A multi-disciplinary Holland & Hart transaction team recently represented long-standing client SunEdison Inc., the world’s largest renewable energy development company, in a $253 million financing transaction allowing construction to begin on a 156 megawatt (MW) DC / 120 MW AC Comanche Solar project in Pueblo, Colo. The Comanche Solar project will be the largest solar power plant in Colorado and the largest east of the Rocky Mountains.
Financed through SunEdison’s $1.5 billion non-recourse, First Reserve Warehouse facility, the Comanche Solar project is scheduled for completion in the first half of 2016. This power plant facility is expected to produce more than 300 gigawatt-hours of energy per year, enough to power approximately 30,000 Colorado homes, and avoid carbon dioxide emissions equivalent to removing 45,000 passenger vehicles from the road.
Public Service Company of Colorado, a subsidiary of Xcel Energy, will purchase electricity generated by the solar power plant under a 25-year power purchase agreement with SunEdison. Renewable Energy Systems Americas Inc. is managing construction, and it will be operated and maintained by SunEdison Services.
Holland & Hart’s transaction team, led by Partner James Borgel, also included Partners Elizabeth Mitchell, Arthur Hundhausen, Thor Nelson, Tim Gordon, Stephanie Edinger and Associate Emanuel Cocian. Additional support was provided by Partner Tom DeVine and Associate Craig Willis.
“We are pleased to represent our client SunEdison in this significant financing transaction. When completed, the Comanche Solar renewable energy project will provide Colorado customers the opportunity to obtain clean energy at affordable pricing,” said Holland & Hart Partner James Borgel, who led the firm’s legal team. “The project is designed to be extremely efficient and is a win-win scenario for both the companies involved and ultimately the customers.”