Chadbourne & Parke represented LS Power in connection with the construction financing of its 170-megawatt Centinela Solar Energy Project, a crystalline silicon photovoltaic solar project located on more than 1,600 acres of land near El Centro, California.
The financing of this solar power project was structured with two tranches – combining a long term institutional financing led by Prudential Capital Group with a shorter term bank financing led by Sovereign Bank, N.A. (Coordinating Bank and Joint Lead Arranger) and four other Joint Lead Arrangers: Union Bank, N.A., Rabobank Nederland, Canadian Imperial Bank of Commerce, and NordLB. The deal closed recently.
The project, to be operational in 2014, will sell its entire output to San Diego Gas & Electric pursuant to a 25-year power sales agreement. Fluor Corporation has been engaged to construct, operate and maintain the Project.
Members of the Chadbourne team working on the transaction included partners Marissa Alcala and Eli Katz, counsel Donna Bobbish and Scott Bank and associates Robert Eberhardt, Michael Masri, Melinda Baglio and Kelly Cataldo.
