MORRISON & FOERSTER

Morrison & Foerster Represents Renewable Energy Developer BayWa r.e. in Securing Key Tax Equity Investment for Wind Farm in New Mexico

19.8 megawatt Brahms Wind Project is third wind farm launched by BayWa r.e. in U.S.

In a noteworthy renewable energy transaction, Morrison & Foerster has represented prominent California renewables firm BayWa r.e. Wind LLC in securing a key tax equity investment for a wind farm project in New Mexico.

BayWa r.e. secured its investment in the Brahms Wind Project from an affiliate of San Francisco-based Union Bank, N.A.  Located in Curry County, NM, the 19.8 megawatt Brahms wind farm commenced commercial operation this past February.

In addition to the Brahms project, BayWa r.e. has developed – and self-funded – wind projects in Texas and California.  The Brahms wind farm marked the company’s first tax equity financing.

Morrison & Foerster’s deal team was led by Los Angeles-based project finance partner Jeffrey Chester, a leader in the firm’s renewable energy group.  Mr. Chester regularly advises leading sponsors, lenders, investors and developers in major renewables projects.  He’s represented stakeholders in capital markets transactions involving more than 70 wind and solar projects throughout the United States.

Additional team members advising BayWa r.e. included MoFo federal tax partner Michelle Jewett, of counsel Elizabeth Sluder and associate Julie Schiesel.

Bay Wa r.e. is a turn-key developer/operator of renewable energy projects across North America; the company is a wholly-owned subsidiary of German energy provider BayWa A.G.

MoFo Renewable Energy Note:

Morrison & Foerster has one of the nation’s leading practices devoted to the development and financing of wind power and other renewable energy projects. Our lawyers have played a key role in the inception and development of the equity, debt and capital markets for wind power projects, representing many of the industry’s leaders. Our lawyers have successfully closed transactions of over 10,000 MW throughout the U.S. and across a range of technologies through the entire development and finance chain on behalf of developers, sponsors, lenders and equity providers, efficiently and cost effectively.

The firm counsels on all aspects of wind energy development and finance, including tax structuring, project finance and mergers and acquisitions. We have substantial experience in negotiating and structuring power purchase agreements, wind turbine supply agreements and warranties, including project specific and frame agreements, interconnection and transmission, balance of plant EPC contracts, land acquisition programs, environmental compliance, purchase and sale of wind projects, project pipelines and purchase and sale of wind development companies.