DLA Piper advises Renewco Power in its US expansion
DLA Piper advised Renewco Power, the Edinburgh-based renewable power business, in its US expansion through the acquisition of a 1.5GW pipeline of early-stage utility-scale solar projects and 500MW of battery storage projects from Virginia-based developer Beaufort Rosemary.
As part of the transaction, Renewco will form a partnership with Beaufort Rosemary to develop more sites together with a focus on the US’s Southeast and Midwest regions. The goal is to bring 3GW of solar and storage projects to the ‘ready to build’ stage within five years to these US regions where there is a lower penetration of renewables and which have ambitious clean energy generation goals and a lower penetration of renewables.
Renewco’s expansion to the US is funded by a £24 million commitment by sustainability and clean energy investor Corran Capital.
“Congratulations to Renewco on its expansion to the US and its strategic partnership with Beaufort Rosemary, which will position the company for growth,” said Vanessa Richelle Wilson, US chair of DLA Piper's Energy sector, who led the team that advised Renewco. “It was a pleasure bringing together our extensive knowledge and experience in the renewable and clean energy space. On behalf of DLA, we look forward to supporting Renewco’s future growth.”
In addition to Wilson (Washington, DC), the deal team included partners Jeff Salinger (New York), Nicholas Klein (Washington, DC) and Paolo Morante (New York) and associates Stephanie Pfaff (San Diego), Wei Li (Silicon Valley) and Junqi Zhang (Washington, DC).
DLA Piper's Energy sector lawyers are at the forefront of the renewable energy market, advising sponsors, developers, financiers and regulatory bodies, among others, on transactions across the spectrum of renewable energy technologies, including hydro, solar, onshore and offshore wind, energy-from-waste, biomass and biofuels. For decades, the firm has represented organizations operating in the sector throughout the world, with a global team serving clients in the power, oil and gas, renewable, nuclear, energy trading, climate change and water markets.