Orrick Advises Recurrent Energy on Sale of Interests in Five Utility-Scale Solar Assets

January.16.2019

Orrick represented Recurrent Energy, LLC in two separate transactions on the sale of its interests in five solar photovoltaic projects in California, including the Garland, Tranquility, Astoria, Astoria 2 and Barren Ridge solar facilities.

Pensionskassernes Administration (PKA), one of Denmark’s largest pension service providers, acquired 49% interest in the Garland and Tranquility equivalent to 260 MWp. Valued at around 2 billion Danish kroner (US$307 million), this transaction marks PKA’s first direct investment in solar energy.

In a separate transaction, Korea Electric Power Corporation (KEPCO), South Korea’s largest electric utility with an installed capacity of 79 GW, acquired the interests in three solar facilities, including the Astoria (100 MWac/131 MWp), Astoria 2 (75 MWac/100 MWp) and Barren Ridge (60 MWac/78 MWp) projects. This transaction marks KEPCO’s largest investment in the U.S. solar market.

These transactions are examples of Recurrent Energy’s market-leading project development position in the utility-scale solar sector. All five solar assets, developed by Recurrent Energy, reached commercial operation in 2016 with long-term power purchase agreements in place.

Orrick advises many of the world’s largest solar power companies on their most important transactions. Our U.S. renewables practice is ranked at the highest level by both Legal 500 and Chambers.

Our team advising Recurrent Energy was led by John Cook, Kristin Seeger and Christie Lim in the San Francisco office, with support from Adam Wenner, Harry Clark, Bob Lawrence, Dianna Gillis, Cory Lankford, Shani Harmon, and Jeanna Harnden.