Chadbourne & Parke LLP represented the lead arrangers and lenders for the financing of the 157.5 MW Roserock solar project to be located in Pecos County, Texas. The Roserock project benefits from a long-term power purchase agreement with Austin Energy. The sponsor for the project is Recurrent Energy. Shortly after the closing of the debt transaction, a majority stake in the Roserock project was sold to Southern Power Company.
The financing consisted of a construction period credit agreement that provides for a US$63 million construction loan facility, an approximately US$180 million equity bridge loan facility and an approximately US$23 million letter of credit facility, as well as an operating period back-leverage credit facility with a US$63 million term loan facility, and an approximately US$32 million letter of credit facility.
The Chadbourne team was led by partner Rohit Chaudhry and associates Brian Greene, Rachel Crouch and Molly Feiden. Additional assistance was provided by partners Robert Shapiro and Eli Katz, counsel Scott Bank, Susan Cowell, Christy Rivera and Monika Szymanski, senior consulting attorney Elizabeth Miller, and associates Eric Kamerman and Richard Waddington.
Chadbourne once again ranked as the top global legal adviser for project finance transactions in the first three quarters of 2015, according to research prepared by IJGlobal. The firm handled more than US$41 billion in transactions, which is nearly US$10 billion ahead of the second-ranked firm.
About Chadbourne & Parke
For more than a century, Chadbourne & Parke has counseled innovators around the world. We are a full-service law firm that leverages the extraordinary talent from our 11 international offices to offer the highest caliber client service in more than 80 countries on six continents. Today, we are recognized internationally for our groundbreaking work in emerging economies and our deep experience in energy and infrastructure, corporate and finance transactions, international disputes, and bankruptcy and financial restructuring.