Milbank LLP advised Onyx Renewable Partners L.P. and funds affiliated with Blackstone (“Blackstone”) in connection with the sale by Onyx of multiple portfolios of solar and energy storage projects across the United States and the sale by Blackstone of 50% of their equity interests in Onyx to entities controlled by UK-listed SDCL Energy Efficiency Income Trust plc, or SEEIT. The acquired projects are either operational or expected to come on-line in 2021 or 2022. Blackstone is retaining their remaining 50% stake in Onyx, which is developing additional solar and storage projects in which SEEIT will have a priority purchase right. The sale was signed in December 2020 and closed today.
Milbank Global Project, Energy and Infrastructure Finance partner Allan Marks commented, “This transaction shows the strength of the US solar power sector and the attractiveness of both operating renewable assets and pipelines of solar and energy storage projects under development. The joint venture between Blackstone and SEEIT also reflects confidence in the Onyx team and their platform for future project development. We are grateful to have supported Blackstone and Onyx in the sale and the formation of the new partnership with SEEIT.”
Established in 2014, Onyx is a leader in the development and finance of commercial and industrial and small-scale utility projects in North America. Onyx delivers solar systems to a wide range of clients in the commercial and industrial sectors, from public and private businesses to NGOs, nonprofits, municipalities, school districts, military housing providers, local utilities, and co-ops.
The Milbank team was co-led by Allan Marks and Global Corporate partner Francisco Nuñez, along with associates Avni Mehta, Robert Rosengarten, Matthew Freifeld, Kathryn Kincade and Natalie Chitayat. The Milbank team also included Tax partner Drew Batkin, Executive Compensation and Employee Benefits associate James Beebe, Global Risk & National Security partner Dara Panahy and associates Bijan Ganji and Sean Heiden, and Antitrust partner Fiona Schaeffer.
