Atlantic Tele-Network Acquires DG Solar Power Company for $103M

Client Atlantic Tele-Network, a Massachusetts-based telecommunications company, recently announced it has acquired substantially all of the assets of Green Lake Capital, LLC and certain of its affiliates (collectively, “Green Lake”), an owner and operator of commercial distributed generation solar power systems. Stoel Rives helped advise ATN on the deal.

San Francisco-based Green Lake operates 28 commercial solar projects at 59 sites throughout Massachusetts, California and New Jersey. The projects have an aggregate 45.7 megawatts of electricity generating capacity. The transaction value includes about $64 million of cash and the assumption of $39 million of debt. ATN acquired the solar power company through Ahana Renewables LLC, a newly formed subsidiary.

Brian Nese led the Stoel Rives deal team, with substantial assistance from Roger Rosendahl, Greg Jenner, John Laney, Claire Mitchell, Erin Eliasen, Neva De Palma and Ben Spiess. In addition, Stoel Rives assisted ATN with restructuring of existing debt related to the assets and obtaining consents from lenders and tax equity investors.