Press Release
Press Release
Press Contacts: Erik Cummins, Matt Hyams, Olivia Thomas
12.30.20
A team of Pillsbury lawyers represented Shikun & Binui (S&B) USA Energy in its purchase from Capital Dynamics of 108MW in California of a solar portfolio consisting of two projects Beacon II (59.6 MWdc) and Beacon V (48.2 MWdc). TortoiseEcofin partnered with S&B on the purchase.
S&B USA Energy and TortoiseEcofin each acquired a 49.5% stake in the Beacon portfolio in Kern County, consisting of the Beacon II and Beacon V solar projects. Capital Dynamics said it will retain a 1% stake in the Beacon portfolio. Capital Dynamics acquired the Beacon projects from SunEdison in Q1 of 2016.
Both sites interconnect and sell power to the Los Angeles Department of Water and Power under two 25-year fixed rate Power Purchase Agreements.
Shikun & Binui, is a global infrastructure investor headquartered in Israel. Sharon Novak, CEO of Shikun & Binui America, said Shikun & Binui America is excited to have its first solar assets here. “This builds upon our international experience in energy development of approximately 2GW of assets already connected to the grid as well as other assets under development,” he said.
“I am very excited to have Beacon II and Beacon V as anchor assets for Shikun & Binui’s U.S. renewable energy portfolio,” said Kevin Yaich, Head of U.S. Energy for Shikun & Binui and formerly the Director of Mergers & Acquisitions at NextEra Energy Resources. “We will continue to build upon our portfolio and are actively pursuing other assets at this time.”
The Pillsbury team included tax partner Jorge Medina counsels Shellka Arora-Cox and Matthew Rabinowitz, and associates Christian Scarlett and Marissa Prieto.
Pillsbury’s Energy, Infrastructure and Projects team offers exemplary, integrated service across legal disciplines, advising on development, finance, acquisition and disposition, day-to-day operations and restructurings of complex energy, infrastructure, digital infrastructure, telecommunications and industrial projects. Possessing wide-ranging legal knowledge across the power industry, from renewables (wind, solar, hydroelectric, biomass, biofuel, geothermal, energy storage and hydrogen) to gas-fired and other thermal to nuclear generation and transmission to oil and gas, mining and commodities and infrastructure, Pillsbury’s lawyers have worked on every aspect of complex projects in over 75 countries across six continents.