Stoel Rives Acts as Counsel in $60M Debt Financing and $71M Tax Equity Financing for Idemitsu Renewables

Stoel Rives LLP acted as counsel to Idemitsu Renewables in two recent transactions of strategic importance to the company. Idemitsu, the U.S. based renewable energy subsidiary of Idemitsu Kosan Co., Ltd, is a leading solar and energy storage developer and independent power producer.

Announced by Idemitsu Renewables on June 29, 2020, we acted as counsel in the company's closing on $60 million of debt financing for its 50 MWp Central 40 solar project in Stanislaus County, California, expanding Idemitsu's operating business in the state.  Debt financing was provided by KeyBank National Association. The renewable power generated by Central 40 will be sold through a power purchase agreement with Silicon Valley Power, which serves the City of Santa Clara.

We also represented Idemitsu in securing and closing $71 million in tax equity financing for its 50 MWp Central 40 solar project in Stanislaus County, California and its 80MWp Pioneer Solar project in Adams County, Colorado, announced by Idemitsu on July 1, 2020.  The tax equity syndicate was arranged by RBC Capital Markets. Both projects are under construction and will begin operating in the fall of 2020. 

The Stoel Rives deal team was led by Alex Mertens, partner and co-chair of the Energy & Natural Resources Industry Group, and included attorneys Kevin Pearson, Melissa Foster, Miles Killingsworth, Hana Muwaqet, and Jeff Nielson, as well as paralegal Kevin Jun.

Stoel Rives | www.stoel.com

Idemitsu Renewables | https://idemitsurenewables.com