Foley Hoag Client Soltage LLC and Partner Libra Group Complete $40 Million Solar Power Financing Deal
January 31, 2014
Foley Hoag LLP client Soltage LLC has announced $40 million in equity financing for a solar energy project portfolio developed by Soltage Greenwood, its joint venture with the North American clean energy division of Libra Group.
Foley Hoag acted as counsel to the joint venture in structuring and executing the portfolio financing, which consists of six projects – in Delaware, Massachusetts, New York and Vermont – expected to be online in 2014. The projects will sell electricity and net metering credits through exclusive long-term deals to corporate customers, municipalities and utilities. A consortium of investors led by Libra Group and John Hancock Life Insurance Company (U.S.A.) will provide the equity financing for the projects’ construction.
“We are thrilled to assist Soltage, and now Libra Group, as they establish themselves as true national leaders in the development and financing of solar project portfolios,” said Mark Barnett, partner and co-chair of the Energy & Cleantech Group at Foley Hoag. “Additionally we believe that the relationship with John Hancock and other strong capital providers will only serve to underscore this leadership.”
Soltage-Greenwood was formed in 2013 to develop, finance and operate solar power plants for commercial-scale customers. The joint venture brings together the expertise and track record of Libra Group’s GW Power division with that of Soltage, which has developed 23 solar power projects in the U.S.
Foley Hoag’s Energy & Cleantech practice is one of the most experienced in the industry. Its attorneys have been active in the energy and clean technology sectors for decades, counseling clients across the spectrum from new, innovative technology companies to large utility-scale power projects. The firm has served as counsel in the closing of numerous clean energy project financings and venture capital financings over the years.
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