Troutman Sanders Counsels Southern Power on Acquisition of New Solar Facility
Atlanta – November 3, 2014 – Troutman Sanders LLP announced today that it counseled firm client Southern Power, a subsidiary of Southern Company, in its recently-announced acquisition of the 150-megawatt (MW) Solar Gen 2 solar facility in California from First Solar, Inc. The Solar Gen 2 solar facility is the largest in the Southern Power portfolio and is expected to generate enough electricity to power more than 60,000 average California homes.
According to a press release issued by both companies, the Solar Gen 2 project spans three sites – each of which is approximately 50MW grid-connected solar photovoltaic (“PV”) system – comprising a combined 1,451 acres of land in Imperial County, California. The Solar Gen 2 facility is being built and will be operated and maintained by First Solar, Inc. Construction of the project began in 2013 with an expected completion to occur in the fourth quarter of 2014. Southern Power will initially own 100 percent of the project, with First Solar agreeing to acquire a minority interest based upon certain terms and fulfillment of certain conditions.
Atlanta partner Brian Harms led a multi-disciplinary team of lawyers from seven different practices that represented Southern Power in this very complex matter. The firm advised the company on numerous aspects of both the due diligence and acquisition of the project company, including the eventual tax-benefit based joint venture with First Solar. The firm negotiated and advised all major documentation with respect to construction, warranty operation and ownership of the project.
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