$14 Million credit agreement

Acted as counsel to bank in the closing of a $14 million credit agreement for the financing of seven solar photovoltaic energy projects involving the P.R. Aqueduct and Sewer Authority, this being only the second such transaction locally financed for a renewable energy project. Ferraiuoli also was involved in the first transaction with Banco Santander Puerto Rico., both falling under Puerto Rico’s Renewable Energy Act of 2010 and involving grants for specified energy property in lieu of tax credits under Section 1603 of Division B of the American Recovery and Reinvestment Act.