Pillsbury Advises Shikun & Binui on Purchase of 108MW California Solar Portfolio
A team of Pillsbury lawyers led by Mona Dajani, the Global Co-Head of the firm's Energy & Infrastructure Projects Team, 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.
Mona Dajani, recently awarded 2020's MVP honors for Project Finance by Law360, said, "This is the latest example we've seen of major players in the energy industry doubling down on their investments in renewables, in a year when we saw many challenges but also a lot of interest in making attractive deals."
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."
Added Mona Dajani: "We are honored that S&B trusted us with this important mandate for its first acquisition in the U.S. We look forward to working alongside our colleagues at S&B, TortoiseEcofin and Capital Dynamics and to applying synergies within our respective teams to drive forward to more successful transactions."
Along with Mona Dajani, 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, ï¬nance, 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-ï¬red 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.
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