Southern Co. Nabs Controlling Stake in Calif. Solar Project
A team of Troutman Sanders lawyers – Rich Brody, John Leonti, Brian Harms, Randy Brogdon, Roger Reigner, John Buehner, Angela Levin, Melissa Baratian, Sasha Robertson and Brian Fineman – were mentioned in a December Law360 article about a unit of Southern Co., Southern Power, stating it had acquired a controlling interest in a 200-megawatt California solar project that is being developed by Canadian Solar Inc. subsidiary Recurrent Energy. As such, it will become the companies’ third jointly-owned project in California and Texas.
Recurrent Energy also stated that it secured a $480 million financing agreement from five banks for the Garland, Texas, solar facility. Recurrent Energy will keep the remaining stake after Southern Power’s acquisition. The Garland project fits Southern Power’s business strategy of expanding its wholesale business by acquiring and constructing generating assets that are covered by long-term contracts.
The firm’s lawyers represented Southern in the deal.