Sheppard's Energy and Infrastructure industry team represented Mitsubishi Power Americas, Inc. in its sale of Oriden LLC to I Squared Capital, a global infrastructure investment manager, via I Squared's Energy Transition Fund. Oriden is a developer of utility-scale solar and battery energy storage projects, from greenfield origination to construction-ready stage, comprising a 5+ gigawatt national pipeline largely concentrated in the MISO and PJM interconnection markets. Consideration for the sale of Oriden included an upfront cash payment as well as a post-closing earnout component tied to designated projects reaching construction-ready and commercial operation milestones. The transaction enables Mitsubishi Power Americas to monetize and strategically reposition its renewable energy development investments while providing I Squared a scalable renewable energy development platform in key solar and storage U.S. markets.
The Sheppard deal team was led by Elliot Hinds, David Solberg and Alyssa Garcia, with valuable assistance provided by Michael Chan, Gregg Fisch, Julie Marion, Gail Suchman, Adam Goldstein, Darian Hackney and Winnie Weil.
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