Project Financing for Solar PV Project

Assisted client in acquiring a 9.9-MW solar photo-voltaic (PV) power project from a developer, which had lost its source of funding. This project was located in northern New Jersey and had been constructed by one of the joint venture owners of our client. Our team assisted in obtaining New Jersey and FERC regulatory approvals required to transfer the project to our client and obtain authorization to sell the solar renewable energy credits (SRECs) it generated. We assisted in analyzing investment tax credit (ITC) eligibility and confirmed that the acquisition and financing documents would allow tax-equity investors to participate in the project. Our team also assisted in drafting and negotiating the asset purchase agreement, and all necessary third-party consents to assignment, by which our client acquired the project. We negotiated a multi-year contract for the sale of SRECs to a creditworthy trading company. Our team assisted in negotiating and drafting the term loan agreement, mortgage and related security documents with the lender providing permanent financing (mini-perm: 6-year maturity, amortized over 19.5 years) for the constructed solar PV project, which financing closed on March 1, 2016.

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