Simpson Thacher Represents KKR in Connection with its Investment in a Portfolio of Solar PV Projects in California
12.20.11
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The Firm is representing Kohlberg Kravis Roberts & Co. (KKR), together with its affiliates, in connection with its acquisition of four solar photovoltaic (“PV”) facilities serving the Sacramento Municipal Utility District (“SMUD”) in California from Recurrent Energy. The portfolio of projects is financed with a combination of debt and equity, which includes a significant equity investment from Google, in addition to equity from SunTap Energy RE LLC ("SunTap"), a new venture formed by KKR to invest in solar projects in the United States.
SunTap is KKR's third renewable energy investment in 2011 and its first renewable investment in the United States. Recurrent Energy is a leading solar project developer marketing clean power to utilities and large energy users.
The Simpson Thacher team working on this deal includes: Kenneth Wyman, Amy Beller and Sophia Karas (Energy/Infrastructure); Andrew Smith, Nick Ferrer, Amie Siebert, Jim Cross and Josephine Djekovic (M&A); Nancy Mehlman, Noah Beck and Chang Won Choi (Tax); Mardi Merjian (Real Estate); and Mike Isby (Environmental).