Morrison Foerster represented First Solar in the sale of its 293 MW DC utility-scale solar project development platform in Japan, and its solar operations and maintenance (O&M) platform in Japan with approximately 665 MW DC under management, to PAG. The transaction involves the sale of the majority of First Solar’s business in Japan, although First Solar is retaining its module sales business.
The acquisition agreements were signed on May 12, 2022. The sale of the project development platform – involving a Japan corporate split and sales of interests in a newly formed company and existing companies – closed on June 30, 2022. The sale of the O&M platform – involving a Japan corporate split and sale of interests in a newly formed company – is expected to close in the second half of 2022.
The MoFo team advising First Solar was led by Tokyo project finance partner Dale Caldwell, Tokyo corporate partner Hisateru Goda, and Tokyo corporate associate Ganesh Vaheisvaran, with support from a wider team including Tokyo regulatory of counsel Fumihiko Hori, Tokyo employment of counsel Wataru Shimizu, Tokyo associates Tsuyoshi Morisawa and Masumi Oyabu, Hong Kong tax partner Matthew Lau, Tokyo project finance partner Yuhki Asano, Singapore project finance of counsel Per Lindberg, and Tokyo corporate associate TJ Park.