Axium Infrastructure (Axium) and Terra-Gen LLC (Terra-Gen) have announced the completion of a transaction under which an affiliate of Axium has acquired an 80% interest in the Edwards Sanborn 1A co-located solar plus storage facility from Terra-Gen. Phase 1 of the Edwards Sanborn Solar Storage facility is composed of 397 MWac1 (megawatts, alternating current) of nameplate solar capacity and 1,505 MWh (megawatt hours) of battery storage. In addition to the Edwards Sanborn 1a facility that is contemplated under this transaction, Terra-Gen is also advancing development on the project’s future phases that will include more than 2,000 MW of incremental solar and energy storage to be interconnected to the CAISO grid. Subsequent phases will begin to come on-line later this year. When complete, the Edwards Sanborn Solar Storage franchise is expected to be the world's largest integrated solar powered battery storage project.
Latham & Watkins LLP represented Terra-Gen in the transaction with a corporate deal team led by Houston partner Lauren Anderson, with associates Jameson Miller and John Daywalt. Advice was also provided on tax matters by New York partner Eli Katz, with associate Michael Zucker; on project financing and tax equity financing matters by New York partners Warren Lilien and Kelly Cataldo, with associates Jiyeon Chun and Kailash Gupta; on antitrust matters by Washington, D.C. partner Jason Cruise and Washington, D.C. counsels Joseph Simei and Patrick English; on CFIUS matters by Washington, D.C. partner James Barker; and on insurance matters by Los Angeles partner Drew Levin, with associate Hannah Cary.