Wilson Sonsini Goodrich & Rosati advised SEEIT on the deal.
SEEIT announced that it has agreed to acquire a series of portfolios of commercial and industrial (C&I) on-site solar and energy storage projects in the United States, together with a 50 percent interest in the platform that has created them, Onyx Renewable Partners (Onyx) from funds managed by Blackstone for a consideration of approximately $150 million. Blackstone will remain a 50 percent partner in Onyx.
SEEIT will acquire a 100 percent interest in four portfolios totaling over 175 MW, which provide renewable energy generated on-site directly to the end-user, and a 50 percent interest in Onyx’s follow-on pipeline, which is projected to exceed 500MW over the next five years. The four portfolios comprise over 200 operational, construction and development stage rooftop, carport, and “private wire” ground mounted solar PV projects, located in 18 U.S. states. Clients include municipalities, universities, schools, hospitals, military housing providers, utilities, and corporate customers.
The Wilson Sonsini team that represented SEEIT in the transaction includes Charlotte Kim (Picture), Mark Holloway, Nikkisha Smith, Meghan Thomsen, Rui Ke, Greg Broome, Elizabeth Wolfe, and Heather Curlee.
Involved fees earner: Elizabeth Bellis Wolfe – Wilson Sonsini Goodrich & Rosati; Gregory Broome – Wilson Sonsini Goodrich & Rosati; Heather Curlee – Wilson Sonsini Goodrich & Rosati; Mark Holloway – Wilson Sonsini Goodrich & Rosati; Rui Ke – Wilson Sonsini Goodrich & Rosati; Charlotte Kim – Wilson Sonsini Goodrich & Rosati; Nikkisha Smith – Wilson Sonsini Goodrich & Rosati; Meghan Thomsen – Wilson Sonsini Goodrich & Rosati;
Law Firms: Wilson Sonsini Goodrich & Rosati;
Clients: SDCL Energy Efficiency Income Trust plc ;