Press Release 12.30.20
Pillsbury Advises Shikun & Binui on Purchase of 108MW California Solar Portfolio
Acquisition is the first U.S. solar project for Shikun & Binui (S&B) USA Energy
Media Coverage
Media Coverage
Press Contacts: Erik Cummins, Matt Hyams, Olivia Thomas
04.02.21
A team of Pillsbury lawyers and Jorge Medina, lead tax equity partner, advised S&B USA (previously Shikun and Binui America) in the signing of a definitive agreement to acquire 100 percent of Brazoria West Solar Project with 260 megawatts (MWdc) (200 MWac) of planned solar energy productivity from Savion, part of Macquarie’s Green Investment Group. The Pillsbury team is also advising on tax equity financing, which will be executed at the financial closing.
Tax partner Jorge Medina, “The success of this transaction demonstrates the ongoing importance and appetite for the renewables market in the U.S., particularly when considered in the context of the recent Texas grid failures and current pandemic.”
“It’s exciting to get into the mid-stage of solar energy development and see it through construction and operations,” said Kevin Yaich, Head of S&B USA Energy and former Director of Mergers & Acquisitions at NextEra Energy Resources. “We will continue to build upon our renewable energy portfolio and are actively pursuing other assets at this time.”
The construction at Brazoria West Solar Project, located in Brazoria County, 40 miles southwest of Houston, Texas, will start in the second quarter of 2021. The Commercial Operation Date (COD) is expected to be in the second quarter of 2022. The project is expected to have the total output capacity of producing 200 MWac of clean, renewable solar energy—the equivalent to power approximately 37,100 Texas homes.
With the help of Pillsbury, this is the second acquisition and will be the third renewable asset for S&B USA Energy, after acquiring Beacon II and Beacon V in late December 2020. Brazoria West Solar Project will supply power to the Houston area and has already secured one commercial and industrial Power Purchase Agreement (PPA) and another PPA with an energy trading company.
Along with Jorge Medina, the Pillsbury team includes counsel Shellka Arora-Cox, special counsel Josh Morton, associate Danielle Unterschutz and senior law clerk Jack Price.
Pillsbury’s Energy, Infrastructure and Projects team offers exemplary, integrated service across legal disciplines, advising on development, finance, acquisition and disposition, tax equity, 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.