Orrick represented Recurrent Energy, LLC, a wholly owned subsidiary of Canadian Solar Inc. (NASDAQ: CSIQ), one of the world’s largest solar power companies, in the sale of its equity stake in the 134 MW Mustang solar project in Kings County, California to the Renewable Power Group of Goldman Sachs Asset Management, L.P.
This transaction completed Recurrent Energy’s sale of equity stakes in a 973 MW portfolio of California solar projects that came online in 2016. Recurrent Energy expects to recognize the sales revenue from Mustang in the second quarter of 2019.
Located in California’s Central Valley, Mustang produces enough clean electricity to power approximately 45,000 homes. Canadian Solar will continue to provide asset management services to the project.