Renewable Energy Development and Finance

Vedder Price attorneys have broad experience providing comprehensive legal advice to a wide range of clients in connection with the development, purchase, sale and financing of renewable energy projects, including under the recently enacted American Recovery and Reinvestment Act (“ARRA”).  Our lawyers are at the forefront in developing new structured finance vehicles and other ways of applying the various tax-credit, grant and loan programs available under ARRA. We represent lenders, governmental entities (including US-Government guaranteed financing experience), investors, sponsors and borrowers in connection with nonrecourse and limited recourse project financings and structured lease financings of renewable energy projects, utilizing various combinations of structured finance (including partnership structures to production tax credits), bank debt, bonds, equity, mezzanine debt, credit support and indirect financing via private equity capital call and other facilities. 

Vedder Price attorneys represent participants in all stages of the development, purchase, sale and finance of renewable energy projects, including tax and liability structuring, “bankability” reviews and recommendations, environmental planning and permitting, regulatory compliance, labor advice and assistance with the resolution of disputes in various forums. Our experience spans all aspects of the process, including all stages of financing arrangements, partnership and joint venture agreements, RFPs, bids, concessions, ground leases and site acquisition contracts, documentary and standby letters of credit, engineering, procurement and construction agreements (including “split” and “bundled” contract structuring), supply arrangements, power purchase agreements, interconnection agreements, and operation and maintenance contracts.

Our experience includes the following projects, among others:

• Biomass:  Representation of international biomass Project Developer in all phases of contracting and development of over 20 biomass power production facilities throughout the United States and Canada;
• Wind:  Representation of construction and permanent Lenders in connection with financing of wind generating facilities located in California, powered by twenty-eight (28) V-39 wind turbines from Vestas and two (2) wind turbines from Cannon Turbines;
• Methane Gas:  Representation of Design-Build-Operator and Lender for several methane gas-to-electric power plants on landfills in Illinois, including negotiating landfill gas rights and collection facility leases with the owner of the landfills, landfill gas sales agreements, equipment leases, operating and maintenance agreements and advice relating to QSWEF status and maintaining “exempt wholesale generators” status. Our experience includes financing via a state-of-the-art Canadian Income Trust, and representation of the client’s interests before the Illinois legislature and the Illinois Commerce Commission;
• Solar:  Representation of Licensor and Build-Own-Operator to provide a solar collector field and steam generator as a supplement to a power plant constructed by a municipality in California;
• Energy-from-Waste and Industrial Heat Recovery:  Representation of Sponsor for the site acquisition, development, leasing, construction and bond-backed financing of a Waste-to-Energy cogeneration facility, including “fast-track” condemnation of the land on behalf of the host municipality, and Representation of Developer/Fund for inside-the-fence power islands that operate off heat generated by manufacturing concerns;
• Ethanol:  Representation of Engineering Company in the process development and design, engineering, procurement, site development, construction, commissioning, startup and testing of a prototype 2.5 million-gallon-per year Cellulosic Ethanol plant to be located in California; and
• Nuclear:  Representation of Sponsor, Omaha Public Power District, for contract with Mitsubishi Heavy Industries, Ltd. to supply replacement steam generators for the District’s Fort Calhoun Nuclear Station, including drafting provisions related to “cross-border” issues such as the Hague Convention on Service of Process and other matters relating to contracts with foreign entities; Representation of Taiwan Power Company with engineering companies for balance-of-plant EPCM contracts related to the mega-expansion of the Chinshan Nuclear Power Station facilities.

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• Project and Infrastructure Development and Finance