Foley & Lardner represented 8minute Solar Energy, the largest independent solar and storage developer in the United States, in the sale of the equity interests of the 67 MWdc Lotus Solar Farm in Madera County, California to Allianz Global Investors, one of the world’s leading active asset managers.
Construction of the Lotus Solar Farm began in August 2019 and is expected to be completed in May 2020. The Lotus Solar Farm is being constructed on 375 acres of low-productivity former grazing land and will produce enough energy to supply thousands of homes and businesses in California once complete. Additionally, the solar farm will reduce carbon emissions by approximately 48,000 metric tons each year. The project’s development and construction are also expected to create 300 peak union jobs in Madera County during construction.
The project company signed a 20-year Power Purchase Agreement with Southern California Edison, one of the nation’s leaders in renewable energy, for the more than 125,000,000 kWh produced annually when the project is complete—enough energy to power more than 12,000 Southern California households.
The Foley team representing 8minute was led by partner Jocelyn Lavallo and associate Bryan Dworak.