Linklaters Advises Plenitude on Acquisition of Three Solar PV Plants in the U.S.
Linklaters advised Plenitude, through its U.S. subsidiary Eni New Energy US Inc., in connection with the purchase from EDP Renewables North America LLC of an 80% cash equity interest in a portfolio of operational solar photovoltaic plants located in the United States.
The Cattlemen (Texas), Timber Road (Ohio), and Blue Harvest (Ohio) solar PV plants have a total installed capacity of 340 MWac (478 MWdc), of which 272 MWac (382 MWdc) corresponds to Plenitude’s share. The plants will generate more than 800 GWh of renewable energy annually. This transaction allows Plentitude to consolidate its presence in the PJM energy market and Texas.
Plenitude is a Benefit Corp (Società Benefit) controlled by Eni that integrates 100% renewable energy production, energy sales and services, and an extensive network of electric vehicle charging points. The company currently supplies energy to about 10 million European customers in the retail market with the goal of reaching more than 11 million customers by 2026 and installing more than 30,000 electric mobility charging points. The company currently has an installed capacity from renewable sources of about 3 GW, plans to exceed 15 GW by 2030, and to reach net zero Scope 1, 2, and 3 CO2 emissions by 2040.
The Linklaters team advising on this transaction was led by Energy & Infrastructure Partner Marius Griskonis in New York.
Spanning New York, Washington, D.C. and Milan, the team also included Partners Tessa Lee and Ron Erlichman, Senior Counsel Diana Jeschke and Lauren Bachtel, Senior Associate April Kent, Associates Lauri Kai and Paulina Sosa, tax support from Partners Michael Rodgers and Gabriel Grossman, and Senior Associate Joy Cheng, CFIUS support from Senior Counsel Jonathan Gafni and Associate Anna Gooding, and capital markets support from Partner Jeffrey Cohen.
Linklaters’ Americas Energy & Infrastructure team remains at the forefront of the market advising on the development and financing of complex, large-scale projects, and mergers and acquisitions in the energy and infrastructure sector, particularly in connection with renewable and carbon transition projects. Linklaters is ranked Band 1 for Projects & Energy and Multi-Jurisdictional Corporate/M&A in Chambers Global 2023, and was recently recognized with IJInvestor’s Americas Conventional Power & Grid Infrastructure Deal of the Year Award, PFI’s Americas Hydrogen Deal of the Year Award, and The M&A Advisor’s Law Firm of the Year Award.
