Chadbourne Represents LS Power in $550 Million Arlington Valley Solar Power Project
March 23, 2012
Chadbourne & Parke represented LS Power in connection with the construction financing of its 127-megawatt Arlington Valley Solar Energy II Project, a crystalline silicon photovoltaic solar project located near Arlington, Arizona.
The debt financing of this $550 million solar power project was structured with two tranches - combining a long term institutional financing led by Prudential Capital Group, with a shorter term bank financing led by Banco Santander S.A. GE Energy Financial Services is participating as an equity partner.
The project, whose construction is expected to begin next month, will provide enough clean energy to power approximately 53,000 California homes and displace 215,000 tons of greenhouse gas emissions per year - helping California to meet its target of generating 33% of its electricity from renewable sources by 2020.
The project, to be operational in 2013, will sell its entire output to San Diego Gas & Electric pursuant to a 25-year power sales agreement.
The Chadbourne team working on the transaction were New York office partners Eli Katz and Todd Alexander, Washington D.C. office partner Robert Shapiro and counsel Donna Bobbish and Susan Cowell, New York office counsel Scott Bank and New York associates Chadron Edwards, Michael Masri, Robert Eberhardt, Chiraag Kumar and Kelly Cataldo.