Sidley and its lawyers have been recognized by IJGlobal for their exceptional work advising on conventional power, midstream, and renewable power (solar) transactions in North America. The annual IJGlobal Americas Awards celebrate the best-in-class transactions and organizations across international infrastructure and energy sectors. IJGlobal is the leading database of infrastructure and project finance transactions and assets that provides detailed information on procurement, financing, policy, pricing, and the key participants influencing both transactions and trends. The winning projects include:
North American Refinancing Deal of the Year — Gridflex Generation
Sidley represented Rockland Capital in their US$377 million investment grade 4(a)(2) secured debt private placement for the newly formed Gridflex Generation portfolio. The 1.5 GW portfolio securing the offering consists of three natural gas peaking facilities located throughout the Midwest that sell electricity, capacity, and ancillary services into PJM’s wholesale markets on a merchant basis.
North American Renewables Portfolio Deal of the Year — Cubico Solar Portfolio Investment
Sidley lawyers represented Cubico Sustainable Investments as special hedge and power purchase agreement (PPA) counsel in connection with a complex tax equity and back-levered debt financing, totaling US$406 million, for a portfolio of three solar projects in the United States collectively known as Project Thor. The portfolio comprises the 162 MW Wagyu project in Texas, the 106 MW Palmetto project in South Carolina, and the 98 MW Huntley project also in South Carolina. Sidley advised on the Wagyu project, which was particularly notable as one of the growing number of Texas solar projects to be contracted under a hedge rather than, or in addition to, a PPA.