Supergas Energy Establishes US Platform, Completes Investment in Balanced Rock Power

August 9, 2021

Willkie represented Israeli public company Supergas Energy in its investment in Balanced Rock Power, a Utah-based developer of utility scale solar projects throughout North America.

On August 4, it was announced that Willkie client Supergas Energy completed its investment in Balanced Rock Power, a Utah-based developer of utility scale solar projects throughout North America.

The deal entailed the acquisition of a 30% interest and an ongoing capital commitment to fund 11 photovoltaic projects in various stages of development, representing 3.5 gigawatts of PV projects and 10.5 gigawatts of storage projects. The novel deal structure establishes, in addition to the capital commitment, a letter of credit facility to support the development of projects in the United States. This transaction marks the first renewable energy investment for Supergas in the United States.

BRP was represented by Lazard Freres and Foley in the transaction, SG Energy was represented by Macquarie Capital in the transaction.

Supergas Energy, an Israeli energy company traded on the Tel Aviv Stock Exchange, which is controlled by the Elco group, one of the leading holdings companies in Israel. SG Energy is focused on the US renewable energy market, with the goal of promoting and realizing solar energy and storage projects through partnerships, investments and entrepreneurship.

Headquartered in Moab, UT, BRP specializes in developing high quality, large scale renewable energy projects with an initial engagement in the western United States. The company already has a pipeline of projects under development, and the partnership with SG Energy will solidify the required capital to continue to development the portfolio and the company.

The Willkie deal team was led by partners Jay Hughes and Archie Fallon in Houston.