Akin Gump Advises Italy’s Falck Renewables in North Carolina Solar Project Deal
(Washington, D.C.) – Akin Gump advised Falck Renewables SpA in a deal to purchase a sponsor equity stake in a 71 MW AC solar project in North Carolina from Recurrent Energy, a subsidiary of Canadian Solar Inc. Falck has agreed to pay $42.8 million for the project, which is due to start commercial operations by the end of this month.
The deal marks the first foray into the U.S. photovoltaic power market for Falck, a public company listed in Italy that has an oversees portfolio with an installed capacity of 858 MW. The deal also evidences the rising tide of “cash equity” transactions, with more and varied players entering the U.S. solar market to help project developers monetize their stakes in both new and current operating projects.
Expected to close at the end of November, this solar project will sell its electricity to Duke Energy Progress under a long-term power purchase agreement.
Akin Gump global project finance partner John Marciano led the team advising Falck and has advised on two dozen cash equity monetizations in the last year and a half. He was joined by senior counsel Matthew Nesburn, counsel Scott Cockerham and associate Jeff Quinn-Cane.
Founded in 1945, Akin Gump Strauss Hauer & Feld LLP is a leading international law firm with more than 900 lawyers in offices throughout the United States, Europe, Asia and the Middle East.
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