Global law firm Norton Rose Fulbright represented Savion, LLC (Savion), a subsidiary of Macquarie Capital, in the sale of the 200 MWac Brazoria West solar project located in Brazoria County, Texas to Shikun & Binui (S&B) along with the debt and tax equity financing for the project. CIT Group's Power and Energy business led the debt financing with a total credit facility of nearly US$210 million, and Macquarie Capital's Green Investment Group is arranging the tax equity financing for the project.
Located about 40 miles southwest of Houston, the Brazoria West solar project is strategically located to supply reliable and clean energy to the Houston area, with an expected total output capacity of renewable solar energy to power about 37,100 homes.
Construction began on the project in Brazoria County in early 2021 and is expected to be complete toward the end of 2022. The project has already secured one commercial and industrial Power Purchase Agreement (PPA) and another PPA with an energy trading company.
Norton Rose Fulbright advised on several aspects of the deal, including the sale to S&B as well as the debt and tax equity financing. The deal closed with the achievement of Financial Closing on November 23, 2021.
A subsidiary of Macquarie Capital, Savion is a Green Investment Group portfolio company operating on a standalone basis and one of the largest, most technologically advanced utility-scale solar and energy storage project development companies in the United States. Savion develops renewable energy projects from conception through construction.
The sale of Brazoria West to S&B was led by Becky Diffen (Austin) and Megan Savage (Houston), the tax equity financing was led by Ben Koenigsberg (New York), and the debt financing was led by Rick Susalka (New York). The Norton Rose Fulbright team also included David Burton, Benjamin Grayson, Marie Matousek (New York), Sameer Mulji (Los Angeles), Geetika Jerath (Houston), Caileen Kateri Gamache (Washington, DC and Houston), Bob Greenslade (Denver) and Sol Kwon (Washington, DC).