Norton Rose Fulbright represented RAD Energy Solutions, a private joint venture between Daroga Power and an affiliate of Related Companies, in the US$200 million acquisition and financing of an infrastructure portfolio fund to deploy 32.85 MW of Bloom Energy solid oxide fuel cells for commercial and industrial customers.
The fuel cells, which are committed to 17 market-leading and Fortune 500 companies under long-term energy services agreements, will produce reliable, cleaner baseload energy in California, New York, New Jersey, Massachusetts, Connecticut and Maryland.
Bloom Energy will serve as the provider of the fuel cells for the portfolio and will maintain the equipment. Daroga Power will oversee operational and financial performance of the fuel cell assets.
The sponsor and tax equity for the transaction were privately raised. Bank of America has committed tax equity, while Silicon Valley Bank provided the debt financing.
The Norton Rose Fulbright team was led by David Burton (New York) and included Robert Eberhardt (New York), James Berger (Los Angeles), Sameer Mulji (Los Angeles), Connie Gao (New York) and Marie Matousek (New York).