Farella Braun + Martel Assists In First Solar’s $285 Million Acquisition of NextLight Renewable Power
SAN FRANCISCO, Apr. 28, 2010: In its most recent major deal, Farella Braun + Martel advised First Solar in acquiring NextLight Renewable Power, LLC for $285 million. With members of the San Francisco firm's cleantech-focused practice group coordinating the environmental, permitting and land use aspects of the transaction, First Solar gains NextLight's extensive solar project pipeline in California, Arizona and Nevada.
"As First Solar's go-to lawyers for environmental, real estate and project permitting needs, we were pleased to be able to assist First Solar's in-house project development team in its recent, large-scale acquisition of NextLight, which provided an ideal opportunity to bring together the breadth and depth of our attorneys' experience on behalf of the cleantech industry," said Farella Braun + Martel Partner David Lazerwitz. "Through this strategic deal, First Solar continues in its mission to develop critically needed solar power projects to meet state renewable portfolio standards and greenhouse gas emissions reduction targets. The company has the expertise, financial backing and solid business platform to pursue NextLight's pipeline of prime projects, offering fast, efficient and well-developed solar power farms."
Recently named the Fastest-Growing Tech Company by Forbes, First Solar's acquisition of Nextlight, by merger, enhances its solar project development portfolio, assets and financing options for future renewable energy projects aimed at offering the Western U.S. expanded capabilities in providing cost-effective, sustainable energy solutions.
Lazerwitz, an environmental attorney focused on renewable energy and clean technology work, along with Environmental Partners Jon Benjamin and Skip Spaulding and Land Use Special Counsel Ilene Dick, comprised Farella's legal team. Orrick, Herrington & Sutcliffe LLP advised First Solar on the corporate and real estate aspects of the transaction.
Farella's involvement with First Solar originated with OptiSolar, Inc., which sold its project portfolio to First Solar in March 2009. Since, First Solar acquired the Carrizo Solar Energy Farm from Ausra, Inc., in San Luis Obispo, Calif., for development of the Topaz Solar Farm, a deal for which Farella handled the environmental, real estate and corporate aspects.
Farella Braun + Martel represents clients throughout the United States and abroad in sophisticated business transactions and high-stakes commercial, civil and criminal litigation. Founded in 1962, the firm is headquartered in San Francisco and maintains an office in the Napa Valley focused on the wine industry. Farella Braun + Martel lawyers are known for their imaginative legal solutions, dynamism and intellectual creativity. With an unwavering service ethic and interdisciplinary team approach, the firm is committed to advancing clients' objectives in the most effective, coordinated and efficient manner. Farella Braun + Martel is a green business.
Melinda Hepp / Traci Stuart
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Farella Braun + Martel