Global law firm Norton Rose Fulbright represented 7X Energy in the sale of 9GW of solar development projects in the United States to bp for $220 million.
The projects will be developed through bp’s solar joint venture, Lightsource bp. Assets with a combined 2.2GW of generating capacity are expected to reach final investment decision (FID) by 2025, while the remaining projects should reach FID by 2030.
The projects to be acquired are spread across 12 states, with the largest portfolios located in Texas and the Midwest. They have the capacity to support thousands of jobs through construction and, when complete, could generate enough clean energy to power about 1.7 million homes.
7X Energy develops utility-scale solar solutions for large corporations, utilities, municipalities and electric cooperatives across North America. The company has developed or jointly developed approximately 1,500 MW of solar projects either under construction or in operation in the United States.
bp’s renewables pipeline sits at 23GW after the acquisition. The company aims to grow its net developed renewable generating capacity to 20GW by 2025 and to 50GW by 2030.
The transaction is expected to be complete in 30 days.
Norton Rose Fulbright’s core deal team included Becky Diffen (Austin), Ben Koenigsberg (New York), Madison Keeble (Austin), Micaela Garcia-Ribreyo (Washington DC), Jared Kaplan (New York) and Sarabeth Shaunessy (Dallas).Keith Martin (Washington DC), Marjorie Glover (New York), Kat Gamache (Washington DC), Andy Eklund (Washington DC), Bob Greenslade (Denver), Amy Mitchell (Austin), Eli Gaylor (Austin) and Sol Kwon (Washington DC) also advised on the matter.