Cross-office team represents Shell and Savion in sale of partial ownership stake in two US renewable energy projects
United States | Press release - Business | December 2023
Global law firm Norton Rose Fulbright advised Shell Wind Energy Inc. (Shell) in the sale of its 60 percent interest in the Brazos Wind Project and Savion Equity, LLC (Savion) in its 50 percent interest in the Madison Fields Solar Project. Both clients are Shell subsidiaries and will sell their stakes to InfraRed Capital Partners.
Brazos is a 182-megawatt (MW) onshore wind farm in Fluvanna, Texas that is currently being repowered and is expected to generate 182 MW when complete early next year. Shell will retain complete power offtake of the project through Shell Energy North America (US) L.P.
Madison Fields, a 180-MW solar development in Madison County, Ohio, is currently under construction and is expected to generate 180 MW when complete at the end of this year. The project will retain an existing corporate power purchase agreement in place with a third party. Norton Rose Fulbright is also representing Savion in the tax equity financing of the Madison Fields project.
The asset manager of both projects, Shell will benefit from Inflation Reduction Act tax credits. Both sales are expected to be completed by early 2024, with a December 2023 effective date.
Norton Rose Fulbright’s deal team was led by Becky H. Diffen (Austin) and Benjamin Koenigsberg (New York) and also included Madison Keeble, Geetika Jerath (Austin), Christine Fernandez Owen (Chicago), Liz O’Connell (Denver), Caileen Kateri Gamache, Ibrahim Basit (Houston), David Burton, Namratha Minupuri (New York), Justin S. Davenport (San Antonio) and Andrew Eklund (Washington, DC).
