White & Case advises RENOVA on renewable energy foreign investment in Pathway Power Holdings

Press Release
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Global law firm White & Case LLP has represented RENOVA, INC., an independent renewable energy developer and power producer, in an agreement to subscribe convertible notes with the total value of US$25 million to be issued by Pathway Power Holdings LLC (Pathway Power). Located in San Diego, California, Pathway Power develops and operates utility-scale renewable generation and storage assets across the United States and is dedicated to providing reliable, resilient and affordable clean energy when needed. This transaction marks RENOVA's first-ever investment in the US and further solidifies White & Case's market-leading position advising foreign investors seeking to buy into US-based projects and assets.

RENOVA is one of Japan's only publicly traded independent pure-play developer and power producer, primarily focused on renewable energy in Japan and Asia-Pacific. RENOVA stocks are listed and traded on the Tokyo Stock Exchange under the ticker 9519.

The transaction consisted of a private offering of convertible unsecured notes by Pathway Power. The convertible notes are convertible to membership units in Pathway Power after three years have elapsed since the signing of the agreement. The agreement also grants RENOVA the right to make an equity investment of up to 49 percent in individual projects up to 1 GW of total capacity, subject to certain conditions.

The deal was led by Project Development and Finance partner Dr. Raymond Azar and Capital Markets partner Rafael Roberti (both in New York), with assistance from M&A partner Taylor Pullins (Houston), Tax partner Steven Gee (New York), Project Development and Finance partner Julien Bocobza and M&A partner Naoya Shiota (both in Tokyo), and associates Mostafa Al Khonaizi and Esther Stefanini (both in New York), Sam McCombs (Houston), John Forbush (Washington, DC), Leo Watanabe (Tokyo) and Latin America Fellow Maria Pinto.

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