The firm's Energy, Infrastructure and Project Finance team represented Greenbacker Renewable Energy (Greenbacker) in securing nearly $1 billion in financing for the Cider Solar project, which was awarded North America Solar Deal of the Year by Proximo. According to Proximo, this innovative "complex, multi-tranche financing package included one of the market's earlier tax credit transfer bridge loans." The financing supports the acquisition, construction and operation of the 674 MWdc / 500 MWac utility-scale solar farm located in Genesee County, New York.
Cider Solar is also a landmark for New York State's renewables ambitions, as its largest NYSERDA project and first ORES development, and is expected to generate enough annual clean electricity to power approximately 120,000 average New York households.
The Sheppard Mullin team that represented Greenbacker was led by partners Laurette Petersen and Michael O'Brien, and included partners Adam Barton, Christine Hourcade-Hoefliger, Amit Kalra, Paul Kaufman and Reid Whitten, special counsel Megan La Tronica, associates Darian Hackney, Julia Ji, Lisa Mays, Diego García Mirón, Alexander Queen, David Solberg, Jonathan Wang and Abbey Zhou and law clerk Joshua Sturtevant.
Click here to read Proximo's profile on the deal.