Renewable energy is critical to help the world meet ever-increasing energy demands while also trying to limit emissions, which are contributing to climate change. In parallel, impact investing focuses on financing worthy causes and outcomes.
Hughes Hubbard is committed to harness our finance, corporate, regulatory, capital markets and litigation expertise to help governments, private industry and individuals that are working in this space advance their goals. By working together with leaders in the renewable and impact investment space, we can both get great things done and help build a cleaner and better future. We have represented many of the largest companies in the renewable and traditional energy industries in their most complex matters, both in the U.S. and internationally.
We assist clients in all stages of development, financing, construction and operations. This includes assisting clean and renewable energy companies to commercialize their technologies and achieve scale through internal and market-based corporate, contract, financing and tax advice and structuring. We also advise clients in the purchase and divestiture of clean and renewable energy projects in all stages of development and operations, including distressed assets.
Our multicultural and multilingual team has a diverse set of capabilities, including:
- Project Finance
- Mergers & Acquisitions and Joint Ventures
- Tax
- Intellectual Property
- Litigation & Public Advocacy, Arbitration, and Dispute Resolution
- Sanctions and Export Controls
- Public and Private Securities Offerings
- Structured Finance
- Restructuring
- Compliance
- Fund Formation
Our Experience
Solar
- The Government of the Ivory Coast, the leading exporter of electricity to the surrounding region, in connection with agreements to increase the country’s power supply, including an agreement to construct a solar power plant.
- The Royal Bank of Scotland plc, as agent and letter-of-credit issuer, for a $303.5 million syndicated letter of credit facility for MidAmerican Energy Holdings Company to finance a solar power generation project.
- The corporate governance and conflicts committee of the board of directors of solar and wind power company TerraForm Power in connection with sale of the company to Brookfield Asset Management.
- MUFG Union Bank, N.A. in connection with a term loan facility for Sunray Energy, Inc., a solar power project owned by Cogentrix Solar Services, LLC, a subsidiary of Cogentrix Energy, LLC.
- MUFG Union Bank, N.A., as administrative agent, collateral agent and an issuing bank, for a $90 million senior secured letter of credit and working capital facility for NRG Repowering Holdings LLC to finance a solar power project.
- Glennmont Partners in corporate and finance matters for its portfolio of solar asset-holding companies in France.
- One of Europe’s largest solar manufacturing and development companies in litigations concerning a 10-year $8 billion contract with a U.S. high-tech manufacturer.
- Ecostream US, Inc., a provider of solar systems, in connection with its dissolution following the bankruptcy filing of its parent company, Econcern N.V.
- French financial institution, Caisse des Dépôts et Consignations, on the contractual documentation (EPC, O&M agreements, financing documentation, joint venture documentation) for three solar plant projects in France (Aquitaine, Languedoc Roussillon and Alpes).
- CALYON (Crédit Agricole CIB) and Caisse Régionale de Crédit Agricole Mutuel du Languedoc (acting as arranger, agent and lender) on the financing of the construction of two rooftop solar power plants.
- CALYON (Crédit Agricole CIB) and Crédit Agricole (acting as arranger, agent and lender) in respect of the financing of a solar plant in the South of France.
- Eurofideme 2 (Natixis Environnement & Infrastructure) and SEIEF (Dexia and the European Investment Bank) investment funds on the construction and operation of the largest solar plant in France.
- Crédit Agricole on the financing and construction of solar facilities on agricultural greenhouses in Southern France.
- A French renewable electricity EPC company in the design, development and implementation of its compliance program.
Wind
- MUFG Union Bank, N.A. in connection with a cash-secured standby letter of credit facility for Edison Mission Wind.
- MUFG Union Bank, N.A., as administrative agent, lead arranger, depositary agent, and a lender in a $33.9 million secured construction and term loan facility to Spion Kop Wind LLC for the construction of a wind-powered electricity generating project.
- MUFG Union Bank, N.A. in a $50 million secured letter of credit and reimbursement facility for CPV Renewable Energy Company Inc., an electric power and wind power generation company, for the development of wind power projects.
- Glennmont Partners on corporate and finance matters for its portfolio of wind farm asset-holding companies in France.
- A major Dutch energy corporation in connection with its obtaining a security interest in the shares of a California-based wind farm company.
Carbon Capture
- Administrative agent in connection with a $405 million project financing of a 180-megawatt coal-fired cogeneration and CO2 capture and production facility located in Maryland.
Geothermal
- The Government of the Ivory Coast in connection with agreements to increase the country’s power supply, including an agreement construct a thermal-power plant.
- MUFG Union Bank, N.A., as administrative agent and lead arranger in a $50 million senior revolving credit facility for Ormat Nevada Inc., the third largest geothermal power producer in the United States and a subsidiary of Ormat Technologies Inc., a U.S. developer of geothermal energy.
Biofuel
- Natixis, New York Branch, as joint bookrunner and mandated lead arranger in connection with a $310 million export prepayment facility for Brazilian sugar and ethanol producer Tereos Açúcar e Energia Brasil S.A.
- The Government of the Ivory Coast on the drafting and negotiation of concession agreements for the construction, financing and operation of a 46 megawatt biomass power plant.
- An Italian-owned company in a more than $100 million dollar investor-State dispute against Panama regarding the expropriation and destruction of an investment in an ethanol plant.
- The lead agent in connection with the restructuring of the project financing for a wood-burning power plant located in New York State.
- MUFG Union Bank, N.A. in connection with a $15 million letter of credit and reimbursement facility for Burney Forest Products, which facility supports tax-exempt pollution control revenue bonds. Burney Forest Products is an approximate 30-megawatt wood-fueled biomass facility located near Burney, California, that sells all of its electrical capacity and energy to Pacific Gas and Electric Company under a long-term power sales contract.
- MUFG Union Bank, N.A. in connection with the restructuring of a $53 million project financing for a renewable energy electric generating plant that uses recycled wood waste as its fuel source.
- Administrative agent and issuing bank of a $47 million project financing for Cadillac Renewable Energy LLC, the owner of a 39.6 megawatt woodfired power generation plant located in Michigan.
- Addax Bioenergy in a bio-fuels project in Sierra Leone (sugar cane converted into ethanol and power).
Hydroelectric
- A Chilean power company in connection with the construction of a hydroelectric project in Chile, financed by the International Finance Corporation and other international development banks.
- Developer of electric generating facilities in the separate project financings (construction and permanent) of six hydroelectric facilities located in New York State using leveraged lease, limited partnership and general partnership structures (in some cases altered to allow for local industrial development agency participation).
- The Government of Guinea in connection with the concession agreement and associated power purchase agreement for a hydroelectric power facility.
Battery/Fuel Cell
- Daimler AG in connection with investments in Silicon Valley-based Tesla Motors, Inc., the only automaker selling a highway-capable, fully electric car in North America and Europe. These transactions include: (i) representing an affiliate of Daimler in its purchase of shares of Tesla common stock through a private placement; (ii) Daimler’s acquisition of an equity stake of nearly 10 percent of Tesla; (iii) Daimler’s sale of a 40% interest in the entity holding the Tesla stake to Aabar Investments PJSC; (iv) a subsequent Tesla capital raising round; and (v) Tesla’s initial public offering.
- Kensington Acquisition Corp., a special purpose acquisition company, in its $3.3 billion merger with QuantumScape, an electric vehicle battery supplier backed by Volkswagen Group.
- Hyzon Motors, a hydrogen-powered commercial vehicle supplier, in a private placement led by French oil giant Total's venture capital arm, Total Carbon Neutrality Ventures.
- Lean Flame, Inc., a technology company developing ultra-low emissions combustion technology for power generation and turbine-powered vehicles, in extensive intellectual property-related work.
- A shareholder of Lithium Technology Corporation, a global manufacturer and provider of rechargeable energy storage solutions, in the negotiation of a Governance Agreement pursuant to which several directors and officers were replaced.
Latest Updates
Hughes Hubbard Secures Complete Dismissal for Maxeon Solar Technologies
Hughes Hubbard successfully represented Maxeon Solar Technologies and two of its former senior executives, achieving a complete dismissal in a putative securities class action filed in the U.S. District Court for the Northern District of California.Hughes Hubbard Expands Project Finance Practice with Addition of Francis McCabe
Hughes Hubbard & Reed LLP announced today that Francis McCabe has joined as a partner in the firm’s Project Finance practice and will be based in the firm’s Washington, DC, office.HHR Again Ranked Among Top Law Firms by Latinvex for 2023
For the third consecutive year, HHR was named a top international law firm by Latin American business publication Latinvex in its annual ranking of the region’s leading firms. The publication listed Hughes Hubbard as the tStay Up to Date
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