Akin Gump Advises RBC Capital Markets in Tax Equity Investment in Multistate Solar Projects
(Los Angeles) – Akin Gump has advised RBC Capital Markets (RBC) in a tax equity investment in a portfolio with Onyx Renewable Partners L.P. of 16 commercial/industrial, utility and residential solar projects, totaling 60 MW across six states. The projects being financed provide energy to 11 separate customers, including municipalities, commercial and industrial, utility and military housing. Included in this funding are solar installations to serve more than 4000 homes on four U.S. military bases as part of a strategic alliance with Corvias Solutions.
RBC created a co-investment structure to raise $62.5 million in tax equity, which included military financial services provider USAA.
The Akin Gump team advising the investor was led by global project finance partner John Marciano. He was joined by global project finance senior counsel Matthew Nesburn and counsel Scott Cockerham; energy regulation, markets and enforcement counsel Scott Johnson; environment and natural resources senior counsel Andrew Oelz; public law and policy counsel Ian Shavitz; financial restructuring partner David Simonds; and global project finance associate Sangita Datta.
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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