Washington, DC. Nixon Peabody advised Prism Power Partners in its sale of Electric City Solar, a 19-megawatt, construction-ready solar project in Michigan with a 25-year municipal offtake agreement, to Greenbacker Renewable Energy Corporation.
The deal included a power purchase agreement as well as a land purchase. The city of Sturgis, MI, will serve as the power offtaker for Electric City.
“This deal will benefit Prism’s long-term objectives and support the local Michigan community through low-cost renewable energy as well as tax benefits,” said Kenneth Weiner, a Project Finance and Public Finance attorney with Nixon Peabody. “We’re thrilled to have worked with Prism on this project, which aligns with Michigan’s broader trend toward adopting solar energy.”
Prism Power Partners is a renewable energy developer with a focus on solar and storage in emerging U.S. markets. The company’s partners have developed several hundred solar projects and more than 100 megawatts of grid-scale energy storage.