Alexandra Lipsky Mertens

Alexandra Lipsky Mertens
Partner
Seattle, WA
P: 206.386.7629
Overview

About Alex

Alex Mertens is a partner in the Corporate practice group. Alex is experienced in energy finance matters and advises energy developers on issues concerning the acquisition, development, financing, and sale of energy projects, with a particular focus on negotiating equity and debt financing agreements.

Before joining Stoel Rives, Alex was a senior associate at Fredrikson & Byron, P.A. in Minneapolis (2006‑2011), where she represented emerging and established clients on a variety of business transactions, including mergers and acquisitions, capital raising, governance and commercial contract negotiation.

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Experience

Experience

Finance and M&A Experience

  • Represented VivoPower USA in the acquisition, development and financing of the approximately 34 MW AC ground mounted solar photovoltaic generating facility located in Bladenboro, North Carolina.  The financing consists of secured construction debt, tax equity financing and a permanent cash equity co-sponsor investment.
  • Represented sPower in its construction and term back-leverage debt financing of a portfolio of solar PV projects (10 projects, totaling 343 MW) in California by a club of lenders, led by KeyBank National Association.
  • Represented sPower in its partnership-flip tax equity financing of a portfolio of 10 solar projects, totaling 343 MW.
  • Represented sPower in its construction and term back-leverage debt financing of a portfolio of solar projects (five projects, totaling 183 MW).
  • Represented sPower in its partnership-flip tax equity financing of a portfolio of two solar projects, totaling 83 MW.
  • Represented sPower in its partnership-flip tax equity investment in a portfolio of two solar projects, totaling 30 MW.
  • Represented sPower in its lease pass-through tax equity financing of a portfolio of six solar projects, totaling 70 MW.
  • Represented sPower in its construction and term back-leverage debt financing of a portfolio of solar PV projects (four projects, totaling 95 MW) in California by a club of lenders, led by KeyBank National Association.
  • Represented sPower in its partnership-flip tax equity financing of a portfolio of four solar projects, totaling 95 MW.
  • Represented sPower in a back-leverage debt financing of three portfolios of solar PV projects (25 projects, totaling 144 MW) in California and New York by a club of lenders, including KeyBank National Association, OneWest Bank, and Zions Bank.
  • Represented sPower in a partnership-flip tax equity financing of a portfolio of 10 solar PV projects in California, totaling 84 MW.
  • Represented sPower in its inverted lease tax equity financing of a portfolio of four solar PV projects in California, totaling 26 MW.
  • Represented sPower in its inverted lease tax equity financing for a portfolio of 10 solar PV projects in California, totaling 34 MW.
  • Represented Kina’ole Capital Partners, LLC in a $13 million partnership-flip tax equity financing with a subsidiary of Patagonia, Inc. and a $10 million debt financing of a residential solar fund comprising over 1,000 systems in Hawaii.
  • Represented sPower in its acquisition of a portfolio of solar projects in North Carolina, with an aggregate nameplate capacity of 63.1 MW, from FLS Energy, Inc.
  • Represented Capital Dynamics in its partnership-flip tax equity financing of the first phase of the 300 MW Green Pastures wind project in Texas.
  • Represented Capital Dynamics in the tax equity financing of an 11.5 MW portfolio of solar projects in Massachusetts and California.
  • Represented AltaGas Power Holdings (US) Inc. in the acquisition of Caithness Blythe II, LLC, including development assets relating to its proposed 569 MW combined cycle power plant.
  • Represented a private investment firm in its investment in two solar developers with a combined portfolio totaling approximately 400 MW.
  • Represented AltaGas Idemitsu Joint Venture Limited Partnership in acquiring a majority interest in Petrogas Energy Corp.
  • Represented Capital Dynamics in a tax equity financing with an institutional investor for an approximately 33 MW portfolio of solar projects in Massachusetts and California.
  • Represented a subsidiary of AltaGas Ltd. in its acquisition of the Blythe Energy Facility, a 507 MW natural gas-fired combined cycle plant and related 230 kV 67-mile electric transmission line in Southern California, valued at $515 million.
  • Represented ImMODO International Corporation (a subsidiary of ImMODO Solar, S.A.) in the drafting and negotiation of purchase and sale agreements with an institutional investor for a portfolio of 15 solar photovoltaic projects in Tulare County, California.
  • Represented Hudson Energy Solar Corp. (a subsidiary of Just Energy Group Inc.) in a $12 million construction and $6.5 million permanent debt financing with Seminole Financial Services, LLC, and a $7 million tax equity financing with an institutional investor, for a portfolio of solar projects in New Jersey.
  • Represented Capital Dynamics in the acquisition and tax equity financing of a 12.8 MW solar project on Long Island.
  • Represented Enel Green North America in negotiating a $375 million cash equity partnership agreement with GE Financial Services for a 235 MW wind project in Oklahoma.
  • Represented an organic waste-to-energy company in multiple acquisitions of green waste composting facilities and development assets in California.
  • Represented AltaGas in the acquisition of Decker Energy International, an independent power company, which owns a 50 percent interest in a 48 MW biomass power facility in North Carolina and a 30 percent working interest in a 37 MW biomass power facility in Michigan.
  • Represented a U.S.-based wind energy components manufacturer in multiple private equity sponsored add-on acquisitions and capital raising efforts ranging from approximately $12 million to $140 million.
  • Represented a national distributor of fuel products and services in an approximately $100 million acquisition by a global leader in fuel logistics, products and services.
  • Represented a U.S. developer in a partnership-flip transaction structured to monetize production tax credits, financed by strategic tax equity investor, valued at approximately $100 million.
  • Represented a U.S. developer in a partnership-flip transaction utilizing the Section 1603 Cash Grant valued at approximately $80 million. 
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Honors

Honors & Activities

Professional Honors & Activities

  • Listed among Rising Stars (Business & Corporate), Seattle Super Lawyers®, 2015-2016
  • Member, American Bar Association
  • Member, Washington State Bar Association
  • Member, The District of Columbia Bar
  • Member, Minnesota State Bar Association
  • Member, Women in Wind Energy

Civic Activities

  • Partner (2012-present), Vice-Chair, Environmental Collective Action Team (2014), Social Venture Partners
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Insights & Presentations

Insights & Presentations

  • Moderator, Infocast Solar Power Finance & Investment Summit, Mar. 2016
  • “CFIUS Intervenes in Chinese-Owned Wind Project” (coauthor), Stoel Rives Energy Law Alert, Sept. 24, 2012
  • “Utilizing State and Federal Incentives to Finance Your Wind Project,” Fredrikson & Byron’s Midwest Wind Development Conference, 2010
  • “President Signs 2010 Tax Relief Act Extending 1603 Cash Grant” (coauthor), FredALERT: Renewable Energy, 2010
  • “Notice 2009‑52: Election of ITC in Lieu of PTC” (coauthor), FredALERT: Energy, 2009
  • “American Recovery and Reinvestment Act of 2009 – Wind Energy Provisions” (coauthor), FredALERT: Renewable Energy, 2009 



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