New York team guides EDPR through financing of solar projects

Lawyers from Norton Rose Fulbright's New York office represented renewable energy developer EDPR NA Distributed Generation (EDPR NA DG) in a series of sale-leaseback transactions for distributed generation solar projects in the US, the most recent of which closed on September 27.

The project portfolio comprises more than 25 solar projects mounted on Walmart stores and YMCAs in Minnesota, as well as various other C&I and community solar projects in New Jersey, New York, Rhode Island and California.

The series of transactions started in 2021 and were EDPR NA DG's first US tax credit deal for distributed power. Flagstar Financial & Leasing LLC is the lessor and Verdant Commercial Capital arranged the transaction with Flagstar on behalf of EDPR NA DG.

EDPR NA DG provides cutting-edge innovative renewable energy services across North America, delivering a full suite of offerings ranging from financing and development to construction and operation of energy and storage assets poised to scale. EDPR NA DG is a subsidiary of EDP Renewables (Euronext: EDPR), a global leader in the renewable energy sector and the world's fourth-largest producer of renewable energy and is present in 28 markets in Europe, North America, South America, and Asia-Pacific.

Verdant Commercial Capital is the sixth-largest independent equipment finance company in the United States. Verdant provides financing solutions for the acquisition of business essential equipment and software in six industries: Industrial, manufacturing, specialty vehicle, golf, sports and entertainment, renewables and energy efficiency and technology and office automation. Verdant brings partners the ability to fund business with transaction sizes from below US$25,000 to US$100m. The company is headquartered in Cincinnati and has offices in Dallas, Detroit, Los Angeles and Minneapolis.

Norton Rose Fulbright's core deal team was led by David Burton and Paul L. Weber and also included Ryan L. Waggoner and Selena Skalisky (New York).

Additional support was provided by Eli Gaylor (Austin), Christine Fernandez Owen, John F. Young, Theresa Marie Carroll (Chicago), Caileen Kateri Gamache, Ibrahim Basit (Houston), Connie Gao (Los Angeles), Vincent Dunn, Marian Baldwin Fuerst, Christy Rivera, Jarret S. Stephens, Richard J. Wright, Andrew E. Skroback, Grace Choi, Namratha Minupuri (New York), Deanne Barrow (San Francisco), Keith Martin and Stefan H. Reisinger (Washington, DC).