Baker & McKenzie Represents Eosol In Solar Project Acquisition
Deal Announcement
17 Janurary 2012
Chicago, USA, 17 Janurary 2012 - Baker & McKenzie represented EOSOL Energy USA on its acquisition of a portfolio of solar photovoltaic (PV) facilities serving Southern California Edison from Absolutely Solar, in a transaction arranged by Renergy Capital. The deal includes a 10.5MW (DC) pipeline of Solar Photovoltaic renewable energy projects, and is the first US utility scale PV investment and acquisition for European firm Eosol.
“This is a great partnership between an experienced local solar developer in Absolutely Solar, which put in years of diligent work on entitlement, engineering and interconnection, and a fast growing international solar developer in Eosol, which has the capital and resources to successfully complete the development of the portfolio,” said Bruno Bernal, CEO of Eosol, in a statement.
The six solar PV facilities included in the transaction will provide 10.5 MW of power to SCE and were among the first to sign PPA’s under the utility's CREST feed-in tariff program. Construction on two of the Lancaster, CA, area projects will be complete early in 2012, with the remaining four coming online later in the year. The projects are expected to generate nearly 13,500,000 kWh annually, which is roughly equivalent to offsetting the electricity consumption of more than 2,250 average U.S. homes.
The Baker & McKenzie team included project finance Partner José A. Morán with help from Special Counsel Pauline Doohan and associates Karim Merchant and Duffy Lorenz, all based in Chicago.
“We are very pleased to have the chance to advise EOSOL on this important project for the development of renewable energy sources in California,” said Mr. Morán. “This deal showcases our ability to advice non-US developers and sponsors acquiring renewable energy projects in the United States.”