Soltage and Basalt’s Acquisition of Solar Portfolio from NewSun Energy

Wilson Sonsini Goodrich & Rosati is representing Soltage in the transaction.

On February 4, 2020, Soltage LLC, a leading independent power producer, and Basalt managed funds announced their entrance into the Oregon power market with a 40 megawatt (MW AC) solar portfolio. The first 10 MW solar facility was energized in December and the remaining 30 MW are under construction and planned to be placed in service prior to summer 2020. The portfolio was acquired from NewSun Energy, a leading Pacific Northwest energy developer. Wilson Sonsini Goodrich & Rosati represented Soltage in the transaction.

This acquisition anchors a $100 million portfolio investment in the Oregon market, and is being funded via Helios, an investment vehicle set up by Soltage and Basalt to own and operate solar power projects across the U.S. Hyperion, the first vehicle, was fully deployed in 2019 and currently owns and operates 125 MW across 35 solar facilities. The first asset energized in this portfolio is a 10 MW solar facility located in Harney County, Oregon. This facility will transmit electricity via Bonneville Power Administration’s (BPA) transmission system to Portland General Electric (PGE). PGE is purchasing the power under a 16-year power purchase agreement, which will help the utility provide renewable power to its nearly one million customers.

The projects contribute to the proliferation of solar in Oregon. The state’s Renewable Portfolio Standard requires that 50 percent of electricity used in the state come from renewable energy sources by 2040 and total solar installations in Oregon are projected to grow by nearly 60 percent over the next five years.

The Wilson Sonsini team includes Peter Mostow (Picture), Scott Zimmermann, Zach Crowley, Heather Curlee, Kristen Berry, and Jason Slagle.

Involved fees earner: Kristen Berry – Wilson Sonsini Goodrich & Rosati; Zach Crowley – Wilson Sonsini Goodrich & Rosati; Heather Curlee – Wilson Sonsini Goodrich & Rosati; Peter Mostow – Wilson Sonsini Goodrich & Rosati; Jason Slagle – Wilson Sonsini Goodrich & Rosati; Scott Zimmermann – Wilson Sonsini Goodrich & Rosati;

Law Firms: Wilson Sonsini Goodrich & Rosati;

Clients: Soltage, LLC;

Author: Ambrogio Visconti