- US Department of Energy closes $504.4 million loan, the first in more than ten years for a renewable energy project.
- Advanced Clean Energy Storage I, LLC will develop the world’s largest industrial green hydrogen facility.
Global law firm Baker McKenzie advised Advanced Clean Energy Storage I, LLC, along with Mitsubishi Power Americas, Inc. and Magnum Development, LLC, in the US Department of Energy’s (DOE) $504.4 million loan commitment to develop the world's largest industrial green hydrogen facility in central Utah.
Closed on June 3, 2022, the loan highlights the Biden Administration and the DOE's commitment toward supporting the clean hydrogen sector. It also helps create a viable market for hydrogen and will make it scalable in the western United States and electrical grid, creating the fundamental infrastructure necessary to deploy this zero-carbon energy storage source.
"Supporting ACES Delta to reach financial closing on the DOE loan is part of the unique opportunity to be involved in such a transformational energy transition project in the United States and globally," said James P. O'Brien, chair of Baker McKenzie's Global Projects Practice. "To see ACES Delta transform its vision of hydrogen energy storage to the launch of this project is really exciting."
Christopher Jones, head of Baker McKenzie's Hydrogen Group, added: "With limited hydrogen projects taking place across the globe, being a part of such a flagship project enhances our legal insights and industry expertise for our team to continue to excel in this space. It demonstrates our continued global leadership in the clean energy technology sector for the past 20 plus years."
Led by Mr. O'Brien and Stanislav Sirot, chair of the firm's Global Renewables Group, the Baker McKenzie team advising on the development, construction and project financing included Mark Tibberts, Matt Martin, and Heiko Burow.
Baker McKenzie is at the forefront of market-leading deals in the renewable energy and clean technology sector. Our multidisciplinary global team helps energy producers, investors and users forge their energy transition journey in an increasingly complex regulatory environment, enabling them to transform, powerfully. Baker McKenzie's Global Projects Practice has extensive projects and natural resources experience, with more specialized lawyers in more places in the world than any other law firm. With more than 75 offices across 45+ countries in the Americas, Europe, Middle East, Africa and Asia, we have over 200 projects lawyers in our clients' most important locations, including key financial centers and market-leading teams in emerging jurisdictions. We help our clients from the beginning to the end of the life cycle of their most important transactional and development matters, including to structure, assess, develop, finance, sell and purchase a range of projects.