US LAW FIRM REPRESENTS INDIA CLEANTECH COMPANY IN LANDMARK SOLAR ENERGY DEAL
Brown Rudnick, an international law firm, has represented the ACME Group, a provider of energy, environmental, and telecommunications infrastructure solutions in India, in the company’s solar energy deal with eSolar.
Under the agreement, eSolar signed an exclusive license agreement with ACME to build up to 1,000 MW of solar thermal power plants in India over the next ten years. The deal specifies that ACME will use eSolar’s modular, scalable solar power technology for the project, and that ACME is open to work with other companies looking to build solar plants using eSolar’s technology.
Additionally, ACME will make a multi-million dollar equity investment in eSolar. Led by Brown Rudnick’s India Practice Leader, Rahoul Roy, the Firm represented ACME throughout the cross-border transaction, advising both on the equity investment and licensing agreement.
This is the second international cleantech deal for which Brown Rudnick has represented ACME. In October 2008, the Firm advised ACME in connection with a high-volume fuel cell supply agreement with IdaTech plc (“IdaTech”) and Ballard Power Solutions, Inc (“Ballard”). The three-party contract and joint venture resulted in the world’s largest PEM fuel cell supply agreement and will deliver “green” telecom backup power applications in India, Middle East, and parts of Africa.
Atul Sabharwal, Chief Operating Officer of the ACME Group, commented: “Our partnership with eSolar advances the goal of both companies to deliver solar power that is cost-competitive with fossil fuel-based energy. Brown Rudnick was instrumental in developing the deal structure and guiding the transaction to a successful closing. The Firm was able to draw upon the knowledge and skills from its Cleantech, Energy and India practices, which were needed to complete this landmark solar transaction.”