Foley advised Canadian Solar Inc., one of the world's largest solar power companies, in its acquisition of Recurrent Energy, LLC, a leading North American solar energy developer, from Sharp Corporation for approximately $265 million. This represents the largest solar transaction to date that the Foley Energy Industry Team has closed.
The acquisition of Recurrent expanded Canadian Solar’s position as a leading solar energy developer and deepened the company’s project development and financing capabilities. The acquisition has increased Canadian Solar's total solar project pipeline by 4.0 gigawatts (GW) to a total of 8.5 GW and added approximately 1.0 GW of late-stage projects, representing a revenue opportunity of at least $2.3 billion over the next two years. The transaction closed on March 30, 2015.
The Foley team was led by partners Jeffery Atkin and Jason Allen, and included partners David Clark, Jason Barglow, Jamshed Patel and Leigh Riley; special counsels Justus Britt, Jeffrey Hua and Annie Tsai; of counsel Tom Mullooly; senior counsel Holden Brooks; and associate Bill DuFour.