Orrick Advises CarVal Investors and CleanCapital on Sale of 129 MW C&I Solar Portfolio

September.07.2021

Orrick advised funds managed by global alternative investment manager CarVal Investors and CleanCapital, an industry-leading clean energy investment platform, in the sale of a 129 MW operating commercial and industrial (C&I) solar portfolio in the U.S. to Argo Infrastructure Partners. The portfolio's assets consist of 33 operational projects located across seven states in the Northeast, Midwest and the West Coast and represents one of the largest-of-its-kind operating C&I solar portfolios ever marketed in the U.S. The companies agreed to the sale earlier this year, which included a debt financing facility to support the sale of the portfolio.

The transaction demonstrates institutional investor's strong appetite for acquiring operating C&I solar assets, which is anticipated to continue as financial institutions face mounting shareholder pressure to invest in the renewable energy sector. Orrick advises investors, financial institutions, sponsors and developers on all aspects of renewable energy transactions, including development, finance and M&A. The team was led by Kristin Seeger and included Grace Lentz, Molly Jergenson, Jennifer Clarke-Smith, Milana Karayanidi, Michelle Conde, Ayla Vilander, Jeanine P. McGuinness and Iris Zhang.