White & Case Advises TotalEnergies on Sale of 50 Percent of a 2 GW Renewable Portfolio In United States

Global law firm White & Case LLP has advised TotalEnergies on its agreement with funds managed by Apollo (NYSE: APO) for the sale of 50 percent of a portfolio of 2 GWs solar and battery energy storage systems (BESS) projects located in Texas. This transaction will provide US$800 million cash to TotalEnergies (US$550 million equity from Apollo and US$250 million shareholder loan refinancing).

The portfolio consists of three solar projects with a total capacity of 1.7 GWs, and two battery storage projects with a capacity of 300 MW. Following this transaction subject to certain conditions precedent, TotalEnergies will retain a 50 percent stake and remain the operator of the assets, which are Danish Fields, Cottonwood, and Hill Solar I.

The White & Case team was led by partners Morgan Hollins (Houston) and Nandan Nelivigi (New York) and associates Anil Tanyildiz, Clint Farha, Yves Bramwell and John Wiener (all in Houston).

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