Press Release

Ballard Spahr Advises on $500 Million Municipal Green Bond Financing for Hanwha Q CELLS

February 28, 2024

Led by attorneys Stephanie S. Kim and Randall J. Towers, Ballard Spahr LLP served as bond counsel on the recent issuance of $500 million of taxable variable rate demand bonds by the National Finance Authority for Hanwha Q CELLS USA, Inc., a U.S. subsidiary of South Korea’s Hanwha Solutions Corporation and a leader in the solar industry.

The bond proceeds will be used by Hanwha Q CELLS to finance investments at its solar panel manufacturing facilities in the State of Georgia. The bonds have a green bond designation and are supported by a letter of credit issued by Kookmin Bank, New York Branch. BofA Securities, Inc., acted as sole manager and underwriter for the bonds.

Ms. Kim and Mr. Towers also have served as co-bond counsel on a $300 million tax-exempt variable rate demand bond issuance by the Bartow-Cartersville Joint Development Authority of the State of Georgia for Hanwha Q CELLS USA, Inc., and have advised on numerous other municipal bond financings for U.S. subsidiaries of South Korean companies.

Ballard Spahr’s Public Finance Group is one of the premier public finance practices in the country. Its attorneys, including Ms. Kim and Mr. Towers, have participated in the issuance of more than $1 trillion of tax-exempt obligations in all states, the District of Columbia, and American territories. Since 1958, the Public Finance Group has been listed continuously as a nationally recognized bond counsel firm in The Bond Buyer's Municipal Marketplace, often known as the Red Book. Thomson Reuters continuously ranks Ballard Spahr among the top firms in the country each year as bond counsel and underwriter's counsel by dollar volume.

For media inquiries, please contact Will Ashenmacher at 612.371.5792.

Subscribe to Ballard Spahr Mailing Lists

Get the latest significant legal alerts, news, webinars, and insights that affect your industry.