Morrison & Foerster advised MAP® Energy (MAP®), one of the longest-standing private energy investment firms in the U.S., on the sale of its renewable energy business MAP® RE/ES to Global Infrastructure Partners (GIP), a leading global, independent infrastructure investor.
Under the terms of the transaction, announced on December 29, 2020, GIP’s fourth flagship fund, GIP IV, will acquire 100% of the MAP® RE/ES investment platform, team, and renewable energy assets under management from MAP®. This transaction expands on GIP’s global renewables investment strategy. The assets include a portfolio of producing royalty interests across more than 16,000 MW of operating wind and solar projects in the United States, as well as a nationwide development pipeline managed through joint ventures with leading national and regional development partners. The MAP® RE/ES business will continue to be led by its existing investment team.
Founded in 1987, MAP® manages a $1.4 billion portfolio of U.S. natural gas royalty investments and since 2005 has been an innovative investor in renewable energy projects, including the invention of the renewable energy royalty structure that has now become an industry standard. MAP® RE/ES has directly funded the development of more than 16,000 MW of operating wind and solar generating capacity located across the U.S.
The MoFo deal team was led by Palo Alto corporate partners Suzanne Graeser and Paul ‘Chip’ Lion III, with support from Palo Alto of counsel Lee Shepard and associates Michael Williams, Andrew Lu, and Omed Sharifi.