Foley Hoag LLP recently represented American Honda Motor Co., Inc. in its tax equity investment in a $65 million partnership with SolarCity Corporation, a leading clean energy provider. The transaction makes solar power more affordable and available to Honda and Acura customers and dealerships, providing a cleaner source of electricity at a lower cost than utility-supplied power.
The New York Times
described the partnership as one of the first substantial corporate investments in solar energy installations.
“We are delighted to assist our long-time client Honda on this important and innovative project,” said Foley Hoag Co-Managing Partner Bill Kolb. “Our work for Honda on this matter showcases how members of our Energy and Cleantech practice group can assist our clients to complete challenging and cutting-edge projects in the solar and other sustainable energy fields.”
Foley Hoag attorney Adam Wade, a member of the firm’s Business Department, said “This transaction is part of what we expect will be a continuing trend in which large corporations act as tax equity investors in renewable energy installations. Demand for tax equity capital has traditionally been served by large national banks, but companies are realizing they can play a meaningful role as an investor in this market, especially where their investments complement other strategic corporate goals.” Mr. Wade led the team representing Honda in the transaction together with Tax Department Partners Nicola Lemay and Earl Mellott, who provided the substantial tax expertise required in such investments. All three attorneys are part of the firm’s Energy and Cleantech practice group
, whose attorneys work for clients engaged in developing and financing a broad range of energy and clean technology innovations and projects.