Renewables, Alternative Energy and Sustainability

Cravath represented First Solar, Inc. in connection with its $1 billion senior secured revolving credit facility. First Solar, Inc. is a leading American solar technology company and global provider of comprehensive PV solar energy solutions. The transaction closed on June 30, 2023.

On June 12, 2023, Brookfield Renewable, one of the world’s largest publicly traded, pure‑play renewable power platforms, together with its institutional partners, announced that it has agreed to acquire Duke Energy Renewables, a fully integrated developer and operator of renewable power assets in the U.S., at an enterprise value of approximately $2.8 billion, including non‑controlling tax equity interests and the assumption of debt. Cravath is representing Brookfield Renewable in connection with the transaction.

On June 6, 2023, the Delaware Supreme Court affirmed the Delaware Court of Chancery’s judgment in favor of Cravath client Elon Musk on all counts in a stockholder derivative suit related to Tesla, Inc.’s (“Tesla”) 2016 acquisition of SolarCity Corp. (“SolarCity”).

Cravath represented the initial purchasers in connection with the $2.5 billion 144A/Reg. S notes and sustainability notes offering of Mars, Incorporated, one of the world’s largest privately held, family‑owned businesses with a history of successfully building and growing market‑leading consumer brands for over 100 years. The transaction closed on April 20, 2023.

Cravath represented the underwriters in connection with the $2 billion registered green notes offering of the State of Israel. The notes were listed on the Bourse de Luxembourg. The transaction closed on January 17, 2023.

On July 31, 2023, Cravath published the latest edition of its Cravath Emerging Company and Venture Capital Insights newsletter, entitled “2023 Mid‑Year Market Update,” which provides an overview of global venture capital activity during the first half of 2023. The newsletter examines key sectors for VC investment during the period and current exit trends, including limited IPOs with M&A still providing stronger exit opportunities. This edition also offers insights on the Securities and Exchange Commission’s continued focus on regulation of digital assets and how recent bank failures in the U.S. could potentially impact venture debt availability.

The 2023 edition of The Legal 500 United States ranked Cravath in the top tier nationally in 16 areas: Antitrust - Civil Litigation/Class Actions: Defense; Capital Markets: Debt Offerings (Advice to Issuers); Capital Markets: Debt Offerings (Advice to Underwriters); Capital Markets: Global Offerings (Advice to Issuers); Capital Markets: Global Offerings (Advice to Underwriters); Commercial Lending (Advice to Lenders); Employee Benefits, Executive Compensation and Retirement Plans: Transactional; Environment: Transactional; Financial Services Litigation; Fintech (Crypto); General Commercial Disputes; International Tax; M&A: Large Deals ($1bn+); M&A Litigation: Defense; Securities Litigation: Defense; and U.S. Taxes: Non‑contentious. In addition, 68 Cravath attorneys were individually recognized by The Legal 500 United States this year.

On May 21, 2023, Cravath partner Philip J. Boeckman was named to Financial News’ third annual “Fifty Most Influential Lawyers” list, which recognizes “the leading legal minds working in Europe on corporate deals.” The feature described Philip as having “a long and successful track record advising clients on initial public offerings, leveraged financings and other equity offerings.” The publication also highlighted his representation of HDFC Bank as U.S. counsel in its $40 billion merger with HDFC Limited, India’s largest‑ever M&A deal at the time of announcement, and of the European Investment Bank in its $4 billion registered notes offering of a Sustainability Awareness Bond.

On June 1, 2023, Cravath partner Michael L. Arnold participated in “Profit & Purpose ’23,” Westchester County Association’s 2023 Sustainable Business Conference, which was presented in partnership with the Elisabeth Haub School of Law at Pace University in White Plains, NY. Michael spoke on a panel entitled “Mandatory Climate Risk and ESG Disclosure,” which reviewed pending SEC rules that will require companies to provide an accounting of their greenhouse gas emissions, climate‑related risks and risk management and other climate‑related disclosures, as well as other recent developments in voluntary and European ESG disclosure standards and what companies should be doing to respond to these developments.

The 2023 edition of Chambers USA ranked Cravath in the top tier nationally in six areas: Antitrust; Capital Markets (Investment Grade Debt – Manager Counsel); Corporate/M&A (The Elite); Securities (Litigation); Securities (Regulation – Advisory); and Tax (Corporate & Finance). In New York, the Firm was ranked in the top tier in seven areas: Antitrust; Corporate/M&A (The Elite); Environment (Mainly Transactional); Litigation (General Commercial: The Elite); Litigation (Securities); Media & Entertainment (Corporate); and Tax. Forty‑three Cravath lawyers were ranked across 19 practice categories.