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Southern Power Sells Minority Interest in Solar Portfolio to Global Atlantic Financial Group

Vinson & Elkins advised affiliates of Global Atlantic Financial Group in the $1.175 billion acquisition from Southern Power of a 33 percent minority interest in its solar portfolio. The portfolio of projects involved in this transaction is comprised of 26 operating solar facilities representing approximately 1.7 gigawatts of capacity.

The V&E corporate team was led by partners Peter Marshall and Kaam Sahely with assistance from senior associates Matthew Falcone and Matthew Greenberg and associates Stephanie Coco, Megan Menniti, Sara Bloom, Grace-Ann Duquette, Jeremy Tripp, Bassam Chain, Emma Jiang, Michael Zarcaro, Cesar Leyva, Caroline McDonald, Jack Moxon and Josh Rocha. Also advising were partner Gary Huffman and associates Paige Anderson and Neil Clausen; partner Mike Tomsu; and senior associate Matthew Dobbins.

V&E previously represented Global Atlantic (together with Goldman Sachs and GSO Capital Partners) in connection with a more than $200 million joint commitment in Altus Power America Inc., a Greenwich, CT-based company that invests in, owns and operates clean energy projects, and a transaction with Origis Energy for the development of a portfolio of solar generation facilities, including the 540-acre solar generation facility known as MS Solar 3 in Sumrall, Mississippi, in connection with which Wells Fargo recently provided $49 million in tax-equity funding.

V&E has a market leading practice representing investors and other participants in renewable energy transactions, in particular on solar and wind generation transactions. Earlier in 2018, the firm represented a long-term client in the acquisition of a significant portfolio of wind and solar assets (together with an associated financing). V&E also represents Goldman Sachs’ renewable energy fund as counsel on its acquisition activities.

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