Orrick, Herrington & Sutcliffe LLP represented Spanish wind turbine manufacturer Gamesa Energy USA, LLC in the simultaneous $238 million sale of the 200 megawatt Minonk project located in Illinois and the 150 megawatt Senate project located in Texas to Algonquin Power & Utilities and a separate tax equity investment by J.P. Morgan Chase & Co. and Morgan Stanley. The multifaceted transaction also included a complex energy hedging transaction with J.P. Morgan Ventures Energy Corporation for the clean, renewable energy of the projects. The Minonk and Senate projects were part of a three-project portfolio that also included the 50 megawatt Sandy Ridge project located in Pennsylvania which reached financial closing and commercial operation earlier this year.
"The complexity of this transaction cannot be overstated, as it brought together disparate tax equity, cash equity and energy hedge transactions that are usually consummated individually rather than in a single transaction spanning multiple jurisdictions and projects. This transaction is truly a testament to both Gamesa’s ability to develop and construct projects in lockstep with investor needs, and to the knowledge and experience of Orrick's energy team, and its ability to structure and implement complex transactions," said New York energy and infrastructure partner Chris Moore.
The Orrick team included Chris and Washington, D.C., energy and infrastructure partner Paul Zarnowiecki.