Milbank LLP is advising Canadian Solar Inc. (Nasdaq: CSIQ), one of the world’s largest solar power companies, in connection with its sale of three solar photovoltaic projects in Mexico totaling 370 MWp (294 MWac) and known as the Horus, Tastiota and El Mayo projects to Korea Electric Power Corporation (“KEPCO”), South Korea’s largest electric utility, and Sprott Korea, a leading fund manager (“Sprott”). KEPCO and Sprott have consummated the acquisition of a 49% interest in each of the three projects from Canadian Solar and have agreed to acquire Canadian Solar’s remaining interests following their commercial operation date (“COD”).
Canadian Solar developed the three projects and will supply the modules and manage the projects’ construction. Project Horus is expected to reach COD in Q2 2020 and projects Tastiota and El Mayo are expected to reach COD in Q1 2021. Once operational, the projects are expected to generate 900 GWh of clean electricity annually, enough to power 206,000 households and offset 524,000 tons of carbon dioxide emission each year.
The Milbank team representing Canadian Solar was led by Global Corporate special counsel Francisco Nuñez, associate Avni Mehta and partner John Franchini, with the support of associates Frank Pensabene and Annaliese Snodgrass. Advice was also provided by Global Project, Energy and Infrastructure Finance partners Dan Bartfeld and Roland Estevez and associates Javad Asghari and Alejandro Ruiz and Tax partner Max Goodman and associate Jules Mugema.
