Foley Serves as Legal Adviser to KeyBank in $225M Financing of Scale Microgrids’ Energy Transition Debt Facility

22 March 2023 News

Foley & Lardner LLP advised KeyBank National Association, in its capacity as Administrative Agent and a lender, as well as KeyBanc Capital Markets and City National Bank, as joint lead arrangers, on a loan to Scale Microgrids for a $225 million first-of-its-kind non-recourse project finance debt facility. This sizable financing will bolster the reliability and equitability of the nation’s electricity system by providing the infrastructure for a more decarbonized and distributed energy future.

Scale Microgrids will use this financing to fund the construction and operations of a portfolio of microgrids, combined heat and power (CHP) systems, community solar, rooftop solar, battery energy storage systems, and microgrid electric vehicle infrastructure projects in markets including California, Oregon, the District of Columbia, Pennsylvania, Delaware, Colorado, North Carolina, New Jersey and New York. These distributed energy projects will impact communities across the country, providing a diverse range of businesses, schools, municipalities, and rate-paying consumers access to energy that is cheaper, cleaner, and more resilient.

The Foley deal team was led by Partners Edward Hammond and Jeff Atkin and Senior Counsel Natalie Neals and included Associates Sadie Olson and Riley Sexton with specialized assistance from Partners Jason Barglow, Tom Hoffmann and Sarah Slack, Of Counsel Thomas Mullooly, Special Counsel Olya Petukhova, and Associate Amanda Soler.

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