Overview
International law firm McDermott Will & Emery represented Apex Clean Energy (Apex), a leader in renewable energy, in partnership with First Citizens Bank Energy Finance, on two financings totaling more than $150 million for battery energy storage projects in Texas. These are two of the largest energy storage financings under the Inflation Reduction Act (IRA) and leverage the IRA’s tax credit transferability. The facilities are:
- Great Kiskadee Storage: 100 MW/200 MWh battery energy storage system under construction in Hidalgo County, Texas.
- Angelo Storage: 100 MW/200 MWh battery energy storage system under construction in Green County, Texas.
“We are pleased to have advised on this sophisticated financing for Apex, which will optimize its capital structure and further position Apex for continued growth,” said Energy and Project Finance partner Carl Fleming. “This innovative financing leverages the tax credit transferability mechanism under the IRA and optimizes the value of the projects for Apex, one of our most valued and longstanding clients.”
“Great Kiskadee and Angelo showcase the transformative impact of the IRA on accelerating energy storage deployment,” said Kurt Friesen, Apex General Counsel. “McDermott’s expertise and approach in navigating these complex transactions has been crucial in optimizing and advancing our projects under this new regulatory landscape.”
The McDermott energy and project finance team was led by partners Carl Fleming, Philip Tingle, Heather Cooper, Jim Salerno and Seth Doughty with support from associates Andrew Kim, Garrett Brann and Olivia Johnson.
Working closely with Apex’s leading finance team, McDermott’s Energy and Project Finance team brought extensive IRA, tax credit and tax equity finance experience to the transaction. McDermott was the first law firm to close a post-IRA tax credit transfer in January 2023 and has since closed over 55 post-IRA tax credit transfer driven transactions.
Read Apex’s announcement here.
About McDermott
McDermott Will & Emery partners with leaders around the world to fuel missions, knock down barriers and shape markets. Our team works seamlessly across practices and industries to deliver highly effective solutions that propel success. More than 1,400 lawyers strong, we bring our personal passion and legal prowess to bear in every matter for our clients and the people they serve.
