Orrick has advised 8minutenergy Renewables in the sale of its Mount Signal 3 Solar Project (“MS3”), one of the largest photovoltaic projects in the world, to global private asset manager Capital Dynamics. Located on 2,000 acres in Imperial Valley, Southern California, the project is the third phase of the 800MW Mount Signal Solar Farm.
The sale closed at the start of construction of MS3, which is scheduled to reach commercial operation by the end of 2018. Capital Dynamics also arranged tax equity and debt financing, which closed simultaneously with the sale.
Following the sale, 8minutenergy will continue to oversee the construction of MS3. Mortenson Construction has been appointed as the engineering, procurement and construction contractor, and First Solar was selected as the panel supplier, providing 2.8 million solar panels. Southern California Edison will deliver MS3’s power to residents in 15 surrounding counties.
8minutenergy is the largest independent developer in the U.S of solar PV and storage projects. To date, 8minutenergy has 7.5 GW of PV and 1 GW of storage under development in North America, operates 700+ MW in solar assets, and been awarded more than 1.5 GW in power purchase agreements.
Orrick has represented 8minutenergy since 2010 when the company first entered the renewable energy market. Through the efforts of partners Tom Glascock, John Cook and Les Sherman, Orrick has assisted 8minutenergy's growth into one of the leading U.S.-based solar and storage developers.
The Orrick team on this matter was led by John and Tom and included Steve Wagner, Louise Gibbons, Heather Stewart, Gil Shefer and Paulina Le. Les and David Spielberg advised on matters involving the power purchase agreement and other project documents. Adam Wenner and Cory Lankford advised on interconnection and regulatory matters.