Norton Rose Fulbright advises Shell and Savion in solar joint venture with Ares

Global law firm Norton Rose Fulbright represented Shell plc and its subsidiary, Savion Equity, LLC, in the formation of Tango Holdings, LLC (Tango), a joint venture with a fund managed by the Ares Infrastructure Opportunities strategy (Ares) that will manage 496 MW of solar projects in Ohio, Kentucky, Oklahoma and Indiana.

As part of the transaction, Savion is transferring majority ownership of five solar assets to Tango, which is jointly owned by Ares (80 percent) and Savion (20 percent). The joint venture also includes equity interests in the Martin County Solar Project, the Kiowa County Solar Project and in three solar projects under construction. Tango will manage these Savion-developed projects with Savion serving as the managing member and Shell Renewable Asset Management International overseeing asset management of the projects.

This strategic collaboration underscores Shell’s strategy to develop renewable energy projects and reduce ownership as they mature, allowing the company to expand efficiently. Shell will continue developing other onshore renewable power generation assets through Savion’s large-scale solar and energy storage development pipeline.

Norton Rose Fulbright’s team representing Shell and Savion was led by Becky Diffen (Austin) and Erin Mitchell (Houston) on the M&A side and Ben Koenigsberg (New York) on the financing component, with the primary deal team also including David Burton (New York), Shaileen Berlas (New York) and Lauren Thomas (Austin).

Jared Kaplan, Christine Fernandez Owen (Chicago), Neely Agin, Luke McFarland (Washington, DC), Scott Burton, Sameer Mullji, Dylan Gera (Los Angeles), Caileen Kateri Gamache (Houston), Marjorie Glover and Arshia Asif (New York) provided additional support.