Allen & Overy advises on one of the world’s largest solar power plants
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Allen & Overy advised CIM Group on a 250 MW solar photovoltaic project called Aquamarine being developed in San Joaquin Valley, California. The plant is part of the first phase of the Westlands Solar Park (WSP) and will be fully operational by the Fall of 2021. It is expected to deliver 50 MW of capacity to Valley Clean Energy Alliance. WSP is one of the largest permitted solar parks in the world, with the capacity to grow more than 2,700 MW of renewable power and supply clean energy to more than 1,200,000 homes.
Led by A&O partner Matthew Nesburn, the Projects, Energy, Natural Resources and Infrastructure team advised on all aspects of this project, including the tax equity and debt financing, in addition to the development and corporate structuring of Aquamarine. Deutsche Bank was the lead arranger in the debt financing of this monumental project.
“The Allen & Overy team leveraged their unique project financing experience to support the CIM Group through the phases of development, corporate structuring and operation of the monumental Westlands Solar Park,” noted partner Matthew Nesburn. “We look forward to continue advising on this multi-faceted renewable energy project that is positioned to lead the charge in reducing California’s carbon footprint.”
Not only will Aquamarine help supply critical clean energy and reduce greenhouse gases, WSP is poised to significantly contribute to the development in Central Valley communities by creating over 400 clean energy jobs, both for construction and operation of the plant.
The A&O team that supported this complex transaction included partners John Marciano and Sam Kamyans and associates Michelle Marshall, Shahin Mohammadi and Sam Gurthrie.