Cross-Border Solar Acquisition Creates New U.S. Market Leader


Orrick recently represented Spain-based Fotowatio Renewable Ventures, Inc., a leading global developer, operator and owner of solar power plants, in connection with the acquisition of its U.S. subsidiary by MEMC Holdings Corporation. The $235 million acquisition of Fotowatio's U.S. solar portfolio, which includes 1.4 GW of utility scale projects under development and 42 MW of projects in operation, will allow MEMC to capture a leading position in the U.S. utility market.

This transaction is another example of Orrick’s leading role in the consolidation of the solar market. In the last year, the firm represented First Solar in connection with its $285 million acquisition of NextLight and Recurrent Energy in its $305 million acquisition by Sharp. Orrick also represents a number of solar developers in the sale of utility-scale projects.

Lead partners on this deal included John Cook, Les Sherman and Richard Vernon Smith.