plant in Jordan. This project is one of the first solar IPP projects to be developed in Jordan pursuant to the un-solicited bidding scheme.
• Roadrunner. Representation of the bank lenders in the financing of the 20 MW Roadrunner photovoltaic project in New Mexico. The financing included construction loan, term loan and letter of credit facilities and a subordinated bond financing.
• Ajo and Bagdad. Representation of the sponsor in connection with the financing by a leading insurance company of the Ajo and Bagdad photovoltaic projects in Arizona (4.5 MW and 15 MW, respectively). The financ-ing included secured notes and a private shelf facility.
• Blythe. Representation of the bank lenders in the financing of the 21 MW Blythe photovoltaic project in California. The financing included term loans and letter of credit facilities.
• Long Island Solar Farm. Representation of a leading in-surance company in the joint sponsorship and tax equity financing of the 32 MW Long Island Solar Farm, a photo-voltaic power project located at the Brookhaven National Laboratory in New York.
• Imperial Valley Solar Project. Representation of a devel-opment bank lender in the financing of the Imperial Val-ley Solar Project, a 23 MW photovoltaic solar project in California.
• EPC Contracts. Representation of a major contractor in the negotiation of engineering, procurement and construction contracts for numerous solar photovoltaic projects.
“Chadbourne is so entrenched
in the energy space. It has its
finger on the pulse of everything
that's happening in the industry.”
Chambers Usa
• Majes and Repartición, Peru. Representation of devel-opment agency mezzanine lenders in the construction financing of two 22 MW utility scale solar photovoltaic projects in Peru. When completed, these two plants will be among the first large-scale solar projects in Latin America. This deal was awarded “ 2011 Latin America Re-newable Deal of the Year” by Project Finance magazine.
• OPIC. Advice to Overseas Private Investment Corporation on solar power project in Rwanda.
• ACSA PV. Representation of Standard Bank on the devel-opment and financing of wind and solar plants in South Africa in the aggregate amount of 20 MW.
• Illumina. Representation of a leading insurance company in tax equity and debt investments in a 20 MW photovol-taic power plant in Puerto Rico.
• Tulare. Representation of a leading Korean solar developer in connection with the financing by commercial banks of a 20 MW photovoltaic project in Tulare County, California.
• Alamosa. Representation of the sponsor in the financing of the first high concentration photovoltaic energy gen-eration facility in the United States.
• Government of the Sultanate of Oman. Representation of the Government of the Sultanate of Oman on its first solar IWPP project with a capacity of up to 200 MW.
• Authority for Electricity Regulation in Oman. Represen-tation of the Authority for Electricity Regulation in Oman in connection with the development of a solar energy program for the Sultanate of Oman.
• Dubai. Representation of a global solar module designer, manufacturer and project developer in connection with the development and financing of a 10 MW photovoltaic power plant in the Emirate of Dubai.
• Jordan. Representation of a global solar module designer, manufacturer and project developer in connection with the development and financing of a 130 MW photovoltaic
Recent Chadbourne Solar Deals 175
Global Irradiance
200 225 W/m2
Global irradiance and Recent chadbourne Solar Deals
36.5
GW
solar added globally in 2012
• AES Solar. Representation of a private equity fund in connection with its joint venture with AES to develop a global solar platform.
• SEGS III-VII. Representation of a private equity fund in connection with its investment in the SEGS III-VII solar thermal projects in California, including the acquisition of partnership interests and a private placement of fixed rate debt.
DiSTRibUTED GEnERaTiOn PROjEcTS
• Rooftop Financing. Representation of lenders in an ap-proximately US$70 million credit facility for a portfolio of rooftop solar projects across multiple states.
• Project AMP. Representation of sponsor in the financing of a portfolio of up to 752 MW of commercial rooftop
proj-• Master Leasing Program. Representation of SolarCity in the development of residential and commercial rooftop solar leasing programs that have raised over a US$1 billion in investments from leading financial institutions and stra-tegic investors.
• Revolver for Distributed Generation Projects. Repre-sentation of lenders in an approximately US$150 million revolving credit facility for a portfolio of rooftop and
ground-• Commercial Rooftop Development. Representation of a leading North American logistics company in the devel-opment of new commercial-scale rooftop solar business involving a nationwide network of transportation and warehousing facilities.
• Master Leasing Program. Representation of Sungevity in the development and expansion of its solar leasing pro-gram for residential and commercial rooftop projects, including tax structuring and project contract advice and negotiation of investments from leading financial institutions.
• Lease Financing. Representation of a leading commercial lender as lessor in a series of leases of a portfolio of resi-dential rooftop solar projects developed by a major solar installer.
• Sale-Leaseback Transactions. Representation of a For-tune 100 financial institution in its participation in a se-ries of sale-leaseback transactions involving commercial-scale rooftop solar installations developed by a variety of industry players in multiple states.
• Master Leasing Program. Representation of a lead-ing solar module manufacturer in the development and expansion of its solar leasing program for resi-dential rooftop projects, including tax structuring ad-vice, negotiation of a joint venture with a major home-builder and negotiation of an investment from a major financial institution.
industry Knowledge
Beyond the expertise that we provide to clients during rep-resentations, we seek to keep the solar industry informed of recent legal developments and trends and actively engage with sector participants on current topics facing the indus-try. Our tax lawyers prepared the Guide to Federal Tax Incentives for Solar Energy, a manual on tax issues in US solar projects that has been widely circulated in the industry. We speak frequently at solar energy conferences, participate in key industry trade associations and trade publications and regularly advise policy makers on key solar industry issues. We publish the highly regarded Project Finance NewsWire,
which we send to a mailing list of approximately 36,000 industry players. Recent articles written by Chadbourne lawyers have included:
• Sunny Days Ahead for Solar in Turkey (June 2013)
• The Next Generation of Solar Project Finance
(February 2013)
• US Policy Outlook for Renewable Energy
(November 2012)
• Saudi Arabia: The Future Solar Leader (November 2012)
• Distributed Solar: Unalloyed Growth Story?
(September 2012)
• Solar War Stories: From the Financial Front Lines
(May 2012)
• The US Distributed Solar Market (May 2012)
• Chinese Solar Cells May Face US Import Duties
(November 2011)
• Chinese Solar Cells May Face US Import Duties
(November 2011)
• Treasury Cash Grant Update (November 2011)
• Winds of Change in South Africa (November 2011)
• Latin America: How Big an Opportunity for Renewables? (November 2011)
• US Inbound Investment Strategies for Renewable Energy (November 2011)
• Practical Advice: Wind and Solar Projects on BLM Lands
(November 2011)
• Financing Rooftop Solar Projects in the US (November 2011)
• US Policy Outlook for Renewable Energy (June 2011)
• USDA Loan Guarantees: A Viable Alternative for Renewable Energy Projects? (March 2011)
• Master Financing Facilities for Solar Projects (January 2011)
• Turkey Moves to Boost Renewable Energy (January 2011)
• What the US Election Results Mean for Renewable Energy (November 2010)
• Financing Utility-Scale Solar Projects (November 2010)
• Solar Market Expanding in Pennsylvania (November 2010)
• FERC Opens the Door to Feed-in Tariffs in the United States (November 2010)
• The Challenges Facing Renewable Energy Developers in Emerging Markets (November 2010)
• UK Green Investment Bank Update (November 2010)
• Revamped Solar Initiative in New Jersey (July 2010)
• Wind and Solar Valuations: Too Low, Too High or Just Right? (July 2010)
In addition, since 1989 we have hosted an annual confer-ence, by invitation only, for leaders in the independent power industry. Recent topics covered in the conferences have included:
• New Financing Strategies (2013)
• Portfolio Sales and Consolidation in the US Market (2013)
• The Remaking of the Power Sector (2012)
• Distributed Solar: Unalloyed Growth Story? (2012)
• Survival Strategies: The Challenges in Utility-Scale Renewable Energy (2012)
• Policy Quagmire – What Next? (2011)
• Briefing on export credit agency support of US and European equipment sales (2011)
• Briefing on intellectual property disputes among turbine and solar module suppliers (2011)
• The Search for the Lowest Cost Capital (2010)
• The Chinese Have Arrived (2010)
• State of the Tax Equity Market (2009)
• Spotlight On Capitol Hill (2009)
• Renewables – How long can this sector keep booming?
SOLAR PRACTICE
FOR mORE InFORmATIOn, PLEASE COnTACT:
neW york Chaim Wachsberger +1 (212) 408-5505 [email protected] Todd E. Alexander +1 (212) 408-5269 [email protected]
Governor George Pataki
+1 (212) 408-5145 [email protected] John Cahill +1 (212) 408-5177 [email protected] Eli M. Katz +1 (212) 408-1013 [email protected] Richard Sonkin +1 (212) 408-5160 [email protected] Paul L. Weber +1 (212) 408-5344 [email protected] Benjamin Y. Koenigsberg +1 (212) 408-8021 [email protected] Robert Eberhardt +1 (212) 408-5548 [email protected] Jocelyn Lavallo +1 (212) 408-5513 [email protected] Michael Masri +1 (212) 408-5121 [email protected] Washington, dc Keith Martin +1 (202) 974-5674 [email protected] Rohit Chaudhry +1 (202) 974-5655 [email protected] Bob Shapiro +1 (202) 974-5670 [email protected] Noam Ayali +1(202) 947-5623 [email protected] Kenneth W. Hansen +1 (202) 974-5656 [email protected] Peter F. Fitzgerald +1 (202) 974-5712 [email protected]
John J. Marciano III
+1 (202) 974-5678 [email protected] Samuel R. Kwon +1 (202) 974-5677 [email protected] los angeles Paul J. Kaufman +1 (213) 892-1000 [email protected] Evelyn Lim +1 (213) 892-1000 [email protected] Matthew Nesburn +1 (213) 892-2074 [email protected] london Agnieszka Klich +44 (0) 20-7337-8148 [email protected] Robin Mizrahi +44 (0) 20-7337-8011 [email protected] Magnus Rodrigues +44 (0) 20-7337-8075 [email protected] mexico city Raquel Bierzwinsky +52 (55) 3000-0600 [email protected] WarsaW Igor Muszyński +48 (22) 520-5089 [email protected] dubai Sohail Barkatali +971 (4) 422-7088 [email protected] Richard Keenan +971 (4) 422-7088 [email protected] Clint Steyn +971 (4) 422-7088 [email protected]
Known for its solid expertise
in the power and energy sector,
this firm continues to impress
clients with its progressive
approach and regulatory
know-how. With a particular
emphasis on clean energy in
the developing world,
Chadbourne has largely
concentrated on Africa,
Eastern Europe and South
and Central Asia.”
www.chadbourne.com
New York ■ Washington ■ Los Angeles ■ Mexico City ■ São Paulo ■ London ■ Moscow ■ Warsaw ■ Kyiv ■ Istanbul ■ Dubai ■ Beijing
New York 30 Rockefeller Plaza New York, NY 10112 Telephone: +1 (212) 408-5100 Facsimile: +1 (212) 541-5369 Washington, DC
1200 New Hampshire Avenue, NW Washington, DC 20036
Telephone: +1 (202) 974-5600 Facsimile: +1 (202) 974-5602
Los Angeles
350 South Grand Avenue Los Angeles, CA 90071 Telephone: +1 (213) 892-1000 Facsimile: +1 (213) 892-2045
Mexico City
Chadbourne & Parke, S.C. Paseo de Tamarindos No. 400-B Piso 22 Col. Bosques de las Lomas 05120 México D.F., México Telephone: + 52 (55) 3000-0600 Facsimile: + 52 (55) 3000-0698
São Paulo
Av. Pres. Juscelino Kubitschek, 1726 16° andar
São Paulo, SP 04543-000, Brazil Telephone: +55 (11) 3372-0000 Facsimile: +55 (11) 3372-0009
London
Chadbourne & Parke (London) LLP Regis House
45 King William Street
London EC4R 9AN, United Kingdom Telephone: +44 (207) 337-8000 Facsimile: +44 (207) 337-8001
Moscow
Riverside Towers
52/5 Kosmodamianskaya Naberezhnaya Moscow 115054, Russian Federation Telephone +7 (495) 974-2424 Direct lines from outside CIS: Telephone: +1 (212) 408-1190 Facsimile: +1 (212) 408-1199
Warsaw
Chadbourne & Parke
Radzikowski, Szubielska i Wspólnicy sp.k. ul. Emilii Plater 53
00-113 Warsaw, Poland Telephone: +48 (22) 520-5000 Facsimile: +48 (22) 520-5001 Kyiv 25B Sahaydachnoho Street Kyiv 04070, Ukraine Telephone: +380 (44) 461-7575 Facsimile: +380 (44) 461-7576 Istanbul
Chadbourne & Parke Büyükdere Cad. No:191 Apa Giz Plaza, Kat:17 34330 Levent, Istanbul, Turkey Telephone: +90 (212) 386-1300 Facsimile: +90 (212) 269-4075
Dubai
Chadbourne & Parke LLC Boulevard Plaza Tower 1, Level 20 P.O. Box 23927, Burj Khalifa District Dubai, United Arab Emirates Telephone: +971 (4) 422-7088 Facsimile: +971 (4) 422-7089
Beijing
Beijing Representative Office Room 902, Tower A
Beijing Fortune Centre
7 Dongsanhuan Zhonglu, Chaoyang District Beijing 100020, China
Telephone: +86 (10) 6530-8846 Facsimile: +86 (10) 6530-8849
