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Goodmans Deals & Cases

This section contains brief summaries of selected significant cases and transactions.  You'll also find representative lists  - by year - of major transactions and cases where Goodmans' involvement is a matter of public record or where inclusion in the list has been authorized by our clients.

Convergent Energy and Power Finances 12 MW Portfolio of Energy Storage Assets with CJF Capital and SUSI Energy Storage Fund I

2016

Areas Banking and Finance Law, Corporate Finance and Securities, Energy Law, Tax, Technology

Summary

Goodmans represented the facility lead, CJF Capital Partners, who along with SUSI Energy Storage Fund 1, completed the project financing of Convergent Energy and Power's portfolio of energy storage projects in Ontario, Canada. The projects were awarded as part of the Ontario Independent Electricity System Operator's (IESO) solicitation to demonstrate energy storage's potential in the power grid. Convergent's financed project portfolio included a 5 MW flywheel and a 7 MW lithium-ion battery, both under contract with the IESO to provide fast-response grid support services for frequency regulation and voltage support.

This transaction demonstrates significant milestones for the broader industry. The facility reflects a non-recourse, third-party project financing structure for energy storage assets in a sector dominated by on-balance-sheet financing. In addition, the financing structure incorporates construction financing elements to bridge a short development period before commercial operations. The transaction also represents the entry of CJF Capital into the energy storage and renewable energy sector, as well as an expansion of SUSI Partners' geographic scope into North America and energy storage.

The financing of these projects in Ontario is an important step in the development of the sector and a major milestone for Convergent, which has now successfully organized third-party, non-recourse project financing for several individual storage projects throughout North America. Convergent has over 55 MW and 200 MWh of energy storage assets either operating, under construction, or under contract to be built, along with a solid track record of delivering on our commitments.

Based in New York, CJF Capital LLC was founded by Craig Farr to provide private capital to emerging growth sectors and other areas requiring tailored capital solutions.
Convergent Energy and Power is a technology-neutral energy storage asset development firm with experience across a wide range of projects, from commercial and industrial applications to grid-connected systems.

SUSI Partners AG is a socially and ecologically responsible and globally active Swiss investment advisor, supporting investors with investments in solar and wind parks, energy efficiency retrofits of existing infrastructure and investments in energy storage capacity.