Akin Gump Advises Sponsors in Tax-Equity Financing of Crescent Dunes Solar Energy Project

(Los Angeles) – Akin Gump is pleased to announce it represented the sponsors, comprising affiliates of Solar Reserve, Inc., Banco Santander, S.A. and Cobra Energy Investment, LLC, in the tax equity financing of the 110 MW Crescent Dunes solar project in Tonopah, Nev. The project is a first-of-its-kind utility scale concentrating solar facility with a central receiver tower and advanced molten salt energy storage technology.

The Crescent Dunes solar energy project includes more than 10,000 billboard-sized heliostats, each about 1,200 square feet that collect and focus the sun’s thermal energy to heat molten salt flowing through an approximately 640-foot (200 m) tall solar power tower. The molten salt circulates from the tower to a storage tank, where it is then used to produce steam and generate electricity. Excess thermal energy is stored in the molten salt and can be used to generate power for up to 10 hours, including during the evening hours and when direct sunlight is not available.

The transaction included the negotiation of intercreditor agreements between the sponsors, the tax equity investor and the U.S. Department of Energy related to a loan guaranty made by the department and an existing loan made by the Federal Financing Bank.

The Akin Gump team advising the sponsors included global project finance senior counsel Matthew Nesburn and cross-border transactions associate Rachael Ramos.

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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