originally published December 20, 2023
Holland & Hart advised Copia Power (Copia), a Carlyle portfolio company, in a $1.2 billion construction-to-term loan financing to fund the construction of its Harquahala Sun 1 and Harquahala Sun 2 solar plus storage projects, located in Maricopa County, Arizona, outside of Phoenix.
The firm served as real estate counsel on the financing, one of the first structured with a non-recourse tax credit transfer bridge and term loan takeout, leveraging the flexibility provided by the IRA’s tax credit transfer provisions.
The first two phases of Copia’s Harquahala Sun complex are expected to be completed in early 2025 and produce 450 MW of solar generation annually and include a 300 MW/1200 MWh battery energy storage system. Both phases are expected to be constructed over the next three years.
In July 2024, Copia announced the closing of a $135 million tax equity commitment with Santander for the Harquahala Sun 1 project, a 150 MW solar facility. This is the first phase of the 2 GW Harquahala Sun complex. Santander, a global leader in renewable energy financing and advisory services, acted as sole tax equity investor on this transaction.
Additionally, in November 2024, Copia announced the closing of a $519 million tax equity commitment with J.P. Morgan for the Harquahala Sun 2 project, a 300 MW solar facility and 300 MW/1200 MWh BESS facility located in Maricopa County, Arizona. This is the second phase of the multi–GW Harquahala Sun industrial complex. JP Morgan acted as sole tax equity investor on this transaction.
The Holland & Hart real estate team was led by renewable energy attorneys Adrienne Bell, Addison Fairchild, and Eben Clark, with assistance from paralegal Dickie Chazotsang.
For more information, please see Copia’s December 2023 press release.
Our Renewable Energy and Storage team has been at the vanguard of the renewable energy industry for decades and serves clients in the ever-changing, complex clean energy market. The team brings specialized experience in renewable energy and storage project finance and development to this dynamic market. We help clients capitalize on existing solar, wind, hydro, geothermal, and other renewable energy technologies in addition to battery storage technologies—as well as innovative new energy opportunities—as part of the global transition to a clean energy economy.