White & Case has advised China Development Bank (CDB) on its  pledge of up to $750 million to fund solar power projects from start to finish in New Jersey, USA.

The initial deals include $15 million in EPC (Energy Performance Contracting) financing and $15 million in term financing for KDC Solar, a New Jersey-based operator of the solar plants. LDK Solar, the Jiangxi-based maker of the photovoltaic solar panels used in the project, is incorporated in the Cayman Islands, and its subsidiary in the U.S., SPI Solar, is listed on the New York Stock Exchange.

"This deal was interesting in that it involved CDB lending to a U.S.-based borrower,” said White & Case partner, John Shum, who led the deal from Hong Kong. “This in itself raised significant tax and regulatory issues, and we were able to draw upon our U.S.-colleagues' deep expertise and knowledge in these areas to resolve all areas of potential concern."

New Jersey-headquartered firm Wilentz, Goldman & Spitzer acted as CDB’s New Jersey counsel, while Walkers assisted the Chinese bank on offshore matters. ALB

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