Orrick has represented OCI Solar Power LLC, a subsidiary of South Korean chemical producer OCI Co. Ltd, in negotiating what will become the largest municipal solar installation in the United States with CPS Energy, San Antonio’s municipal utility. The transaction involved a complex mix of economic development requirements and incentives and development of renewable energy projects.
As part of the transaction, OCI Solar Power will relocate its headquarters to San Antonio and bring several solar component manufacturing facilities to the area which will create over 800 high-value jobs. In return, CPS Energy has agreed to purchase 400 MW worth of solar power for 25 years, providing enough electricity for 70,000 households. The total value of the deal is estimated at over $1 billion.
The Orrick team included San Francisco energy and infrastructure partners David Spielberg and Eric Stephens, Hong Kong corporate partner David Cho, San Francisco energy and infrastructure associates Kelly Giddens and Julianne Spears and Hong Kong corporate managing associate Christie Tang.