White & Case advises Brookfield Renewable on acquisition of SunEnergy1’s 510MW solar portfolio

Global law firm White & Case LLP advised Brookfield Renewable, a leading global alternative asset manager, on the signing of a purchase and exclusivity agreement with SunEnergy1, a North Carolina-based solar energy, procurement and construction company and developer, for the acquisition and construction of an initial 510 MW portfolio of utility scale solar projects in North Carolina and Virginia.

Under the terms of the transaction, Brookfield will receive exclusivity over an incremental 330 MW of projects and the potential to add new projects from SunEnergy1's attractive 14 GW solar development pipeline.

SunEnergy1's portfolio is strategically focused in the PJM power market, which is seeing rapidly growing corporate demand for renewable power driven by data center load growth and a scarce supply of clean energy projects. Brookfield has agreed terms for long-term power purchase agreements with corporate customers for the initial 510 MW portfolio.

The White & Case team was led by M&A partners Oliver Brahmst and Adam Cieply, and Project Development and Finance partner Raymond Azar (all in New York); and included Project Development and Finance partner Raffaele Turco (New York); Real Estate partner Steven Lutt (New York); Tax partner Jeffrey Davis (Washington, DC), counsel Chris Ohlgart (Chicago) and associates Po-Ting Peng (Washington, DC) and Sadi Moradi (Houston); and Project Development and Finance associate Jeffrey Godly (New York).

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