Hunton & Williams LLP Advises Cannon Power Group in Connection With Wind Project

Time 2 Minute Read
October 15, 2009

New York — October 15, 2009 — Hunton & Williams LLP has advised Cannon Power Group on the expansion of its Windy Point/Windy Flats wind projects, one of the largest wind projects in the United States. Cannon, a renewable energy pioneer, closed the $178 million financing deal with Siemens Financial Services, Inc., allowing recapitalization of a portion of an existing credit facility and further expansion of the second phase of the project. This second phase, which will now total 262 megawatts, is scheduled for completion by the end of 2009, and includes the purchase by Southern California Public Power Authority (SCPPA) of more than half the power generated by Windy Point/Windy Flats.

"The consummation of the deal with the SCPPA underscores the importance of having legal advisors with a uniquely broad range of experience in several practice areas that are required by today’s complex renewable energy transactions," said Michael Toke, General Counsel of Cannon Power. "Firms such as Hunton & Williams also bring an additional 'value added' to our transactions, derived from their being on the front edge of the latest federal and state legislative and regulatory developments that are currently shaping the commercial landscape in the renewable energy sector, which are so critical for the success of these projects."

Windy Flats is one of the most significant pre-pay power purchase agreement transactions concluded this year, and the current expansion brings the combined megawatts of the Windy Point/Windy Flats projects to 400 megawatts and total investment in excess of $1 billion. Cannon was represented in the transaction by Hunton & Williams lawyers Thomas B. Trimble, David S. Lowman Jr., Jeremy R. Schwer, Timothy L. Jacobs, and John D. Bryant.

The Hunton & Williams renewable energy team consists of dedicated, internationally qualified lawyers with experience in such key areas as project finance, international banking, energy and natural resources regulation. The practice group has acted on several wind farm projects in the United States, United Kingdom, Sweden and Greece.

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