Orrick Advises CleanCapital on Financing Maryland Solar Portfolio

June.15.2021

Orrick advised CleanCapital, an industry-leading clean energy investment platform, on its partnership with renewable energy developer CI Renewables to construct a portfolio of solar projects in Howard County, Maryland. The 29 MW portfolio, made up of 11 projects, will generate clean electricity for the county and will reach commercial operation in 2021 and 2022. CleanCapital will provide all the funding for the portfolio, while CI Renewables will oversee the construction of the projects until the projects reach commercial operation.

In April 2020, Howard County signed a 25-year power purchase agreement with CI Renewables (formally known as KDC Solar) – which is anticipated to provide a cost benefit of $1.2 million throughout the life of the contract. The energy provided by the portfolio will account for 30% of total annual electricity consumption for Howard County’s government operations, complementing the County’s renewable energy generation goals. The project aligns with CleanCapital’s objective to accelerate investment and growth in middle market solar and storage.

Orrick advises industry leaders in renewable energy on joint ventures, partnership structures and other strategic business combinations. The team advising CleanCapital was led by Kristin Seeger and included Helen Aki, Molly Jergenson, Zachary Huey, Stephan Wagner, Eric Stephens, Sue Cowell and Giji John.