Chadbourne & Parke represented Metropolitan Life Insurance Company and MetLife Capital Credit, as the sole lender and co- investor, in connection with the approximately $140 million purchase and term loan financing of FRV AE Solar, LLC's Webberville Solar Project, a 30MW solar photovoltaic power plant just outside of Austin, Texas. FRV AE Solar, LLC is a subsidiary of Austin Solar LLC, a joint venture between MetLife Capital Credit and Longsol LLC. This transaction marks the formal entrance into the U.S. solar market by Longsol LLC, an American subsidiary of one of Spain's leading solar investors, Abraxa IFS SGECR.
Renewable Energy Systems Americas Inc. (RES Americas), the construction contractor, achieved commercial operation of the project on December 30, 2011. The utility scale project will sell all of its output under a 25-year power purchase agreement to The City of Austin, acting through its municipally-owned electric utility, Austin Energy.
"I am extremely proud of our team for structuring, negotiating and documenting a very complex transaction in record time. Our clients have come to expect top-notch service from us, and our team did not disappoint," said Chadbourne partner Paul Weber.
The Chadbourne team on the deal was led by New York partners Paul Weber and Eli Katz and included Jocelyn Lavallo, John Marciano, Michael Masri, Melinda Sobin, Kelly Cataldo, Jordan Manekin, Robert Shapiro, Donna Bobbish, Scott Bank, Drew Skroback and Sue Cowell.