Clifford Chance advised BBVA S.A., Intesa SanPaolo S.P.A., and MUFG Bank, LTD as lenders on a US$252 million construction to back-leverage project financing package to OPDEnergy for the construction of two solar photovoltaic electric generating facilities in Louisiana and West Virginia.
The two projects, with a total nameplate capacity of 260 MWs, will contribute to the production of renewable energy in the United States and are estimated to prevent the release of 260,000 tonnes of carbon dioxide (CO2) into the environment. Moreover, the projects are expected to create more than 600 jobs in the region.
Energy & Infrastructure and Tax Equity partner Alex Leff says, "We were delighted to support our long term clients, BBVA, Intesa, and MUFG on this milestone project financing transaction for OPDE. This is a great example of our global team coming together to support our clients in the flourishing US energy transition market."
Leff and Projects associate Lauran Smith (Washington, DC) led the transaction with support from associates Trevor Nichols, Serena Seaman (Washington, DC), Brianna Jones Rich and Leah Rahmani (New York). The cross-border, multi-practice team working on the transaction included:
- New York Real Estate: associates Dawn Goldberg, Meny Elgadeh, and Nina Binns
- New York Structured Finance: partner Darren Littlejohn and associate Elizabeth Kennedy
- Madrid Project Finance: partner José Guardo and lawyer Eduardo Sánchez.