Overview
Hunton Andrews Kurth LLP’s solar practice lawyers have broad experience advising clients in the financing, structuring, construction, development and operation of solar energy projects, investments and transactions. We represent investors, lenders, developers and contractors in connection with solar projects throughout the world on projects ranging from ground-mounted utility-scale projects through portfolios of roof-mounted residential systems. Our experience includes:
- Structuring solar transactions to facilitate tax credits and other federal and state incentive programs, including Solar Renewable Energy Certificates.
- Financing solar projects, including debt financing, sale-leaseback arrangements, back-leveraging, financing receivables and Department of Energy loan guarantees.
- Performing due diligence and structuring corporate transactions, including mergers, acquisitions and joint ventures and corporate and shareholders’ agreements.
- Negotiating construction, supply and vendor contracts (including offtake, power purchase agreements and energy hedges) and operation and maintenance and servicing agreements.
- Leading related project development real estate transactions, including purchases and sales, permitting, siting, environmental matters and regulatory compliance.
- Several of our partners are active in the Solar Energy Industries Association, including serving on its Board of Directors; as chairman of its Tax Committee, which deals with the full range of solar-related federal and state tax, and Section 1603 Treasury Grant issues; and as chairman of the Solar Services and Consumers Division.
- We have been instrumental in drafting industry comments on key legislation and administrative guidance, including the Section 1603 Treasury Grant program of the US Treasury Department. We have also worked with the IRS to obtain clarification on the application of Section 1603 to solar property, and to help clients ensure compliance with Section 48 investment tax credits requirements.
Experience
- Acted as counsel to Bank of America in connection with a partnership with NRG, which is financing (and will own) a portfolio of residential projects across the US.
- Acted as counsel to Natural Energy Development Co., Ltd. in connection with Southeast Asia's first large-scale commercial solar power generation facility, a $250 million 73 MW photovoltaic project developed in Lopburi Province under Thailand’s SPP program and financed in part by the Asian Development Bank.
- Acted as counsel to strategic investor divesting its portfolio of utility-scale and distributed generation projects valued at over $100 million.
- Acted as counsel to an investment fund manager in connection with equity financing and lease structuring for solar PV projects benefiting from state tax credits in North Carolina.
- Acted as counsel to a financial institution in connection with its investment in four (4) portfolios of residential projects across the US being developed by SolarCity.
- Acted as counsel to a sponsor developing a portfolio of roof-top projects on Johns Hopkins University (including with respect to offtake arrangements and related project contract matters).
- Acted as counsel to the lead lender in connection with the financing for cash flow receivables generated for residential solar projects.
- Acted as counsel to Rabobank’s US commercial unit (DLL) in connection with master lease financing programs for several solar developers (SunEdison, Sustainable Energy Group, Ameresco, among others) for commercial solar projects in various states.
- Acted as counsel to Bank of America in connection with sale and lease-back transactions involving solar projects for multiple hosts including with municipal and commercial offtakers.
- Acted as counsel to Seminole Financial Services in connection with the construction and term financing facility for solar projects.
- Acted as counsel to a financial institution in connection with financing of solar commercial funds and back-leveraging.
- Acted as counsel to Bank of America in connection with limited recourse credit facilities related to commercial solar developers and wind projects.
- Acted as counsel to Bank of America in connection with the financing of commercial solar projects located in the US.
- Acted as counsel to a tax equity investor in connection with a partnership with SunPower, which is financing (and will own) a portfolio of residential projects across the US.
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