Deal Descriptions: 

On June 29, 2020, Riverstone Holdings LLC (“Riverstone”), a leading energy and power private equity firm, completed the acquisition of an 80% stake in two solar photovoltaic (“PV”) plants in Mexico, from Otras Producciones de Energía Fotovoltaica, S.L. (“Opdenergy”), a company specializing in the development, construction, operation and financing of renewable energy assets:

• Andalucía, a 106 MWp PV plant located in Coahuila P.S.
• Aguascalientes Sur I, a 38MWp PV plant located in Aguascalientes 

Both plants are fully operational, having reached COD under their PPAs in January 2020. 

In connection with the acquisition of the plants, Riverstone and Opdenergy formed Vera Renovables, an 80/20 joint venture to develop, acquire and/or construct new renewable energy projects in Mexico, including Opdenergy’s PV pipeline in Mexico. 

On March 31, 2020, in a separate transaction, Riverstone partnered with White Summit Capital (“WSC”), a Switzerland-based firm specializing in infrastructure investments and asset management, to form White River Renewables (“White River”), a Mexican renewable energy company, and White River completed the acquisition of two PV plants in Mexico from JinkoSolar, one of the world’s largest and most innovative solar panel manufacturers in the world (NYSE:JKS): 

• Las Viborillas, a 130MWp PV plant located in the State of Jalisco
• San Ignacio, a 25MWp PV plant located in the Yucatán Peninsula 

Both plants are fully operational, having reached COD under their PPAs in September 2018 and May 2019, respectively. 

Baker Botts L.L.P. represented Riverstone in each of the transactions. 

Baker Botts Lawyers/Office Involved:

Corporate: Jeremy Moore (Partner, Houston); Stephen Noh (Associate, Houston); Jack Chadderdon (Associate, Houston)

Tax: Ron Scharnberg (Partner, Houston); Jordan Hahn (Associate, Dallas)

For more information, please see White River’s news release by clicking here and Vera Renovables’ news release by clicking here.

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