Hogan Lovells announced today that it acted as legal counsel for NextEra Energy Resources, LLC, the competitive energy subsidiary of long-time client NextEra Energy, Inc., on its purchase of one of the world’s largest photovoltaic solar power projects, the 550 MW Desert Sunlight Solar Farm near Desert Center, CA.

The Hogan Lovells Infrastructure and Project Finance team advised NextEra Energy Resources in the complex multi-tranche financing for the construction of the project by First Solar, the developer of the solar farm. In addition, the team negotiated the construction agreements and the joint venture that led to a shared purchase of the project by NextEra and GE Energy Financial Services. 

“Hogan Lovells fielded a diverse and highly experienced team to work on this complex financing for NextEra,” said Edith Webster, lead Hogan Lovells partner on the transaction. “This closing helps facilitate the strategic goals of our client, and we were pleased to be able to partner with them on another sophisticated transaction of this scale.”

The U.S. Department of Energy is partially guaranteeing US$1.46 billion of loans provided by a syndicate of private institutional investors and commercial banks headed by lead lenders Goldman Sachs Lending Partners LLC and Citigroup. The power generated by the project will be sold under two long-term power purchase agreements to Southern California Edison and Pacific Gas and Electric Company.

The Hogan Lovells Infrastructure and Project Finance practice group fielded two teams on the transaction: the financing team was led by partners Edward Sledge (Baltimore) and Edith Webster (New York), and the acquisition, joint venture, and construction team was led by partners Tom Woolsey (Miami) and Jorge Diaz-Silveira (Miami). Christine Pallares (partner, New York) and Mary Anne Sullivan (partner, Washington, D.C.) also played key roles.