Shikun & Binui’s Acquisition of Brazoria West Solar Project

Norton Rose Fulbright represented Savion, LLC on the deal.

Savion, LLC (Savion), a subsidiary of Macquarie Capital, in the sale of the 200 MWac Brazoria West solar project located in Brazoria County, Texas to Shikun & Binui (S&B) along with the debt and tax equity financing for the project.  CIT Group’s Power and Energy business led the debt financing with a total credit facility of nearly $210 million, and Macquarie Capital’s Green Investment Group is arranging the tax equity financing for the project.
Located about 40 miles southwest of Houston, the Brazoria West solar project is strategically located to supply reliable and clean energy to the Houston area, with an expected total output capacity of renewable solar energy to power about 37,100 homes.
Construction began on the project in Brazoria County in early 2021 and is expected to be complete toward the end of 2022. The project has already secured one commercial and industrial Power Purchase Agreement (PPA) and another PPA with an energy trading company.

The sale of Brazoria West to S&B was led by Becky Diffen (Picture – Austin) and Megan Savage (Houston), the tax equity financing was led by Ben Koenigsberg (New York), and the debt financing was led by Rick Susalka (New York). The Norton Rose Fulbright team also included David Burton, Benjamin Grayson, Marie Matousek (New York), Sameer Mulji (Los Angeles), Geetika Jerath (Houston), Caileen Kateri Gamache (Washington, DC and Houston), Bob Greenslade (Denver), and Sol Kwon (Washington, DC).

Involved fees earner: David Burton – Norton Rose Fulbright; Becky Diffen – Norton Rose Fulbright; Caileen Gamache – Norton Rose Fulbright; Benjamin Grayson – Norton Rose Fulbright; Bob Greenslade – Norton Rose Fulbright; Geetika Jerath – Norton Rose Fulbright; Benjamin Koenigsberg – Norton Rose Fulbright; Sol Kwon – Norton Rose Fulbright; Marie Matousek – Norton Rose Fulbright; Sameer Mulji – Norton Rose Fulbright; Megan Savage – Norton Rose Fulbright; Richard Susalka – Norton Rose Fulbright;

Law Firms: Norton Rose Fulbright;

Clients: Savion, LLC;

Author: Giulia Di Palma