European bank consortium resolves litigation with project sponsor in connection with Spanish solar power plant financing
Clients Termosolares Plant Lenders
Jones Day successfully represented a consortium of thirteen European banks in litigation concerning the construction of two thermosolar power plants in Spain in a billion dollar dispute with the project's sponsor concerning the project financing. In March 2013, the project sponsor, NextEra Energy Capital Holdings, Inc. brought an action against the banks in the United States District Court for the Southern District of New York, seeking a declaratory judgment that as a result of changes to the Spanish laws governing the incentives payable to the solar power plants, NextEra's obligations under the project financing documents had been substantially reduced. In May 2013, with assistance from Jones Day, the banks filed an answer and counterclaim, seeking a declaratory judgment that NextEra's obligations had not been reduced and that NextEra remained fully liable to the banks under the financing agreements. In connection with the litigation, Jones Day guided the banks through the rules governing U.S. litigation and assisted them in conducting significant document discovery in Europe while complying with the relevant national European data privacy laws of the UK, France, Germany and Spain. NextEra and the banks dismissed the litigation in December 2013.
NextEra Energy Capital Holdings, Inc. v. Banco Bilbao Vizcaya Argentaria, S.A., No. 13-cv-1873 (S.D.N.Y.)