Skadden is representing solar developers and lenders in the sale, construction and $4.2 billion financing under the U.S. Department of Energy loan guaranty program of four of the world's largest solar energy projects, including:
First Solar, Inc. in connection with:
- a $1.46 billion partially guaranteed loan to support the Desert Sunlight photovoltaic (PV) project (the largest of its kind), as well as its construction arrangements and sale of the project to long-term equity holders; and
- a $646 million guaranteed loan to support Antelope Valley Solar Ranch One PV project, as well as its construction arrangements and sale to an affiliate of Exelon, both of which closed on September 29.
- SolarReserve, LLC with a $737 million guaranteed loan to support the Crescent Dunes Solar Energy Project, as well as its construction arrangements and sale of a portion of the project to affiliates of Santander and ACS Cobra, which closed on September 28. Crescent Dunes, which is known as a concentrating solar power (CSP) project, is the first of its kind in the United States.
- Bank of America Merrill Lynch in a $1.4 billion loan partially guaranteed by the U.S. Department of Energy for Project Amp, the first phase of which closed on September 29. Project Amp is the world’s largest distributed rooftop solar generation project.