International law firm McDermott Will & Schulte represented Green Lantern Development, LLC (Green Lantern) in the sale of its membership interests as well as the sale of the associated membership interests in various entities related to 64 solar and battery storage projects from Green Lantern, totaling 208.9 MWdc, at various stages of development and operations to Dispatch Energy LLC.

This represents one of the first sales of a solar development company and project pipeline following the One Big Beautiful Bill Act (OBBBA), signed into law earlier this year.

“This transaction represents the culmination of years of hard work by an exceptional team who transformed underutilized land into productive clean energy assets serving municipalities, schools, and businesses,” said Scott Buckley, President of Green Lantern Solar. “Dispatch Energy shares our commitment to community impact and responsible development, making them the perfect partner to carry this portfolio forward and continue delivering clean, affordable energy where it’s needed most.”

“We are proud to work hand-in-hand with our friends at Green Lantern on this milestone transaction for them, which marks one of the first solar portfolio sales enabled by OBBBA,” said Carl Fleming, global co-head of McDermott’s Energy & Project Finance Practice. “Combining our energy, tax, and policy experience, McDermott’s team is at the forefront of transactions and investments requiring the monetization and optimization of energy tax credits, understanding of the complex legislative landscape, and complete immersion in the energy markets.”

The McDermott team was led by Carl Fleming, Debbie Harrison, Phil Tingle, Ben Cheatham and Marina Leary, and included Heidi Steele, Andrew Kim, Thomas McGee, James Parry, and Bradford LaBonte.

The team, along with Javelin Capital, led Green Lantern through the sales process and negotiation of the sales agreement. This complex transaction included the sale of Green Lantern’s operating assets, development pipeline, EPC division, O&M division, and land to Dispatch.

Each required extensive input from McDermott’s corporate and tax teams to both (i) optimize the value of Green Lantern’s existing project pipeline under the new post-OBBBA beginning of construction requirements and (ii) create mechanisms under the sales agreement to monetize that pipeline under the new rules.

McDermott’s Energy & Project Finance team has brought extensive IRA and OBBBA, tax credit, and tax equity finance experience to the transaction. McDermott was the first law firm to close a post-IRA tax credit transfer in January 2023 and has since closed more than 300 post-IRA and OBBBA tax credit transfer driven transactions.

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