Global law firm Ashurst has advised Wells Fargo and TD Securities, the bond underwriters, on the Washington DC Smart Street Lighting project.
This is the District of Columbia's first P3 project to reach commercial and financial close. The developer, Plenary Infrastructure DC, will use the bond proceeds to finance the country's largest urban streetlight modernization project, including the upgrade of more than 75,000 streetlights to LED technology with remote monitoring and control capabilities. The project increases the District's sustainability efforts by reducing streetlight energy consumption by more than 50%, eliminating 38,000 tons of greenhouse emissions each year.
The Ashurst team was made up of members of the US projects practice group and led by partners Matthew Tague and Andrew Smith, with support from associates Maria Linnen and Vanessa Guillermety, law clerk Dominick Tarantino, and paralegal Richard Lackey.
Matthew Tague commented, "We would like to congratulate the District of Columbia on achieving financial close on this transformational project. We commend the District, Plenary Infrastructure DC, Wells Fargo and TD Securities for their vision and collaboration in delivering the country's largest urban streetlight modernization project, which demonstrates the District's firm commitment to sustainability." Andrew Smith added, "It has been an absolute privilege to work closely with these parties with respect to this 'first of its kind' P3 project and we look forward to its successful delivery."
