Our U.S. Renewables Practice
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Our U.S. renewables practice allenovery.com Renewables With the reduction of carbon emissions and the assurance of energy security so high on the agenda for governments and energy companies, renewable energy (on and offshore wind, solar, hydro, biomass and marine power) is an essential part of the solution for slowing the pace of climate change and improving energy security. With ambitious carbon reduction targets being set Renewables are expected to continue to be the fastest globally and regionally, many governments incentivize growing class of energy, gaining market share from a the development of renewables through support small base as they rise at a forecast average of 6.4% programs, such as feed-in tariffs, which are having a year to 2035 and their share of global electricity a positive impact on the pace of development production is expected to grow from 5% to 14% by of renewables. 2035. Including biofuels, renewables are expected to have a higher share of primary energy than nuclear power by 2025. All these factors make this an exciting and fast evolving industry to work in, and one that is of increasing attractiveness to investors. “ My experience with Allen & Overy is that all the little things and big things are done with a high level of thoughtfulness.” Chambers (Renewables) 2020 2 Our U.S. renewables practice | 2020 Our renewables experience WIND We have extensive experience advising on all aspects of onshore and offshore wind projects, from the licensing and consenting stage through to project financing, construction and operation and onto disposals/acquisitions. US Wind Vineyard Offshore Wind Farm Sweetwater Wind Farm Apollo Global Management on a USD265m Aibel AS on its acquisition of the Vineyard The equity investors with all aspects of their investment to acquire an equity stake in US Offshore Wind Farm. investments in the 39.5MWSweetwater I, Wind Inc. and fund a major offshore wind 91.5MWSweetwater II, and facility off the coast of Maryland. Invenergy Wind 135MWSweetwater III wind farms located in Texas. A subsidiary of a specialized private Pathfinder investment fund focused on the Chinese wind turbines A private equity investment company with infrastructure sector (IIF) and advised by a due diligence review of a tax equity J.P. Morgan Asset Management on its Hudson Clean Energy Partners on various structure for repowering three wind farms purchase of an equity stake in three matters on its China strategy and in Texas and preparing acquisition and joint wholly-owned wind farm facilities being investments, including issues of broader venture documentation for the purchase of developed by Invenergy Wind North cooperation with Chinese wind turbine a USD100m equity position America in the U.S. The portfolio consists manufacturers in the U.S. market. in those repowering projects. of wind farms with an aggregate of approximately 354 megawatts of New England wind projects generating capacity located in Texas, The lenders financing wind projects New York and Oregon (which sells power including the largest wind power project to PG&E). The total value invested by all currently operating in New England. shareholders (including the IIF subsidiary) was more than USD700m. Fairfield Wind A large PRC industrial in connection with its proposed acquisition of 100% of the equity interests in Fairfield Wind, LLC, a Montana company holding the development rights to a 10MW wind power project in Teton County, Montana. allenovery.com 3 SOLAR We are at the forefront of the solar power market, having advised lenders, sponsors and developers on many projects worldwide, many of which were market firsts. We have extensive experience on advising on all phases of solar power projects, including licensing and consenting stage through to project financing, construction and operation, acquisitions and disposals in the secondary market. Energy System at JFK Agua Caliente solar PV generation Antelope Valley Carlyle Investment Management L.L.C. U.S. Department of Energy (DOE) on the DOE on the financing of the 230MW in their role as sponsor for the design, financing of the 290MW Agua Caliente Antelope Valley Solar Ranch PV generation construction and operation of an energy solar PV generation project in Dateland, project in California. system (consisting of fuel cells, batteries and Arizona (including a post-closing back solar units) to be installed at and used to leverage financing transaction that closed Nevada solar power The New Terminal One at JFK. in 2017). This was the world’s largest solar AES Solar in relation to the purchase and PV project at the time of completion. development of a 50MWsolar power KEPCO solar farm project in Nevada. Korean Electric Power Corporation (KEPCO) Hudson Sky Solar on the acquisition of a 30MW solar farm in Hudson Clean Energy Partners, a U.S.- Arizona solar Colorado, U.S. based private equity fund that invests in DOE on the financing of the 400MW, renewable power, alternative fuels and utility-scale Mesquite solar PV generation Newark Liberty International Airport energy smart technologies, in two highly facility in Arizona. ConRAC Solutions in the procurement of a structured financings for a subsidiary of solar panel provider and in the contracting Sky Solar Holdings, Ltd., a global Mount Signal Power independent solar power producer. with the selected contractor to construct Silver Ridge Power (formerly AES Solar) on Both matters (USD100m and USD50m) solar panels at the Newark Liberty the 200MW Mount Signal PV Power Plant were portfolio financings with equity International Airport consolidated rental car in Imperial Valley, CA. This was the largest conversion rights of solar project facility operated by Conrac Solutions. U.S. project to date using trackers for the companies in Chile, Uruguay, Japan, complete facility and one of the largest Canada and the U.S. Crescent Dunes solar project solar facilities in the U.S. to be financed by U.S. Department of Energy on the project bonds. San Diego and Antelope Valley USD737 million financing of the 110MW Crescent Dunes Solar Project, a utility- Standard Chartered Bank, on the scale, tower-based concentrating solar proposed USD50m corporate facility to thermal power generation plant in an affiliate of GCL Poly-Energy Holdings Tonopah, Nevada (the world’s largest Limited to finance two solar farm projects concentrating solar power plant with in the U.S.: 1.2MW University of San Diego storage at the time). Project and 9.4MW Antelope Valley High School District Project. 4 Our U.S. renewables practice | 2020 Awards Renewable Energy Law Firm of the Year 2018 Finance Monthly 2018 Global Legal Adviser of the Year 2018 IJ Global 2019 Project Finance Law Firm of the Year 2018 IFLR 2019 Global Law Firm of the Year 2018 PFI 2019 “A&O has put some serious distance between itself and its global competitors... it’s the world’s foremost law firm.” Awarded PFI Global Law Firm of the Year, PFI 2019 allenovery.com 5 Global snapshot 5,550 2,400 550 Partners People Lawyers Global leader The world’s leading transactional law firm 17% 40 We advised on 17% more deals than our Over 40 offices nearest competitor in 2019 around the world Sources: Refinitiv (formerly the Thomson Reuters Financial and Risk business) & Dealogic – based on data from the live database on 29 January 2020 therefore figures could differ from published press releases. Disciplinary split by total number of lawyers (%) 30 29 17 15 4 3 2 Advanced International Delivery & Banking Corporate Litigation Capital markets Solutions Tax Real Estate Cross-border Advanced Delivery & Solutions Multinational work continues In our last financial year, to be a significant growth ending April 30 2019, driver. In our last financial revenue from Advanced year, ending April 30 2019, Delivery & Solutions our top 50 clients were advised increased by more than 20%. by an average of 23 offices. 6 Our U.S. renewables practice | 2020 Our expertise Practices Sectors Advanced Delivery Anti-Bribery and Corruption Insurance Automotive & Solutions Antitrust/Competition Intellectual Property Consumer and Retail A&O Consulting Asset Management Islamic Finance Energy, Chemicals and Utilities aosphere Banking and Finance Litigation, Arbitration Financial Institutions eDiscovery/Document Review Capital Markets and Dispute Resolution Infrastructure and Transportation Fuse Corporate Governance Projects Life Sciences and Healthcare Legal Services Centre and Compliance Public International Law Mining Legal Technology Group Corporate and M&A Public Law Private Equity Market Innovations Group Emerging Markets Real Estate Real Estate Peerpoint Employment and Benefits Restructuring Telecommunications, Project Management Office Environment and Regulatory Sanctions, International Trade and Media and Technology Financial Services Regulation Investment Compliance and Investigations Tax GLOBAL PRESENCE NORTH AMERICA EUROPE AFRICA ASIA PACIFIC New York Amsterdam London Casablanca Bangkok Washington, D.C. Antwerp Luxembourg Johannesburg Beijing Barcelona Madrid Hanoi CENTRAL & Belfast Milan MIDDLE EAST Ho Chi Minh City SOUTH AMERICA Bratislava Moscow Abu Dhabi Hong Kong São Paulo Brussels Munich Dubai Jakarta* Budapest Paris Perth * Associated office Düsseldorf Prague Seoul Frankfurt Rome Shanghai Hamburg Warsaw Singapore Istanbul Sydney Tokyo Yangon allenovery.com 7 Our Projects, Energy & Infrastructure Group Speaking at Proximo US Power and Renewables Finance Exchange 2020 Dorina Yessios Jillian Ashley Partner – New York Partner – New York Tel +1 212 610