Capital Dynamics Wins North America Renewables/Battery Project Finance and North America Renewables M&A Deal of the Year

Amis, Patel and Brewer would like to congratulate Capital Dynamics for receiving North America Renewables/Battery Project Finance Deal of the Year and North America Renewables M&A Deal of the Year from Power Finance & Risk.

The Power Finance & Risk awards differ from many industry awards, in that they are decided by representatives of the market as a whole rather than a panel of experts. Senior executives and lawyers from project finance, power and utilities groups, project development sponsors and hedge funds voted on the deals they believed were most impactful to the industry in the last year. 

Capital Dynamics received two accolades for its acquisition of First Solar and SunPower’s joint yield company, 8point3 Energy Partners, representing a 38-megawatt residential solar portfolio. After considering 130 potential buyers for the company, representatives for 8point3 identified Capital Dynamics as the winning bidder. Capital Dynamics was able to conduct a full take-private and delisting, a strong differentiator from other yieldco transfers. 

Deal details can be found below: 

North America Renewables/Battery Project Finance Deal of the Year

8point3 Energy Partners Acquisition Financing

Sponsor: Capital Dynamics

Deal Value: $1.1 billion

Closing Date: June 21-22

Bookkeepers: MUFG, Allianz Global Investors, KeyBank, ING Capital

Legal Advisers: Amis, Patel & Brewer (Capital Dynamics) and Milbank (MUFG)

Other Involved Parties: Commonwealth Bank of Australia, Natixis, Sabadell, Santander, Rabobank, Nomura, Barings (provided commitments)

 

North America Renewables M&A Deal of the Year

8point3 Energy Partners

Buyer: Capital Dynamics Clean Energy Infrastructure V (APG, CalSTRS, ADIA)

Assets: 8point3 Energy Partners

Sellers: First Solar, SunPower Corp. 

Deal Value: $1.658 billion (enterprise value)

Closing Date: June 19

Financing Advisers: Bank of America Merrill Lynch (First Solar), Goldman Sachs (SunPower), Evercore (conflicts committee of the 8point3 Energy Partners G.P.)

Legal Advisers: APB, Stoel Rives (Capital Dynamics), Baker Botts (Sunpower), Skadden (First Solar), Richards, Layton & Finger (conflicts committee of the 8point3 Energy Partners G.P.)

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