Renewable Energy
About
The rapidly expanding renewable energy market faces a broad range of challenges. We create unique deal structures that enable our clients to achieve commercial success in demanding regulatory and market environments. We work with sponsors, operators and financiers to meet their commercial objectives by advising on the entire life cycle of renewables assets, from early-stage development, regulation, commercial contracts, construction and project financing through to structuring and executing mergers and acquisitions, and disputes and arbitration.
As one of the world's leading providers of legal services to the renewable energy and clean power industry, White & Case is committed to the long-term growth of renewable energy and the technologies that support energy transition (such as storage). We have extensive experience advising on award-winning renewable energy projects across the globe and understand the complex issues raised by our clients' renewable and clean energy matters. Our creative approach to risk management and deal execution focuses on the parties' core commercial objectives. We consider the varied perspectives of all sides on a project, helping us to craft and deliver pragmatic solutions.
White & Case is at the forefront of energy transition. Our renewable energy assets and technology experience help us to support our energy industry clients as they embrace increasing demands to clarify the implications of energy transitions for their operations and business models.
Experience
NORTH AMERICA
Acquisition of Core Solar by TotalEnergies
Representation of leading international multi-energy company TotalEnergies on its agreement to acquire Austin-based Core Solar, LLC, whose portfolio includes more than 4 GWs of utility-scale solar and energy storage projects at various stages of development across several US states and power markets. The acquisition further expands TotalEnergies' presence in the US renewables market, where it now has a portfolio of more than 10 GWs of gross capacity of renewables projects in operation, in construction and in development.
Consortium of Korean Investors in Acquisition of Significant Equity Interest in US Wind Portfolio
Representation of a consortium of Korean investors in connection with an acquisition of a 49.9% cash equity interest in a portfolio of four US wind projects totalling 852 MWs, located in Texas, Illinois and Nebraska. The equity interest was acquired from Brookfield Renewable and Invenergy LLC in a transaction with an implied aggregate enterprise value for the portfolio of approximately US$1.5 billion. This landmark transaction is one of the first major investments made by Korean infrastructure investors since COVID-19 and the largest renewable energy acquisition completed globally by Korean investors to date.
Sale of 50% Equity Interest in Broad Reach Power
Representation of Broad Reach Power LLC, a leading utility-scale energy storage and renewable energy platform in the US, in its sale of a 50 percent equity interest to funds managed by Apollo.
Acquisition of Equity Stake in Escalade Wind Project
Representation of Akuo Energy as equity investor in connection with the acquisition of an equity stake in a 336 MW Escalade wind project in Texas developed by Taaleri Energia.
Mangilao Solar Project
Representation of Mizuho Bank, Ltd. and The Korea Development Bank as lead arrangers and lenders in connection with a back-leverage financing for the construction and operation of a 60 MW AC solar photovoltaic power plant with a 32 MW / 32 MWh battery storage system, located in Guam, the US territory.
Masdar Landmark Acquisitions in North America
Representation of Abu Dhabi Future Energy Company (Masdar) in its:
- acquisition of a 50% cash equity stake in a 1.6 GW portfolio of six solar and wind farm projects located in California, Nebraska and Texas from EDF Renewables, making it one of the largest acquisitions of renewable assets in North America in 2020.
- acquisition of a 95.3% stake in the 149 MW Rocksprings wind farm in Texas and a 92.5% stake in the 29.9 MW Sterling wind farm in New Mexico from John Laing Group plc. This transaction marks Masdar's first renewable energy investment in North America.
Avangrid Investment in Vineyard Wind Offshore Wind Project
Representation of Avangrid Renewables, LLC as a 50% cash equity investor in connection with the joint venture arrangements, tax equity investment and financing of the 800 MW Vineyard Wind offshore wind project, located off the coast of Massachusetts. The Vineyard Offshore Wind project was awarded North America Renewables Deal of the Year at the IJGlobal Awards 2021.
SolairHolman I Project
Representation of Solairedirect (a subsidiary of Engie) as sponsor and cash equity investor in connection with the SolaireHolman I project involving the back-leverage financing of, and tax equity investment in, a 50 MW solar project in Texas.
LATIN AMERICA
Greenfield solar projects in Chile
Representation of Latin American developer of grid stability and renewable energy infrastructure businesses EnfraGen, LLC ("EnfraGen") on a US$240 million non-recourse financing for a portfolio of greenfield solar projects in Chile.
RenovAr renewable energy projects in Argentina
Representation of various sponsors and groups of creditors in connection with multisource project finance credit facilities for 11 wind and solar projects in Argentina backed by RenovAr PPAs, including representation of sponsor Central Puerto in connection with financings for the Castellana, Achiras and Genoveva wind farms, representation of Neoen in connection with the financing for the Altiplano 200 solar projects, and representation of EKF, FMO, CAF, SMBC, KfW and DEG in connection with financings for six wind projects developed by Genneia in Argentina.
US$440 million Financing For Mendubim Solar Photovoltaic Power Plants in Brazil
Representation of IDB Invest on the US$440 million limited recourse project financing for the Mendubim 531 MWp portfolio of solar photovoltaic power plants, transmission line and associated interconnection facilities located in the municipality of Assú, Rio Grande do Norte State, Brazil.
Large-scale wind and solar energy projects in Colombia
Representation of Invenergy, as special counsel, in connection with Invenergy's formation of a strategic partnership to develop, build and operate nearly 500 megawatts (MW) of large-scale wind and solar energy projects in Colombia by 2025.
ASIA-PACIFIC
Changfang and Xidao (CFXD) Offshore Wind Project
Representation of Copenhagen Infrastructure Partners (CIP) on the development, equity sale process and US$3 billion (NT$90 billion) financing of the 589 MW Changfang and Xidao (CFXD) offshore wind project in Taiwan.
Yunlin Offshore Wind Farm
Representation of the export credit agencies and a large syndicate of international and Taiwanese commercial banks on the €2.7 billion (NT$94 billion) financing of wpd's 640 MW Yunlin offshore wind project in Taiwan.
Hornsdale Power Reserve
Representation of Neoen on its joint development with Tesla of the 150MW/190MWh Hornsdale Power Reserve in South Australia, the largest lithium ion battery in the world and the first standalone grid scale battery to be project financed.
John Laing Portfolio Acquisition
Representation of First Sentier Investors (FSI) on its acquisition of John Laing's Australian wind farm renewable portfolio, including John Laing's stake in the Cherry Tree and Kiata wind farms in Victoria, Hornsdale wind farm in South Australia and the Granville Harbour wind farm in Tasmania.
Western Downs Green Power Hub
Representation of Neoen on the development and project financing of the 460MWDC Western Downs Green Power Hub in South East Queensland, Australia which, when completed, will be Australia's largest solar farm with the capacity to power 235,000 homes.
EMEA
Landmark Green Project Bond Refinancing of World's Largest Single-Site Solar Project
Representation of Abu Dhabi-based Sweihan PV Power Company PJSC (SPPC) on the issuance of its US$700.8 million 3.625% senior secured amortizing green project bonds due 2049. The issuance is the first green project bond in the MENA region. It is also the first green bond offering for a UAE renewables project to international investors and is a critical part of the Emirate of Abu Dhabi's energy transition strategy.
Aquila Clean Energy's €1 billion financing for 2.6 GW renewable energy project pipeline in Southern Europe
Representation of European Investment Bank (EIB) and a bank consortium on the €1 billion financing to support the development and construction of Aquila Clean Energy's renewable energy pipeline in Spain and Portugal over the next three years. The pipeline consists of more than 50 projects of predominately solar photovoltaics (PV) and onshore wind assets with a total electricity generation capacity of 2.6 gigawatts (GW), a volume equivalent to the annual consumption of around 1.4 million households. These projects will have an estimated yield of 5.3 terawatt hours per year.
Largest battery storage facility in the Benelux region
Representation of ING Belgium NV/SA on a project financing to Nala Renewables, a joint venture between Trafigura Group and IFM Investors, for the development of its Battery Energy Storage System (BESS) at Nyrstar's zinc smelting facility in Balen, Belgium. The 100 MWh lithium-ion BESS will be the joint largest in the Benelux region. It will be able to store 25MW for over four hours and will provide stability and balancing services to the Belgian grid, as well as facilitating the consumption of renewable energy production during periods of peak energy demand.
Menengai geothermal project
African Development Bank (AfDB), Trade and Development Bank and Finnfund as lenders on the financing of the 35MW geothermal power project in Kenya.
EIG Investment in ib vogt's Solar PV Pipeline
Representation EIG Global Energy Partners (EIG), a US-based investor in the global energy and infrastructure sectors, on the commitment from EIG managed funds of €135 million for ib vogt GmbH's global solar pv portfolio.
Scotland's largest wind farm
Representation of an international energy fund in relation to the financing of the Seagreen offshore windfarm in Scotland. With a capacity of 1,140MW, and project value of £3 billion, Seagreen will be Scotland's largest wind farm once complete and will generate enough electricity to power 1 million homes, furthering the UK's ambition to deliver 40GW of offshore wind by 2030.
Eranove and the Fonds Gabonais d'Investissements Stratégiques (FGIS) financing, design construction and operation of a 73 MW hydro-power project
Representation of Eranove and the Fonds Gabonais d'Investissements Stratégiques (FGIS) in connection with the negotiation of a concession agreement for the financing, design construction and operation of a 73 MW hydro-power project and a located in Ngoulmendjim a 15 MW hydro-power project located in Dibwangui in the Gabonese Republic.
Eranove design, financing, construction, operation and maintenance of a €110 million 42MW hydroelectric dam
Representation of Eranove in connection with the design, financing, construction, operation and maintenance, under a Public-Private Partnership agreement, of a €110 million 42MW hydroelectric dam in Kenié, Mali.
Sale and Financing of Wind Farms in Finland
VALOREM, the French pioneering independent renewable energy developer and operator, on the divestment of the 165 MW Kalistanneva onshore wind farm to a Finnish consortium formed by HELEN Oy and the Bank of Åland Wind Power Fund Non-UCITS, and the simultaneous approximately €135 million project financing of the neighbouring 148.5 MW Matkussaari onshore wind farm.
