8/28/2019 | Legal Update
Commercial PACE Works: National study shows only one default out of 1,870 deals
Energy and water are fundamental to our economy and health, shaping our daily lives and influencing our business operations. The way we produce and use energy is ever changing. With increasingly affordable alternative and renewable energy systems, energy consumers can produce some or all of their own energy. New “smart” building and energy efficiency technologies can lower your energy and water bills more than the cost of the technologies over their useful lives. All of this is happening at a time when the costs of energy and water consumption are growing dramatically due in large part to environmental conditions and significant new government regulations. Identifying and understanding the costs, impacts and opportunities that result from this evolving landscape can be difficult without experienced, knowledgeable and sophisticated guidance. Our Energy and Clean Technology team is uniquely positioned to be your partner in this endeavor.
Based on our breadth and depth of experience in energy and clean technology, our team assists clients by helping them:
We represent developers, private businesses and governmental agencies in connection with the development, permitting, design, construction, financing and operation of alternative and renewable energy facilities, including anaerobic digester, hydroelectric, solar and wind facilities. Our role in these projects includes risk assessment, drafting and negotiation of development agreements, real estate acquisition and leasing documents, design and construction agreements, feedstock and substrate supply agreements, major equipment procurement contracts, utility interconnection and power purchase agreements, debt and equity financing documentation, and operation and maintenance arrangements. Our experience includes both utility and commercial scale alternative and renewable energy systems, including over 100 megawatts of solar projects throughout the U.S. and numerous anaerobic digesters in the Midwest.
We also represent investors, and mezzanine and traditional project finance lenders, helping them structure investments and debt financing for energy and clean technology projects. Our role in these financing transactions includes due diligence, advice and guidance on deal structure, important covenants and the handling of environmental attributes and credits, the drafting and negotiation of transaction documents, as well as the monetization and securitization of project attributes, including renewable energy certificates, nutrient and water quality credits, and similar environmental attributes. Equally as important, we have unparalleled expertise in utilizing the cutting-edge financing tools to get those projects financed, including tax equity project finance, secured loans and mezzanine debt, government tax and grant incentives and property assessed clean energy (PACE). We have uniquely been involved in the securitization of nearly $15 million in PACE loans through conduit revenue bonds.
In addition, we represent industry clients relating to the acquisition and sale of energy projects and clean technologies. Our role in these transactions includes the due diligence necessary to identify the unique risks posed by energy and clean technologies, including regulatory and intellectual property risks, among others, as well as the drafting and negotiation of key transaction documents.
We also assist clients in analyzing and assessing the benefits and issues associated with the incorporation of new clean technologies into their business operations, such as the acquisition and integration of an innovative nutrient recovery system for a waste processing operation. Our team helped such a client compare competing technologies, identify potential intellectual property and regulatory issues, draft and negotiate the system acquisition documentation, develop and negotiate system input and output specifications and operating standards, and negotiate fertilizer sales arrangements.
The combined experience of our cross functional Energy and Clean Technology team—from finance, real estate, intellectual property, environment, to government and regulatory law—enables us to leverage our knowledge and relationships in order to create innovative and unique solutions for our clients’ energy and clean technology projects.
8/28/2019 | Legal Update
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