Troutman Pepper Hamilton Sanders LLP

08/05/2021 | Press release | Distributed by Public on 08/05/2021 09:13

Troutman Pepper Powers NV Energy’s Acquisition of Two Solar Plus Storage Projects from Primergy Solar

LAS VEGAS - Troutman Pepper utility client NV Energy has inked agreements to acquire two new solar plus storage projects, which total 600 megawatts of energy and 480 megawatts of storage and have the capacity to power 127,000 homes in Nevada. The projects, developed by Primergy Solar, demonstrate NV Energy's commitment to Nevada's clean energy economy.

The Iron Point Solar Project will be a 250-megawatt solar photovoltaic facility paired with 200 megawatts of battery storage with an expected in-service date of December 2023. The Hot Pot Solar Project will be a 350-megawatt solar photovoltaic facility paired with 280 megawatts of battery storage with an expected in-service date of December 2024.

Both acquisitions were structured as Build Transfer Agreements and negotiated simultaneously. Notably, these acquisitions are NV Energy's first using a Build Transfer structure.

In addition to firm date and closing conditions, the transactions are subject to approval by the Public Utilities Commission of Nevada, which NV Energy anticipates by the end of this year. Read NV Energy's press release here.

The Troutman Pepper team advising NV Energy in the transactions was led by Scott Rickard and included Mike Childers, Anne Loomis, James McLeod, and Brian Fineman, among others.

From high-stakes, transformative deals to smaller investments, Troutman Pepper's nationally recognized Energy Practice Group facilitates projects for investors, utilities, sponsors, private investment funds, lenders, developers, and other stakeholders. The team is at the forefront of the rapidly evolving renewable energy industry, with national recognition from U.S. News-Best Lawyers 'Best Law Firms' and Chambers USA, among others.

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