Tuesday, December 11, 2018

8minuteenergy In $200M Solar Power Joint Venture With J.P. Morgan, Upper Bay

Los Angeles-based 8minuteenergy Renewables, a private solar and energy storage developer, said it has entered into a joint venture with J.P. Morgan Asset Management and an affiliate of Upper Bay Infrastructure Partners, which will provide over $200M in capital for 8minutenergy's pipeline of products. According to the firms, the joint venture will support 8minuteenergy's 10.7 gigawatt pipeline of projects. 8minuteenergy builds utility-scale solar projects. As part of the financing deal, Alex O'Cinneide of Gore Street Capital will join 8minuteenergy's advisory board. 8minuteenergy is led by Dr. Tom Buttgenbach, who the company said has a Ph.D. in physics and astronomy from the California Institute of Technology (Caltech). Scotia Bank and Bank of America Merrill Lynch were the lead financial advisors on the joint venture. Pillsbury Winthrop Shaw Pittman; Winston & Strawn LLP; Orrick, Herrington, and Sutcliffe acted as legal counsel to Buttgenbach and 8minutenergy with Proskauer Rose LLP advising J.P. Morgan on legal matters, and and Bracewell LLP advising Upper Bay.