Advanced Clean Energy Storage I, LLC, along with Mitsubishi Power Americas, Inc. and Magnum Development, LLC, were represented by global law firm Baker McKenzie in the US Department of Energy’s (DOE) $504.4 million loan commitment to construct the world’s largest industrial green hydrogen facility in central Utah.
The loan, which was closed on June 3, 2022, demonstrates the Biden Administration’s and the DOE’s commitment to helping the clean hydrogen industry. It also creates a viable market for hydrogen and makes it scalable in the western United States and the electrical grid, so laying the groundwork for the deployment of this carbon-free energy storage option.
James P. O’Brien, chair of Baker McKenzie’s Global Projects Practice, stated, “Supporting ACES Delta to reach financial close on the DOE loan is part of the rare opportunity to be involved in such a significant energy transition project in the United States and globally.” It is really thrilling to see ACES Delta translate its concept of hydrogen energy storage into the commencement of this project.
Christopher Jones, the leader of Baker McKenzie’s Hydrogen Group, stated, “With limited hydrogen projects occurring around the world, being a part of such a major project increases our legal insights and industrial skills, allowing our team to continue to flourish in this field. It highlights our ongoing global leadership in the domain of renewable energy technology over the previous two decades.”
Mark Tibberts, Matt Martin, and Heiko Burow comprised the Baker McKenzie team advising on the development, construction, and project financing, led by Mr. O’Brien and Stanislav Sirot, chair of the firm’s Global Renewables Group.
Baker McKenzie is a market leader in renewable energy and sustainable technology transactions. Our diverse global team assists energy producers, investors, and users in navigating the energy transition in a regulatory framework that is becoming increasingly complex, allowing them to adapt effectively. Baker McKenzie’s Global Projects Practice has more specialized lawyers in more locations across the world than any other law firm, and has considerable experience with projects and natural resources. With more than 75 offices in 45+ countries in the Americas, Europe, Middle East, Africa, and Asia, we have more than 200 projects attorneys in our clients’ most vital locations, including significant financial hubs and market-leading teams in emerging jurisdictions. We assist our clients from the beginning to the end of the life cycle of their most significant transactional and development matters, such as structuring, assessing, developing, financing, selling, and acquiring a variety of projects.