CIM Group gets Allen & Overy advice on world's largest solar power plants

CIM Group gets Allen & Overy advice on world's largest solar power plants

First phase of the Westland Solar Park to become operational by the Fall of 2021

Global law firm Allen & Overy has advised CIM Group on a 250 MW solar photovoltaic project. The project called Aquamarine is being developed in San Joaquin Valley, California.

The plant is part of the first phase of the Westlands Solar Park (WSP) and will be fully operational by the Fall of 2021. Initially, the WSP is expected to deliver 50 MW of capacity to Valley Clean Energy Alliance.

WSP is on course to become one of the largest solar parks in the world. When the entire project is completed, it will be able to deliver more than 2,700 MW of renewable power and supply clean energy to more than 1.2 million homes.

The A&O team was led by partner Matthew Nesburn. The Projects, Energy, Natural Resources and Infrastructure team advised on all aspects of this project, including the tax equity and debt financing, in addition to the development and corporate structuring of Aquamarine.

Deutsche Bank was the lead arranger in the debt financing of this monumental project.

"The Allen & Overy team leveraged their unique project financing experience to support the CIM Group through the phases of development, corporate structuring and operation of the monumental Westlands Solar Park," said Nesburn. "We look forward to continue advising on this multi-faceted renewable energy project that is positioned to lead the charge in reducing California's carbon footprint," Nesburn added.

The A&O team that supported this complex transaction included partners John Marciano and Sam Kamyans and associates Michelle Marshall, Shahin Mohammad and Sam Gurthrie.