Christopher T. Demet

• Included in Best Lawyers: Ones to Watch in America (2021 - 2026). 

Tax Equity Financings

• Represented the tax equity investor in the following transactions, many of which were hybrid transactions contemplating a tax credit transfer: 
  • a 300 MW(ac) solar photovoltaic generating facility located in Texas. 
  • a 225 MW(dc) solar photovoltaic generating facility and 100 MW / 400 MWh battery storage facility located in Nevada. 
  • a 200 MW(ac) / 400 MWh(ac) grid-connected standalone battery energy storage facility located in Texas.
  • a 90 MW(ac) / 360 MWh(ac) grid-connected standalone battery energy storage facility located Arizona. 
  • a portfolio including one utility scale BESS in California and four C&I solar projects. 
  • a 200 MW(ac) solar photovoltaic generating facility located in Texas, including as co-investment with a major US based technology company. 
  • Distributed generation portfolios, including CSG, net metering, and other state incentive revenue structures, including:
    
    • 19 solar assets, 
    • 70+ solar or battery assets, 
    • 60+ solar or battery assets,
  • Represented investors in operational issues relating to consents (including sponsor equity interest dispositions and resulting negotiations of new guarantees, O&M and asset management arrangements, interparty arrangements with debt providers, and related issues) and management of tax equity investment portfolios. 
• Represented the sponsor in the following transactions:
  
  • tax equity and back leverage debt financing of a 285 MW(dc) PV and 215 MW(ac) / 860 MWh(ac) storage project located in Arizona. 
  • a tax equity investment, and contemplated tax credit transfer, in a distributed generation portfolio of 14 solar or battery storage projects.
  • several distributed generation portfolios, including of 37 solar projects, 35 solar projects, and 20+ solar and battery storage projects, many of which included negotiation of the back leverage debt financing as well.
  • tax equity and back leverage debt financing of a portfolio comprised of three utility scale solar projects. 
• Projects include: Bypass BESS, Camden Dam Solar, CO29 Solar, Electric City Solar, Escape Solar and BESS, Green Beanworks B, C, and D Solar, Holtville BESS, Jamesville Road Solar, Mill Pond Solar, Sunray Solar, Sun Streams 3 Solar, Superstition BESS, Thousand Mile Solar, and Turquoise Solar.

Energy M&A and Joint Venture Transactions

• Represented a portfolio company of a publicly traded asset manager in the acquisition from a leading international bank of the tax equity interests in 25 operating wind projects in the US totaling approximately 1.4 GW of generating capacity. This transaction included (a) the creation of an upstairs joint venture with an international bank for purposes of acquisition financing, distribution of cash, and allocation of tax benefits relating to the acquired interests, (b) obtaining consents and waivers from sponsors pursuant to the tax equity financing agreement for most of the 25 acquired interests, and (c) the subsequent sale of certain of the tax equity interests to a different international bank.
• Represented a leading international asset manager in the acquisition of development-stage assets, and negotiation of a development services agreement, relating to an anticipated 200 MW(ac) / 400 MWh battery energy storage system in Texas.
• Represented an international insurance company in its acquisition of an entity indirectly holding interests in a tax equity sponsor member, which member indirectly held interests in a 300 MW(ac) solar powered electricity generating facility in Ohio, from an international investment management firm, and an upstairs joint venture providing for contribution obligations and distribution, allocation, and governance rights.
• Represented a leading US energy developer in the:
  
  • sale of a 121 MW(ac) wind powered electricity generating facility located in Illinois, including negotiation of build-out restrictions;
  • sale of a 149.5 MW(ac) solar powered electricity generating facility located in Virginia;
  • sale of a 78 MW(ac) wind powered electricity generating facility located in Virginia;
  • sale of a 350 MW(ac) wind powered electricity generating facility located in Texas.
• Represented the developer of one of the largest solar projects in Oregon in the sale of project assets to a leading US energy developer.
• Represented a leading US renewable energy developer in acquisitions of (a) an 11-project portfolio that included development-stage solar projects in Illinois, New York, Massachusetts, and Maine with an aggregate nameplate capacity of 37.9 MW(ac), and (b) a 3-project portfolio that included development-stage solar projects in Washington and Oregon with an aggregate nameplate capacity of 20 MW(dc).
• Represented an early-stage developer of microgrid technology, in seed equity investments and commercial contracting issues, including negotiations for collaboration and demonstration with a leading electric research institute.

Debt Financings

• Represented the sponsor in back leverage debt financings of:
  
  • a 285 MW(dc) PV and 215 MW(ac) / 860 MWh(ac) storage project located in Arizona.
  • Multiple distributed generation portfolios including solar and battery energy storage assets.
• Represented the lender in:
  • a tax credit transfer bridge loan and tax equity bridge loan for a portfolio of distributed generation solar and BESS assets owned by a sponsor backed by a global corporation, and negotiation of interparty arrangements with tax equity investors. 
  • construction, tax equity bridge, and back leverage loans for a portfolio of distributed generation solar and BESS assets, and negotiation of interparty arrangements with tax equity investors.
• Represented a leading international bank, as lender among a syndicate of lenders, in an acquisition financing for a financial sponsor’s acquisition of a utility’s distributed generation portfolio made up of solar, fuel cell, and battery assets, and an O&M services portfolio.

_{*Chris advised on some of these matters prior to joining Willkie.}