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Latham & Watkins Advising Clearway Energy Group in Financing and Sale of California Solar and Storage Projects

May 26, 2023
Firm advises on transaction that will provide power to roughly 132,000 homes.

Clearway Energy Group, LLC (Clearway) announced that it closed approximately US$1 billion of debt financing and arranged committed a tax equity investment for the Victory Pass and Arica projects, two utility-scale solar and storage facilities currently under construction in Riverside County, California. Latham is also advising Clearway in connection with the sale of a 60% equity stake in the projects to AIP Management, on behalf of AIP Infrastructure II, which is expected to own the projects in partnership with Clearway Energy, Inc. The projects, which will generate approximately 463 MW of combined clean energy capacity and 186 MW of battery storage — which is enough electricity to power roughly 132,000 homes annually — are scheduled to achieve commercial operation later this year.

Latham & Watkins LLP represents Clearway Energy Group in the transaction with a deal team led by Washington, D.C. partner Ethan Schultz, New York partners Kelly Cataldo and Eli Katz, and San Diego partner Omar Nazif, with New York associates Annelise Karreman, Donna Chen, Lauren Lozada, Kailash Gupta, and Jesse Van Genugten, Houston associate Denny Lee, Washington, D.C. associates Catie English and Maddie Merkle, and Los Angeles associate Nick Eberhart. Advice was also provided on tax matters by Washington, D.C. counsel Isaac Maron, with New York associate Michael Syku; on benefits and compensation matters by New York partner Bradd Williamson, with New York associate Madeline Hong; on compliance matters by Washington, D.C. counsel Andrew Galdes, with Washington, D.C. associates Allison Hugi and Christopher D’Agostino; on investment funds by Boston counsel Joel Cavanaugh, with Chicago associate Daniel Filstrup; and on antitrust matters by Washington, D.C. counsel Britton Davis; and on finance matters by New York partner Lawrence Safran.