On November 21, 2016, Axium Infrastructure (“Axium”) acquired a 100 per cent equity interest in an 84 MWAC (110 MWDC) solar portfolio from Renewable Energy Trust Capital (“RET”). The portfolio is comprised of eight solar PV facilities: two in California, three in Georgia and three in Ontario.
The facilities reached commercial operation between 2012 and 2015, and each utilizes tier-one solar PV modules and inverters. Each plant operates under a long-term, fixed-price contract with an investment grade utility.
Axium was represented by Norton Rose Fulbright LLP in both the US and Canada, with a team that included Patrick Groomes, Brenda Hanzl, Byron Tse and Patrick Selinger in the US and Andrew Pritchard, Mike Moher, Oliver Moore, Matthew Bernardo and Daniel Shapiro in Canada.
Shearman & Sterling LLP acted as US counsel to RET, with a team led by Chris Forrester and included Patrick Fischer and Jeremy Cleveland.
Blake, Cassels & Graydon LLP acted as Canadian counsel to RET, with a team led by Ken Pearce and included Neelu Toor, Andrew Thompson, David Mender (corporate/M&A), Ian Binnie (financial services), Kathleen Penny and Ian Caines (tax), Darren Littlejohn (securities), Dan Kofman (real estate), Sharon Wong (energy regulatory) and Navin Joneja (competition/antitrust).
Latham & Watkins LLP acted as US counsel for a lending syndicate led by Norddeutsche Landesbank Girozentrale (the “Lenders”), with a team led by David Penna and including Eric Merrill and Arthur Singletary.
Torys LLP acted as Canadian counsel for the Lenders, with a team led by Scott Kraag and including Adrienne Love and Olga Matyash.