Global law firm White & Case LLP has advised Abu Dhabi Future Energy Company PJSC – Masdar, in connection with its acquisition of a 50 percent cash equity stake from EDF Renewables, Inc., in a clean-energy portfolio with total capacity of approximately 1.6 GWs, making it one of the largest acquisitions of renewable assets in 2020 in North America thus far. The clean-energy portfolio consists of three utility-scale wind farms in Nebraska and Texas totaling 815 megawatts (MW), and five photovoltaic (PV) solar projects in California – two of which include battery energy storage systems – totaling 689 MW of solar and 75 MW of lithium-ion battery energy storage. Power from the diversified portfolio projects will be sold under long-term contracts to a variety of offtakers, including utilities, hedge providers and community choice aggregators.
Masdar is a subsidiary affiliate of Mubadala Investment Company, which is a sovereign fund of the Government of Abu Dhabi in the United Arab Emirates. EDF Renewables is a global renewable energy affiliate of the EDF Group based in France.
The White & Case team that advised on the transaction was led by partner Raymond Azar in New York (EIPAF). The team also included partner Hagai Zaifman (Tax), partner Marius Griskonis and associate Manasvini Raj (EIPAF), partners Michael Shenberg and Ipek Candan Snyder, and associates Jason Krause and Hailey Bair (M&A), partner Andrew Kreisberg and associate Brandon Dubov (FDI), partner Steven Lutt and associate Julianne Prisco (Real Estate), partner Seth Kerschner and associates Laura Mulry and Brittany Curcuru (Environmental) all in New York; and partner Farhad Jalinous and counsel Keith Schomig (CFIUS), partner Rebecca Farrington and associate Daniel Rosenthal (Antitrust), and partner Daniel Hagan and associate Harold Bulger (Energy Regulatory) all in Washington, DC.
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