The Firm represented affiliates of Holloway Group in connection with the project development, project financing and joint venture arrangements relating to the greenfield ‘Lost Hills’ automotive shredder residue (“ASR”) metals and plastics recycling facility located in Bakersfield, California. ASR is the is the waste product from shredding automobiles, appliances and other scrap metals. Upon completion, this project will have a nameplate processing capacity of 2,000 tons per day of waste material from a nearby landfill.
A direct lending arm of EIG Partners is providing project financing to fund the construction of the facility.
The proprietary technology deployed by this project is expected to yield copper, aluminum and stainless steel and, notably, polymers (including polypropylene, polystyrene, polyethylene, polycarbonate and acrylonitrile butadiene styrene).
The Simpson Thacher team was led by Javad Asghari with the assistance of Amy Beller, Sonia Lopez, Roy Jackson, Patrick Przybylski, Andrew Young and Alexandria Vasques (Energy and Infrastructure); Michael Isby (Environment); Jeanne Annarumma and Pasco Struhs (ERISA); Lori Lesser, Bobbie Burrows, Christian Bond and Courtney Welshimer (IP); Dennis Loiacono (Real Estate); and Adam Arikat and Michael Mann (Tax).