Firms To Watch: Project finance

Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C. has established a notable offering, with Ayaz Shaikh and of counsel Kristopher Kirkwood key names in the team, alongside Anne Levin-Nussbaum, who arrived from Norton Rose Fulbright US LLP in August 2021.

Project finance in United States

Allen & Overy LLP

Allen & Overy LLP has made significant strides in recent years, and now has diverse and highlight regarded projects team, capable of advising both lenders and sponsors on a wide array of energy and infrastructure projects. The March 2021 arrival of Akin Gump Strauss Hauer & Feld LLP‘s renewables team, which included among others Daniel Sinaiko in Los Angeles and John Marciano in Washington DC, has added significant expertise in tax equity financing in the solar and wind arenas, as well as increasing the firm’s profile in the growing battery storage space. On the infrastructure side, the group continues to be a go-to department for P3 projects; as a recent example, practice head Kent Rowey, who splits his time between LA and New York, leads a team that is advising the financial sponsors on the project to develop Terminal One at John F. Kennedy International Airport in New York. The firm’s involvement in cutting-edge projects is displayed further by DC partner Sam Kamyans' work leading a team which is advising on a first-of-its-kind integrated carbon capture project.

Practice head(s):

Kent Rowey

Other key lawyers:

Dorina Yessios; Sami Mir; Jean Lee; Jillian Ashley; Daniel Sinaiko; John Marciano; Sam Kamyans; Greg Lavigne; Jenn Wnek; Matt Nesburn

Testimonials

‘GREAT team!’

‘Strong client commitment to support and succeed Comprehensive services covering all areas of our project development and financing and our corporate legal support Introductions to potential investors and strategic partners Strong Tax Equity knowledge Strong project finance practice Available at all hours’

‘Good communication skills They focus on finding solutions on how we can best achieve our objectives, rather than advise that they are not viable’

‘The A&O team builds off of precedent of leading some of the most innovative transactions in market. Combined with their professionalism and deep commitment to building relationships, any prospective client would be hard-pressed to find a better firm or team to trust with their business.’

‘John Marciano, Dan Sinaiko, Greg Lavigne, Jenn Wnek and Matt Nesburn are each best in class & I always trust them to handle any matter in the most commercial and expeditious way possible.’

Key clients

Ørsted Onshore North America, LLC

The Carlyle Group

Clearway Energy Group

Crédit Agricole Corporate and Investment Bank (CA-CIB)

Banco Bilbao Vizcaya Argentaria (BBVA)

Natixis S.A. (Natixis)

Eksport Kredit Fonden (EKF)

Bancomext

ING Capital, LLC

RBC Community Investments, LLC

Macquarie Capital’s Green Infrastructure Group

Swell Energy Inc.

SunPower

CIM Group

Tokyo Gas America LTD

InfraRed Capital

Summit Carbon Solutions, LLC

BNP Paribas

Societe Generale

Sumitomo Mitsui Banking Corporation

Carlyle Infrastructure Partners

ENGIE North America

Mizuho Bank Ltd.

The Bank of Nova Scotia

Inter-American Investment Corporation (IDB Invest)

Work highlights

  • Advising a consortium representing the financial sponsors and airline sponsors in connection with the design, construction, finance, operation and maintenance of Terminal One at John F. Kennedy International Airport in New York.
  • Advised BNP Paribas, Societe Generale and Sumitomo Mitsui Banking Corporation as lenders on the financing Enel X AMPCI L1 SpA, in support of the acquisition and leasing of up to 433 electric buses and related charging infrastructure for the public transport system of Santiago, Chile.
  • Advised Ørsted on two tax credit safe harbor transactions with Southern Company (Haystack) and Steelhead (Helena).

Ashurst LLP

Focusing on infrastructure, Ashurst LLP is known across the market for its work advising public entities in PPP projects. The group, which is primarily based in New York, has been involved in many of the largest transport projects of recent years, though has also assisted with schemes to develop wireless broadband networks, flood prevention systems and offshore wind facilities. Betty Cerini is one of the key practitioners and has experience of advising on projects in Latin America as well as the US, while Matthew Rickards  brings international experience having previously worked in the firm’s London and Tokyo offices. In Los Angeles, Anna Hermelin, who co-leads the national team alongside Cerini, is leading a team that is advising LA Metro on a project to develop a light rail transit line that will connect downtown Los Angeles to southeast LA County.

Practice head(s):

Betty Cerini; Anna Hermelin

Other key lawyers:

Matthew Rickards; Andrew Smith

Key clients

Honolulu Authority for Rapid Transportation (HART)

City of Los Angeles

Fargo-Moorhead Metro Flood Diversion Authority

Georgia Department of Transportation

Maryland Department of Transportation

LA Metro

Port Authority of New York & New Jersey

New Jersey Economic Development Authority

LA Streetcar, Inc.

Work highlights

  • Advised the Fargo-Moorhead Metro Flood Diversion Authority on a flood risk management project.
  • Advised Georgia Department of Transportation on the SR 400 Express Lanes project.
  • Advised Georgia Department of Transportation on th I-75 Commercial Vehicle Lanes project.

Baker Botts L.L.P.

Baker Botts L.L.P. advises on the financing of projects from across the energy sector, including upstream and midstream oil and gas, LNG and renewable energy. The team underwent significant development in recent months, with the January 2022 addition of Dino Barajas from DLA Piper LLP (US) following the November 2021 arrival of former King & Spalding LLP partner Frank Schoen, joining the Los Angeles and New York offices respectively. Jeff Kayes in San Francisco continues to lead the team and takes a ‘smart and practical’ approach to assisting both lenders and sponsors with financing manufacturing facilities and renewable energy projects.

Practice head(s):

Jeff Kayes

Other key lawyers:

Adam Griffin; Martin Toulouse; John Papaspanos; Frank Schoen; Dino Barajas

Testimonials

‘Jeff Kayes and his team are efficient and responsive.’

‘Jeff Kayes- Jeff is smart and practical. Excellent at identifying issues and solutions.’

‘The team has worked with me on a number of complex, bespoke and oftentimes unprecedented transactions in a variety of sectors. They have innovated and provided the legal substance to protect us in potential downside scenarios as our primary goal being preservation of capital.’

‘Adam Griffin (partner) has become more of a counsel than my lawyer. I trust his opinion on both legal and commercial matters. John Papaspanos (sr associate) has become my close #2 in terms of making sure i get his opinion.’

Key clients

Sunnova Energy International Inc

Hannon Armstrong Sustainable Infrastructure Capital, Inc.

NRG Energy, Inc.

Sunnova Energy International Inc

Hannon Armstrong Sustainable Infrastructure Capital, Inc.

NRG Energy, Inc.

Work highlights

  • Represented Sunnova Energy in a back-leverage warehouse facility to finance portfolios of residential solar assets that are held in tax equity funds.
  • Representing Hannon Armstrong in a $140m mezzanine loan to Vivint Solar.
  • Advised NRG Energy, Inc. on its bridge and long-term financing plans for the transaction, including a $5.5bn bridge loan commitment from a syndicate of leading financial institutions.

Baker McKenzie LLP

Baker McKenzie LLP advises on finance as part of a full service projects offering which also includes license applications, tax planning and ownership structuring. Power purchase agreements are a particular specialism, and the firm has assisted corporate clients from the technology, healthcare and consumer goods with obtaining the power necessary for their business operations. In New York, Clyde Rankin leads the North America practices team, while in Chicago José Antonio Morán and James O’Brien respectively head up the mining & minerals group and the global projects practice.

Practice head(s):

Clyde Rankin; José Morán; James O’Brien

Other key lawyers:

Stan Sirot

Key clients

Siemens Financial Services, Inc.

Mitsubishi Power Systems Americas, Inc.

Calpine Corporation

Japan Bank for International Cooperation

Work highlights

  • Advised Mitsubishi Power Systems Americas, Inc. on joint venture with Magnum Development to develop the Advanced Clean Energy Storage (ACES) project in central Utah.
  • Advised Calpine Corporation on a $30m engineering, procurement and construction contract for the construction of 3 natural gas-fired boilers at the Calpine Texas City Cogeneration facility.
  • Acted on behalf of a debt fund to close a $27m holdco financing facility in connection with 3 operating run-of-river river hydroelectric power projects.

Ballard Spahr LLP

Advising both sponsors and lenders, Ballard Spahr LLP maintains a multi-faceted project finance practice that is active across all major forms of energy, including solar, hydroelectric, onshore wind, landfill gas and agricultural biomass. Also active in the infrastructure space, the firm provides ‘excellent legal services during all stages of transportation public-private partnerships projects, from the development stage to the operating period.’ Philadelphia-based duo Patrick Gillard and Steve Park lead the department; the former combines his project finance expertise with knowledge of public utility law and wholesale energy regulation to assist with utilities finance issues, while the latter is considered by one client to be ‘the number one contributor to the success of P3 projects‘.

Practice head(s):

Patrick Gillard; Steve Park

Testimonials

‘Ballard Spahr provide excellent legal services during all stages of transportation public-private partnerships project, from development stage to operating period. Ballard Spahr brings a team that has an in-depth knowledge of the P3 industry, delivers work products based on exceptional analyses of the owner’s and concessionaire’s risks in these mega scale projects, provide solutions that protect owner’s risks, helps improve financial feasibility of the project. Ballard Spahr team is very efficient in their use of time. Exceeds expectations regarding collaboration with not only their client but also other stakeholders in the project.’

‘Steve Park is definitely the number one contributor to the success of Virginia P3 projects, including 495 Express Lanes, 95 Express Lanes, 395 Express Lanes, Fredericksburg Extension of the 95 Express Lanes, and numerous other transactions with our concessionaires. His team including John Wheatley, John Smolen, and other associates brings additional quality to Ballard Spahr’s capabilities listed above. Their legal knowledge and commercial knowledge of the transaction and the industry significantly elevate quality of deliverables and advices. Highly recommend Steve Park in particular, and his team in general for transportation P3 transactions.’

‘Ballard is a very strong team esp. in representing owners in the P3 space.’

‘Steve Park is a very strong member of the team – he has great relationship management skills, is a good advocate and negotiator and knowledgeable lawyer’

Key clients

BayWa r.e. USA, LLC

Morgan Stanley and JP Morgan

Amtrak

Controlled Thermal Resources, Inc. and its project subsidiaries (collectively, CTR)

Sacyr Plenary Utility Partners Idaho

Virginia Department of Transportation (VDOT)

Pennsylvania Department of Transportation (PennDOT)

Georgia Department of Transportation (GDOT)

Port Authority of Kansas City, Missouri (PortKC)

University of Florida

Howard University

Colorado School of Mines

City/Port of Nome, Alaska

Augustana University

Bracewell LLP

Bracewell LLP has a long-established presence in the Texas market, and as such possesses significant experience in the financing of traditional energy projects, including power generation facilities, upstream and midstream oil and gas, refineries and petrochemical facilities. Beyond traditional energy, the department handles substantial matters in the renewables space; as a recent example; New York's Martha Kammoun and Houston-based Alan Rafte advised Equinor on its offshore wind projects Empire Wind I and II and Beacon Wind. Houston partner Thomas Tomlinson  leads the national team and advises investors, sponsors and lenders across a range of areas. Hans Dyke departed in April 2021 to take up an in-house role.

Practice head(s):

Thomas Tomlinson

Other key lawyers:

Ryan Holcomb; Danielle Garbien; Martha Kammoun; Alan Rafte; Nicolai Sarad; Fernando Rodriguez

Testimonials

‘The team of Project Finance I work with at Bracewell has very broad experience in infrastructure and energy work. They have advised on a variety of matters in connection with our projects, including corporate, IP, financing, and labor. What makes them unique is the close monitoring of billed hours to make sure the client’s expectation is met.’

‘Nicolai Sarad and Fernando Rodrigues have a lot of experience in the infrastructure and energy projects. Not only they are very engaged through the process, but also they oversee the work of other team members to ensure that it is being provided efficiently. What really stand out about Nick and Fernando is that they really care about the product of the work. In other words, they are not looking to close the deal and move to the next project; rather, they make sure that the client is happy with the work and assist on numerous other tasks after the work is done.’

‘The team was knowledgeable, professional, and responsive. They were clearly experienced with the subject matter, and they worked effectively with our team throughout the entire process.’

‘The individuals we worked with were personable, and proactive. Nicolai Sarad and Fernando Rodriguez, in particular, were a pleasure to work with.’

Key clients

Equinor

Navigator CO2 Ventures LLC

Algonquin Power & Utilities Corp. (APUC) and certain affiliates

Phillips 66

Standard Solar Inc.

Kinder Morgan, Inc.

Sol Systems LLC

Targa Resources

Work highlights

  • Represented Equinor as US counsel in its $1.1bn agreement to sell to BP a 50 percent interest in the Empire Wind project and the Beacon Wind project off the US East Coast.
  • Representing a national logistics and operations company in the formation of a joint venture with a large independent petroleum refiner for the purposes of constructing, owning and operating a renewable diesel facility in Louisiana.
  • Representing Navigator CO2 Ventures LLC, a portfolio company of BlackRock Global Energy & Power Infrastructure Fund III, in developing an industrial scale carbon capture pipeline system (CCS).

Cleary Gottlieb Steen & Hamilton

Cleary Gottlieb Steen & Hamilton uses its ‘superb country and industry knowledge‘ to advise on projects globally, with a portfolio that includes air and sea ports, oil & gas facilities, renewable energy and transportation infrastructure. The US team is fully integrated with the partners in Latin America, and as such many of the group’s largest projects relate to the region.  As regards infrastructure, representing public authorities in P3 projects is a key strength; Richard Cooper and Chantal Kordula regularly handle issues relating to national electricity grid upgrades. Richard Lincer , now a senior counsel having retied as partner, is another name to note and advises on M&A with a project finance structure and offerings of economic development bonds. All named lawyers are New York based.

Other key lawyers:

Richard Lincer; Chantal Kordula; Adam Brenneman; Jeffrey Lewis; Richard Cooper

Testimonials

‘Cleary is at the top of, or over most, large US firms in their capabilities in project financing, in multiple industries. Their teams are well prepared, act quickly and keep themselves up to date. Also, they are very diligent in doing due diligence and drafting documents with quick turn around.’

‘Rich Lincer: Very competent attorney, with significant experience in financing in multiple industries.’

‘Cleary has a lot of employees available that have a deep understanding of bonds, loans and leases and more importantly, how all of these items work in relation to our existing debt and trust agreements.’

‘Rich Lincer is the partner that we work with. He is always available to use and during COVID, he gave us his home phone number because the cellular reception is not very good near his house. Everyone in my company, at all levels, has a huge amount of respect for Rich and the knowledge and care that he provides.’

‘Superb country and industry knowledge and client service’

‘Adam Brenneman and Chantal Kordula are stars’

Key clients

P3A – Transmission & Distribution (Stage 1)

P3A – Generation & Operation (Stage 2)

BlackRock

Empresas CPMC S.A.

Andean Telecom Partners (ATP)

Suzano S.A.

Republic of Chile

Vale S.A.

Coca-Cola FEMSA

Brazilian National Bank for Social and Economic Development (BNDES)

Grupo Idesa

Ad hoc group of bondholders of Stoneway Capital Corporation

Inversiones Alsacia S.A. (Alsacia)

Petroleum Company of Trinidad and Tobago Limited (Petrotrin)

Clifford Chance

A firm of international renown, the project finance team at Clifford Chance represents lenders, private sponsors and public bodies on the financing of projects both with the US and beyond. The firm has a position on the panel of U.S. International Development Finance Corporation (DFC), with which it works on a number of international projects; in 2021, Washington DC-based practice head Lori Bean represented the DFC in the financing of the modernization and maintenance of the public lighting system Rio de Janeiro. The group is also active at a domestic level and represents the US Department of Energy in relation to a number of energy projects. Beyond the partners, DC-based counsel Alberto Haito , a native Spanish speaker, is admitted to practice in New York and Peru, making him an ideal candidate to assist South American clients. Chris Willott  departed in September 2021.

Practice head(s):

Lori Bean

Other key lawyers:

Catherine McCarthy; Fabricio Longhin; Chris Willott; Alberto Haito; Jessica Springsteen; Julian Hurtado

Testimonials

‘The level of understanding of the concerns (including potential concerns) of the client and the quality of the work, including bringing solutions to deadlocks.’

‘The capability of listening and understanding the specialties of the client and also bringing recent market developments as solutions to specific scenarios in which no other would find a solution.’

I may highlight to Alberto Haito (Counsel) and Julian Hurtado (Associate) within Clifford Chance team as the best lawyers I have dealt with.’

Key clients

DFC

U.S. Ex-Im Bank

Build America Bureau of the U.S. Department of Transportation

U.S. Department of Energy

IDB Invest

IFC

KfW – the German Development Bank

EKF – Denmark’s Export Credit Agency

CAF – Development Bank of Latin America

Proparco – the French development bank

SACE, Simest

Hermes

Cofide

FDN

Paracel

Goldman Sachs

Citibank

SMBC

JP Morgan

UBS

Santander

Mizuho

Credit Suisse

Work highlights

  • Advised US International Finance Development Corporation (DFC) on a review of its entire portfolio.
  • Advised DFC in connection with the financing of the modernization and maintenance of the public lighting systemin the City of Rio de Janeiro.
  • Advised a group of banks on the dollar tranche and the interest and currency derivatives entered into for the financing for the construction of the Fourth Generation (4G) toll road Rio Magdalena 2 project in Colombia.

DLA Piper LLP (US)

DLA Piper LLP (US) focuses on the renewables space, primarily advising sponsors on the financing of biomass, solar and wind projects. Over the last decade, the firm has also developed expertise in battery storage projects, assisting with negotiation of long-term offtake agreements and tariff requirements in addition to project financing. New York partner Robert Gruendel leads the US practice. Former co-practice heads Gregory Smith and Dino Barajas left the firm in July 2021 and January 2022 respectively.

Practice head(s):

Robert Gruendel

Key clients

SG H2 Energy Global

Solis LLC and Parasol Renewable Energy LLC

Exelon

Softbank Energy

Invenergy

Greencoat Capital

FirstSolar Inc.

EDP Renewables

SER Capital

Cypress Creek

Plus Power

Work highlights

  • Representing SG H2 Energy Global in an offtake agreement for clean energy hydrogen plant in Southern California.
  • Advised Six One Commodities, a natural gas and power merchant, in closing a $540m revolving credit facility.
  • Advised Invenergy, a privately held global developer and operator of sustainable energy solutions, in the negotiation of the balance of system agreement for Phase 1 of the Samson Solar Energy Center.

Hogan Lovells US LLP

Hogan Lovells US LLP's project finance team is ‘always introducing innovative solutions to getting a deal closed and over the line‘. The department, which advises lenders and sponsors, assists with all stages of LNG projects, in addition to advising on infrastructure projects done to a P3 model. The firm’s prowess in international mandates can be seen in its recent work representing the lenders in the development and construction of an independent power plant in Afghanistan. Jorge Diaz-Silveira  leads the national practice from Miami, though the firm also has a presence in Baltimore, Denver, Houston, New York, and Washington DC.

Practice head(s):

Jorge Diaz-Silveira

Other key lawyers:

Brian Chappell; David Locasio; Darcy Bisset

Testimonials

‘Hogan Lovell’s are always introducing innovative solutions to getting a deal closed and over the line. We have successfully closed a number of transactions with them in the guiding seat supporting not only on the legal documentation but on key commercial elements to enable us to mitigate risk in tricky scenarios. Great collaboration and resources brought to every engagement.’

‘I have worked with David Locascio now on a number of deals and personally find him a great support and asset core to the deal team in obtaining finance and enabling the completion of deals. David is a trusted business partner who would be my first port of call in any deal scenario.’

Key clients

Applegreen PLC

Assured Guaranty Municipal Corp.

Acciona

esVolta

U.S. International Development Finance Corp.

Generadora San Andrés, S.A.

Generadora San Mateo, S.A.

Santos y Compañía SA de CV

International Finance Corp.

Harbert Infrastructure Fund VI

Work highlights

  • Represented a Design-Build Joint Venture in connection with the $2.75bn Fargo-Moorehead P3 Floodwater Diversion Project.
  • Advised Assured Guaranty as insurer and U.S. sponsor in a successful COP$760bn ($209m) social bond issuance by Patrimonio Autónomo Montes de María.
  • Represented Applegreen USA Welcome Centres LLC in connection with the $225m debt financing of its acquisition of the HMS Host 60 on-highway services plazas.

Hunton Andrews Kurth LLP

Hunton Andrews Kurth LLP's US group, which forms part of its global energy practice, works with banks, institutional lenders, development finance institutions and project developers on the financing of wind, solar, and geothermal projects, in addition to more traditional power facilities. Jeffrey Schroeder leads the team from Washington DC and represents a number of premier investment banks in asset, stock, and portfolio acquisition transactions. In New York, Michael Madden advises on offshore drilling platforms and oil refineries. John Shepherd, Jr.  arrived from the Federal Energy Regulatory Commission in March 2021 to add to the firm's regulatory expertise, practicing out of DC.

Practice head(s):

Jeffrey Schroeder

Other key lawyers:

Michael Madden; Michael Klaus; Gregory Lang; Eric Nedell; Laura Jones; Geoffrey Lorenz

King & Spalding LLP

King & Spalding LLP is appreciated by clients for its ‘great commercial judgement and billing flexibility‘, which it uses to advise renewable energy companies and project developers on battery storage, solar, wind and biofuel projects across the US. The firm’s proficiency in domestic projects can be seen by its recent work representing RE Crimson LLC on the syndicated debt financing for the construction of two battery energy storage system in California; Tristan Pelham Webb, who divides his time between New York and Denver and New York's Jonathan Melmed  led on the transaction. New  York-based Brandon Dalling, who leads the national group alongside Houston duo Scott Greer  and Stuart Zisman, who  ‘works with clients to solve difficult problems‘ in relation to the leveraged, project and acquisition financing of conventional power, LNG-to-power generation and alternative energy.

Practice head(s):

Stuart Zisman; Brandon Dalling; Scott Greer

Other key lawyers:

Jonathan Melmed; Stuart Zisman; Christopher Delphin; Frank Schoen; Tristan Pelham Webb

Testimonials

‘The team is deeply knowledgeable with great commercial judgement and billing flexibility to approach competitive auction processes.’

‘All of the individuals are great to work with, responsive, and with excellent deal management skills.’

‘King & Spalding LLP was engaged in an immensely difficult transaction with numerous difficult counterparties and yet managed the deal with excellence. The K&S team was reliably prepared and supportive in driving the process to completion.’

‘Brandon Dalling and Jonathan Melmed were reliable partners and excellent strategists throughout the process. I felt important as a customer and knew that the team was only a call away at all times, while immediately jumping in to resolve issues as soon as they surfaced.’

‘The KS team’s expertise was evident from the first conversation held with our commercial team, who shared their ideas for a novel product. Not only did the team understand the product and the appropriate documentation, but also explained the consequences to the potential financing of a project. KS was our one-stop shop, having all the internal resources to advise on the numerous regulatory and transactional issues the matter presented.’

‘Brandon Dalling (partner) and Chris Delphin (counsel) were excellent partners to us throughout the entire process, from term sheet review to final negotiated documents. Brandon’s experience and knowledge helped the group quickly understand the issues and potential obstacles. Both Brandon and Chris are commercial-minded, and also accessible at all hours of the day. They turned in a remarkably tight timeframe documents that were neat and error-free.’

‘Their team are truly experts and the most knowledgeable in their field’

‘Brandon Dalling is a fantastic partner who works with clients to solve difficult problems.’

Key clients

8minute Energy

Arevon Asset Management

Atlas Holdings

Axium Infrastructure

Brookfield Infrastructure Group

Capital Dynamics

D.E. Shaw Renewable Investments

Global Clean Energy, Inc.

InstarAGF Asset Management

Recurrent Energy

Starwood Energy Group

The Carlyle Group

UBS Infrastructure

Work highlights

  • Advised RE Crimson LLC, a subsidiary of Axium Infrastructure US Inc, on a syndicated debt financing for the construction and operation of two battery energy storage systems totalling 1.4 GWh in Riverside, California.
  • Advising 8minute Solar Energy on agreements related to the development of various solar powered electrical generating facilities and battery energy storage system facilities in Texas and California.
  • Advising a transmission joint venture on its private placement financing of the exercise of its option to acquire a majority interest in the transfer capability of the West of Devers transmission upgrade project in southern California.

Kirkland & Ellis LLP

Kirkland & Ellis LLP has rapidly developed its project finance practice in recent years, with a team capable of assisting lenders and sponsors with a range of complex issues, though is most active in the private equity arena, leveraging its reputation as a leading PE to represent infrastructure funds and PE sponsors looking to invest in developing projects. Rohit Chaudhry is practice head and advises many of the teams largest lender clients from the Washington DC office, which is also home to Roald Nashi . The New York group added to its ranks in February 2022 with the addition of Robert Eberhardt from Norton Rose Fulbright, following on from a number of other lateral hires into the office including: Sebastian Chan, who arrived from Cahill Gordon & Reindel LLP in February 2021; and Sebastian Chan, who joined from Skadden, Arps, Slate, Meagher & Flom LLP a month later.

Practice head(s):

Rohit Chaudhry

Other key lawyers:

Robert Eberhardt; Roald Nashi; Brian Greene; Kelann Brook Stirling; Sebastian Chan

Key clients

Apollo Global Management

Ares Management

Blackstone

Brookfield Asset Management

Credit Suisse

Cypress Creek Renewables

EIG

ECP

EQT

ING Capital

I Squared Capital

Investec

KKR

Macquarie

MUFG

Nomura Corporate Funding Americas, LLC

Ontario Teachers’ Pension Plan Board

Summit Midstream Partners

Third Coast Midstream

True Green Capital Management

Warburg Pincus

Work highlights

  • Represented KKR in a combination of two related transactions with NextEra Energy by which KKR will invest approximately $ 1.4bn in renewable energy assets.
  • Advised MIP V, a fund affiliated with Macquarie Infrastructure and Real Assets, on the financing for the acquisition of a large majority stake in California-based GreenWaste and partner company Zanker Recycling.
  • Advised a group of investors on a $2.6bn financing raised by Intersect Power, LLC for the construction and operation of a six-project renewables portfolio.

Latham & Watkins LLP

Few firms come close to offering the breadth and expertise provided by Latham & Watkins LLP, which is able to maintain top-class lender and sponsor practice across the full spectrum of energy and infrastructure projects in the US and internationally. The group is frequently consulted to advise on cutting-edge and precedent setting projects, as can be seen by its recent work advising the lenders on the Vineyard Wind project, the first commercial-scale offshore wind project in the US.  Matthew Henegar  led the team in the transaction, supported by recently promoted partner Kelly Cataldo. Jeffrey Greenberg  leads the national practice and splits his time between New York and Los Angeles, while Gianluca Bacchiocchi and Guido Liniado  are go-to lawyers for projects in Latin America. Other names to note include veterans Jonathan Rod, who focuses on advising major lending banks, and Jason Webber, a February 2022 arrival from White & Case LLP. All partners are based in New York unless otherwise stated.

Practice head(s):

Jeffrey Greenberg

Other key lawyers:

Jonathan Rod; Gianluca Bacchiocchi; Matthew Henegar; Veronica Relea; Warren Lilien; David Penna; Guido Liniado; Omar Nazif; Kelly Cataldo

Key clients

Barclays Bank PLC

CIT Bank, N.A.

HSBC Bank USA, National Association

Investec Bank plc

Jefferies Finance LLC

Mizuho Bank, Ltd.

Morgan Stanley Senior Funding, Inc.

MUFG Union Bank, N.A.

Natixis

Orion Energy Partners, LLC

Royal Bank of Canada

Arclight Capital LLC

Ares Swell PFF Holdings, LLC

Cheniere Energy Partners

Cordelio Power Inc.

Innergex Renewable Energy, Inc.

LS Power, LLC

Ørsted A/S

Recurrent Energy, LLC

Terra-Gen Power, LLC

Vivint Solar, Inc.

WhiteWater Midstream, LLC

Work highlights

  • Advised a group of nine international and US-based banks in the $2.3bn financing of the Vineyard Wind Project.
  • Advised Terra-Gen on the $804m project financing of its Edwards Sanborn Solar Storage Facility in California.
  • Advised the joint lead arrangers in the $1.1bn project financing of the Linden Cogeneration facility, a 809-MW and 165-MW natural gas-fired cogeneration facilities located in Linden, New Jersey.

McGuireWoods LLP

McGuireWoods LLP is active in the renewable energy market, representing utilities companies and infrastructure funds in build transfer agreement and tax equity investments relating to wind farms and solar projects. The group is also advising on a number of first-of-its kind developments, including projects relating to offshore wind and biogas. Brian Kelly leads the energy industry group from Baltimore and represents developers and purchaser in M&A transactions relating to renewable energy facilities. The renewables team is jointly led by Breenen Keene and Durham McCormick  from Richmond and Houston respectively. Evelyn Kim arrived in the San Francisco office from DLA Piper LLP (US) in May 2021.

Practice head(s):

Brian Kelly; Brennen Keene; Durham McCormick

Other key lawyers:

Timothy Callahan; Evelyn Kim

Milbank

Milbank enjoys a well-established reputation as a global leader in project finance, and continues to maintain to top-tier US offering, advising both lenders and sponsors. The firm handles, inter alia, green bond offerings, tax equity financing and M&A, and is active across the oil & gas, renewables and LNG spaces, often acting on innovative and ground-breaking projects relating to carbon capture and offshore wind. As regards infrastructure, the team’s strength in international projects is bolstered by collaboration with its Sau Paulo and Seoul offices. Daniel Bartfeld leads the global team and has niches in multi-sourced financings and Latin America projects. Other names to note include power generation specialist William Bice, junior partner Jeffrey Leider and Daniel Michalchuk, who handles major power projects in California. Richard Hillman was promoted to partner in 2022. Jonathan Green retired in December 2021, All mentioned partners operate from New York unless otherwise stated, though the team also has notable practitioners in Los Angeles. Washington DC-based senior associate Talia Lake is developing a reputation as an expert in rail projects, and joined from Ashurst LLP in May 2022.

Practice head(s):

Daniel Bartfeld

Other key lawyers:

William Bice; Daniel Michalchuk; Roland Estevez; Timothy Wendling; Richard Hillman; Jeffrey Leider; Talia Lake

Morrison Foerster

Morrison Foerster's projects team is ‘highly qualified to offer immediate attention to project finance issues and its availability and knowledge of infrastructure issues in Latin America are its best tools‘. The group, which also handles US-based projects, increased its bench strength in 2021 with the arrivals of Greg Smith and Ann Lilienthal, who joined from DLA Piper LLP (US) in July alongside some more junior lawyers. The pair now lead the team from Washington DC, which works with development finance institutions, host country governments, project sponsors and private equity funds. In Los Angeles, Elizabeth Sluder  handles build-transfer agreements as well as M&A in an energy context.

Practice head(s):

Greg Smith; Ann Lilienthal

Other key lawyers:

Elizabeth Sluder; Julia Balas; Rafael Hernandez

Testimonials

‘MOFO’s team is highly qualified to offer immediate attention to project finance issues and its availability and knowledge of infrastructure issues in Latin America are its best tools.’

‘Rafael Hernandez is a highly qualified professional for the analysis of business issues in project finance, as well as the due collateralization of the same, with great capacity in the drafting of credit agreements associated with these operations.’

 

Key clients

Inter-American Investment Corporation

U.S. International Development Finance Corporation

U.S. Department of Energy

Export-Import Bank of the United States

International Finance Corporation

African Development Bank

Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden N.V. (FMO)

Japan Bank for International Cooperation

European Bank for Reconstruction and Development

CDC Group plc

Export-Import Bank of Korea

Nippon Export and Investment Insurance

Central American Bank for Economic Integration

Corporacion Interamericana para el Financiamiento de Infraestructura

Apex Clean Energy

EDF Renewables

Vision Ridge Partners, LLC

Generate Capital

Virgo Investment Group

Work highlights

  • Advised DFC on all aspects of its $225m financing of a new 12-fibre pair subsea cable system.
  • Advised DFC in connection with its $85m financing of the eCombustible hydrogen project in Brazil.
  • Advised DFC in connection with its financing of Orb Energy Private Limited, an innovative project where the borrower will construct a 25 MW ground-mounted solar array and 3km transmission line located in Karnataka.

Norton Rose Fulbright

Norton Rose Fulbrightis always at the cutting edge of new developments in renewable energy‘, representing both lenders and sponsors in a broad range of renewable energy projects. Evidence of the firm’s presence in innovative developments can be seen in recent work in offshore wind; the group advised Vineyard Wind on the financing for its first offshore wind farm, the first commercial wind farm to reach financial close in the US. Keith Martin and Benjamin Koenigsberg lead the team from Washington DC and New York respectively. Other key partners include: Todd Alexander in New York, who has experience of leading on projects in the US, Latin America, Asia and Africa; and DC’s Noam Ayali, the main point of contact for geothermal energy work. At associate level, the bilingual Deanne Barrow in DC stands out for the diversity of her skillset; in addition to project finance experience, Barrow has a background in chemical engineering and is a qualified patent attorney. Rob Eberhardt departed in February 2022.

Practice head(s):

Keith Martin; Ben Koenigsberg

Other key lawyers:

Todd Alexander; Noam Ayali; Rob Eberhardt; David Burton; Paul Weber; Marissa Leigh Alcala; Deanne Barrow

Testimonials

‘Norton Rose Fulbright is always at the cutting edge of new developments in renewable energy. Whenever we have questions on energy storage, hedges, or supply chain concerns, they are able to share insights on how to think about new developments. As an industry leader, their impressive deal flow allows Norton Rose Fulbright to always have their finger on the pulse of the market.’

‘Industry leading expertise, relevant content on the market or hot topics. Coverage of the entire renewables sector (borrowers, lenders, investors)’

‘Knowledge base and/or access to it. Timely responses on almost any issue, structural or market intel.’

Key clients

Vineyard Wind

National Grid Ventures

Jupiter Power

Avangrid Renewables

Shikun & Binui

Cheniere Energy Partners

Copenhagen Infrastructure Partners

Lightsource BP

Ørsted Onshore North America

Hannon Armstrong Sustainable Infrastructure

Longroad Energy

Leeward Renewable Energy

BayWa r.e.

Origis Energy

GE Energy Financial Services

Macquarie

IFC

American Triple I

Work highlights

  • Represented Vineyard Wind in its $2.3bn financing for the company’s first offshore wind farm, Vineyard Wind 1.
  • Represented the lenders on the $93.3m debt financing of a portfolio of six battery energy storage systems for Key Capture Energy in Texas.
  • Represented an affiliate of global investor D. E. Shaw group on the financing of a $585m non-recourse debt financing to fund a 515 MW solar portfolio in Utah and Michigan.

Nossaman LLP

The primary component of Nossaman LLP's practice is representing public authorities in US P3 projects. Led from Los Angeles by Patrick Harder, the firm has strong relationships with transport authorities, universities and sanitation departments in numerous states, which it assists with the development of ports, bridge, toll roads, college campus’ and water treatment plants. One of the group’s key mandates been working with the Port Authority of New York and New Jersey and the City of New York on the LaGuardia AirTrain project, which is seeking to construct and elevated railway that would connect the New York subway to La Guardia airport.

Practice head(s):

Patrick Harder

Other key lawyers:

Corey Boock; Yukiko Kojima; Liz Cousins; Brandon Davis

Key clients

Port Authority of New York and New Jersey/City of New York

Santa Clara Valley Transportation Authority

City of Los Angeles/Los Angeles World Airports

City of Los Angeles/Los Angeles World Airports

Indiana Finance Authority (IFA)/Indiana Department Of Transportation (INDOT)

Florida Department of Transportation

The Regents of the University of California

University of North Dakota

Los Angeles County Metropolitan Transportation Authority

Work highlights

  • Advised Port Authority of New York and New Jersey/City of New York on the LaGuardia Airport Transit Project.  
  • Advising Santa Clara Valley Transportation Authority on the Silicon Valley Rapid Transit Program.
  • Advising City of Los Angeles on an automated people mover project.

O'Melveny & Myers LLP

O’Melveny & Myers LLP is instructed by a wide array of lending banks and non-bank lenders, and assists with financing issues across the energy and infrastructure space. The sponsor practice handles a range of energy and infrastructure projects. though is particularly appreciated by clients for being ‘particularly knowledgeable of airport development and investments‘. Evidence of this specialism can be found in the group’s recent work representing Terminal One Group Association in connection with plans to develop a new complex at JFK Airport to replace terminals 1 and 2. Eric Richards led the team on the project, and also serves as practice head alongside fellow Los Angeles partner Michael Hamilton. Also in LA, Elizabeth Dubeck has established a strong reputation in complex P3 projects, usually representing the private sponsors in relation to airport and rail developments.

Practice head(s):

Michael Hamilton; Eric Richards

Other key lawyers:

Elizabeth Dubeck; Denise Raytis

Testimonials

‘The team of lawyers at OMM that I work with is particularly knowledgeable of airport development and investments. They have a lot of experience in that sector – probably one of the top practices in the country. In every project, they staff the team very appropriately to control the client’s costs. In addition, the firm has diversity of race and gender in every project.’

‘I work primarily with Eric Richards and Elizabeth Dubeck. Their work goes beyond the advice on legal matters, as they also contribute to general business matters as it relates to the structure of the project. In addition, given their large experience in airport-related work, they are comfortable advising on innovative financing and contractual structures in that sector.’

Key clients

Monitor Power Systems AS

Terminal One Group Association

Vantage Airport Group, RXR, American Triple I, and JetBlue Airways

California High Speed Rail Authority

LaGuardia Gateway Partner

State of Hawaii

Avports LLC

American Airlines

Port of Oakland

United Airlines, Inc.

Goldman, Sachs & Co.

Wells Fargo Bank, N.A.

Citigroup Global Markets, Inc.

J.P. Morgan Securities

Morgan Stanley & Co.

Monitor Power Systems AS

Terminal One Group Association

Vantage Airport Group, RXR, American Triple I, and JetBlue Airways

California High Speed Rail Authority

LaGuardia Gateway Partner

State of Hawaii

Avports LLC

American Airlines

Port of Oakland

United Airlines, Inc.

Goldman, Sachs & Co.

Wells Fargo Bank, N.A.

Citigroup Global Markets, Inc.

J.P. Morgan Securities

Morgan Stanley & Co.

Work highlights

  • Representing the California High Speed Rail Authority (CHSRA) on its multi-billion-dollar project to develop a high-speed passenger rail system in California.
  • Representing a consortium consisting of Vantage Airport Group, RXR, American Triple I Partners and JetBlue Airways on their plans to redevelop, finance, and operate Terminal 6 and Terminal 7 at New York John F. Kennedy International Airport.
  • Represented J.P. Morgan Securities as lead underwriter in a public-private development of student housing for the University of California, Davis.

Orrick, Herrington & Sutcliffe LLP

Orrick, Herrington & Sutcliffe LLP‘s practice is highly respected for its work on both sides of financing transactions, though it is the firm’s work with sponsors that is highly noted in the market. Capable across many areas of energy and infrastructure, the firm is most identifiable for its pioneering work in P3 projects, having advised on a number of ground-breaking and first-of-its-kind transactions in relation to airports, wireless connectivity, disabilities access and underwater rail. One of the key clients in this regard has been The Port Authority of New York and New Jersey, with the firm representing the authority in the $13bn redevelopment and expansion of JFK International Airport. Vincent Casey and lead infrastructure partner Young Lee, both of whom operate from New York, advised on the project and continue to assist the authority with various other issues. Houston duo Blake Winburne and Dahl Thompson lead the global energy and infrastructure practice, while Daniel Mathews leads the infrastructure group in New York. San Francisco partner Les Sherman heads up the US renewables practice, which welcomed Washington DC-based tax equity specialist Scott Cockerham from Kirkland & Ellis LLP in June 2021.

Practice head(s):

Blake Winburne; Dahl Thompson; Les Sherman; Daniel Mathews

Other key lawyers:

Young Lee; Vincent Casey; Irma Foley; Scott Cockerham

Testimonials

‘The Orrick team helped us not only get a new fund raise off the ground and complete a number of acquisitions, they also assisted with innovated bridging structures to ensure assets were obtained in advance of the fund close.’

‘Dan Mathews is excellent. He has great experience and brought in various colleauges as appropriate to help complete the transactions. This ranged from his Associates to do the heavy lifting, through to finance partners, to tax, accounting etc. They covered all bases. Never complaining about the workload, just working through it efficiently.’

‘The Orrick project finance team has the ability to work all across the capital stack. From tax equity, to construction finance, to backleverage, Orrick’s practice can help to structure optimal outcomes for us as a sponsor’

 

Key clients

The Port Authority of New York and New Jersey

Macquarie Infrastructure Partners

Meridiam Infrastructure North America

IFM Investors Pty Ltd

Star America Infrastructure Partners

ACS Infrastructure Development

Fluor Enterprises, Inc.

DIF Infrastructure

Consolidated Edison Development

Clearway Energy

Distributed Solar Development

Intersect Power

Whitehelm Capital

Work highlights

  • Advised Meridiam Infrastructure North America and Noresco as co-sponsors in the P3 33-year concession to design, build, finance, update and maintain a replacement central utility plant serving the Fresno State campus at California State University.
  • Advising The Port Authority of New York and New Jersey for more than 20 years.
  • Advised Intersect Power on securing over $600m in equity and debt financing from Climate Adaptive Infrastructure, Trilantic North America, Generate Capital and CarVal Investors.

Paul Hastings LLP

Paul Hastings LLP maintains a varied and diverse projects practice, capable of advising both lenders and sponsors on projects relating to renewable energy, transport infrastructure and recycling facilities. Latin America projects are a speciality of the firm; New York's Robert Leung, Mike Huang, Elicia Ling, and practice head Robert Kartheiser represented EnfraGen, LLC in its acquisition and financing of the Termovalle 241MW power project, a gas-powered plant in Columbia. With regards to lenders, the firm works with leading banks, such as JP Morgan and BNP Paribas, as well as alternative lenders such as Macquarie. Luis Gomar and Rocio Mendoza  joined the Houston office from Baker McKenzie LLP in October 2021.

Practice head(s):

Robert Kartheiser

Other key lawyers:

William DeGrandis; Robert Leung; Mike Huang; Elicia Ling; Luis Gomar; Rocio Mendoza

Key clients

JP Morgan

BNP Paribas

Glenfarne

EVM

Natixis

EIG

Grupo Odinsa

SMBC

Macquarie

Sempra

Global Infrastructure Partners (GIP)

Grana y Montero

Sacyr

Citi

Strabag

FRV

EMPower/Riverstone

Braskem Idesa

Ashmore

YPF Luz

Work highlights

  • Advising the sponsor on one of the biggest LatAm project financings of the past few years, in connection with the expansion of the Jorge Chavez International Airport in Peru.
  • Representing the sponsors in their borrowing of $1.05bnn bank debt and simultaneous issuance of USD710 million 5.375% senior secured notes due 2030 on 17 December 2020 pursuant to Rule 144A.
  • Representing the co-obligor and sponsors, in the refinancing of its existing USD debt, which it incurred in connection with the Pacífico 2 toll road project in Colombia.

Pillsbury Winthrop Shaw Pittman LLP

Pillsbury Winthrop Shaw Pittman LLP is prolific in the renewables space, where it assists both lenders and sponsors with projects relating to hydrogen, offshore wind, solar energy and battery storage. In addition, the firm has a niche in energy M&A and project financings for electric power generating facilities in California and Texas, two states in which the firm has an established presence. Robert James , as leader of the San Francisco practice, is a key name in this regard, while he also spends time in the Houston office. Mona Dajani co-leads the energy and instrastrucutre practice from New York and is experienced in sustainable finance and ESG-linked facilities. The firm’s ranked were bolstered in September 2021 by the arrival of Veronica Relea from Latham & Watkins LLP.

Practice head(s):

Mona Dajani; Robert James

Other key lawyers:

Thomas Gump; Alicia McKnight; Shellka Arora-Cox; Irina Tsveklova; Veronica Relea

Key clients

Archaea Energy

Chevron

CMS Enterprises

Mitsubishi Hitachi

NextEra Energy Partners

Noon Energy Inc.

Renewable Energy Group

Shikun & Binui USA (S&B USA)

Shearman & Sterling LLP

When it comes to working with lenders, Shearman & Sterling LLP sits at the top of the market, representing leading banking clients such as MUFG Bank and DNB in financing transactions relating to the development of power, energy, oil & gas, infrastructure and mining projects. The group also maintains a strong sponsor-side practice, capable of advising both private developers and public authorities on complex infrastructure projects. In a recent highlight, the team represented the US Department of Transportation (DoT) in the $1.3bn SR 400 Express Lanes Project in Atlanta. Paul Epstein  led on the transaction, one of a number of matters he has handled for DoT in recent months. Gregory Tan  continues to lead the global group from the New York office, which also includes metals and mining lead Cynthia Urda Kassis  and energy specialist Robert Freedman , who is the main point of contact for many of the firm's primary banking clients.

Practice head(s):

Gregory Tan

Other key lawyers:

Cynthia Urda Kassis; Robert Freedman; Alexandro Padrés; Denise Grant; Augusto Ruiloba; Robert O’Leary; Paul Epstein; David Ullman

Key clients

MUFG Bank

Northwestern Mutual

DNB Bank

ING

Caixabank, S.A.

Sumitomo Mitsui Banking Corporation

United States Department of Transportation (DOT)

Northwestern Mutual

United States Environment Protection Agency (EPA)

Project Development & Finance

Oryx Midstream Services

Work highlights

  • Represented private placement investors on the issuance and sale of  $125m of senior secured notes by Bulldog Infrastructure Group, LLC for the California State University, Fresno Central Utility Plant Replacement Project.
  • Advised a Chilean energy company as New York counsel on the entry into a $125m unsecured loan facility from the Inter-American Investment Corporation.
  • Advised MUFG Bank on an incremental construction-to-term loan facility and an expansion of the revolving facility for Bolt FinanceCo, LLC for the construction and expansion of one of the projects in a portfolio of three battery energy storage projects located in California.

Simpson Thacher & Bartlett LLP

Simpson Thacher & Bartlett LLP is noted for its ‘breadth of knowledge‘ in the project finance space; the firm is equally adept at advising banks on financing of midstream oil and gas, solar and wind projects as it is working with sponsors on transport infrastructure developments. The Houston office is home to practice head David Lieberman, who advises infrastructure funds and private equity firms on the financing of greenfield developments and M&A, as well as Matthew Einbinder , who in 2021 advised extensively on the Glass Mountain Pipeline project in Oklahoma. Though most of the team is based in Texas, the group also has a presence in the New York office. Shamus Crosby joined the Houston office from Vinson & Elkins LLP in February 2021.

Practice head(s):

David Lieberman

Other key lawyers:

Ravi Purohit; Amy Beller; Matthew Einbinder; Shamus Crosby

Testimonials

‘Breadth of knowledge in PF and precedent documents/ evolving terms’

‘David Lieberman as partner knows client and client precedent documentation extremely well and is able to point lenders to issue that need resolution.’

Key clients

BlackRock Energy and Power Infrastructure Group

Blackstone

Citibank

Credit Agricole

EQT Infrastructure

Goldman Sachs

Global Infrastructure Partners

JPMorgan

Kohlberg Kravis Roberts & Co.

Morgan Stanley

MUFG

NextEra Energy

The Royal Bank of Canada

Stonepeak Infrastructure Partners

Terra-Gen LLC

Work highlights

  • Advised financing parties on the $665m financing for NextEra for over a dozen wind and solar projects across nine states.
  • Advised the lender on its project financing of iM3NY’s construction of a lithium-ion battery Gigafactory, and project financing of Circulus Holdings’ construction of plastic recycling plants
  • Advised a capital markets company in financing of a midstream energy company’s construction of gas processing plants

Skadden, Arps, Slate, Meagher & Flom LLP

The projects team at Skadden, Arps, Slate, Meagher & Flom LLP is experienced in a range of issues, advising both lenders and sponsors in greenfield project financing and the acquisition of energy portfolios. In Washington DC, practice head Lance Brasher advises on projects relating to lithium extraction plants, offshore wind farms, gas pipelines and water infrastructure facilities. David Armstrong is another name to note; splitting his time between New York and Toronto, he works with lending banks and infrastructure funds on energy projects across the US.

Practice head(s):

Lance Brasher

Other key lawyers:

David Armstrong; Sean Shimamoto; Paul Kraske

Troutman Pepper

Troutman Pepper focuses on the renewable energy space, where it represents lenders and sponsors in tax equity financings, with a particular focus on sale and leaseback, partnership-flip, and lease pass-through transactions. The group is involved some innovative areas of work, such as battery storage and hydrogen power solutions for electric vehicles. John Leonti and Craig Kline lead the team from Los Angeles and New York respectively; the former regularly works with major utilities companies, while the latter specialises in cross-border projects. In addition to the New York and LA offices, the department has a presence in Orange County, Portland and Atlanta.

Practice head(s):

John Leonti; Craig Kline

Other key lawyers:

Christine Byrnes; Hayden Baker; Adam Kobos

Key clients

Duke Energy Renewables

Southern Power Company

Wells Fargo

Broad Reach Power

NextEra Energy Resources

Fifth Third Bank

Competitive Power Ventures

National Grid Renewables

The Huntington National Bank

Spruce Finance

EDF Renewable Energy

Skyline Renewables, LLC

Dominion Energy

BNRG Renewables

Generate Capital, Inc.

Lendlease Energy Development LLC

M&T Bank

I Squared Capital

Work highlights

  • Assisting Duke Energy Renewables Solar, LLC and its affiliates in the debt financing of a 360MW portfolio of utility-scale solar projects.
  • Represented Southern Power Company in its role as sponsor in a tax equity transaction for two stand-alone storage projects known as the Tranquillity BESS Project.
  • Represented Skyline Renewables LLC in connection with restructuring its existing energy hedge transactions with Merrill Lynch Commodities, Inc.

Vinson & Elkins LLP

Vinson & Elkins LLP significantly bolstered its ranks with the addition of New York’s Aaron Prince, Sean Moran in Austin, and the Los Angeles-based duo of Michael Joyce and Lauren Collins in February 2021. The quartet joined from Wilson Sonsini Goodrich & Rosati and provide expertise in tax equity financing, asset-based lending, structured finance and acquisitions in the energy space. Joyce also now leads the practice alongside New York partner Eamon Nolan, who has expertise in a range of energy and infrastructure projects both in the US and Latin America. In addition to financing, the firm is able to call upon complimentary expertise in energy regulation, environmental law, tax, and real estate to provide a full service at all stages of infrastructure projects.

Practice head(s):

Eamon Nolan; Michael Joyce

Other key lawyers:

Mark Brasher; Keith Fullenweider; David Wicklund; Eamon Nolan; Alan Alexander; Aaron Prince; Sean Moran; Lauren Collins

Testimonials

‘The team works well together and provides us with consistent coverage and fast service.’

‘Our primary contact is Alan Alexander who is a fantastic lawyer who is very committed to his clients. Alan is reasonable when it comes to how he treats opposing counsel and how he manages the billing practice which are both commercial considerations that we very much appreciate.’

‘Great team(s) to work with, intelligent and interesting people, good coordination within the team’

‘Fun and energetic people to work with, reliable, pragmatic approach, smart’

 

Key clients

Buckeye Partners

New Fortress Energy

The Macquarie Group

Woodside Energy Ltd.

Energy Transfer Partners LP

IFM Investors Pty Ltd.

The Carlyle Group

Sixth Street Partners

Goldman Sachs

Global Atlantic Financial Group

Blackstone Credit

JPMorgan Capital Corporation

Northstar Terminals LLC

Work highlights

  • Advised Aleática, an IFM Investors portfolio company, n the issuance of a Ps 2.6 trillion ($692m) project bond and bank debt for the financing of the Autopista Río Magdalena 2 highway project.
  • Advised JPM Capital Corporation in its approximately $160m equity commitment to develop the 126 MW Timber Road IV Wind Farm Project in Paulding County, Ohio, and the 50.4 MW Los Mirasoles II Wind Farm Project in Hidalgo and Starr Counties, Texas
  • Advised GSRP in the acquisition and tax equity financing of the 150 MW solar-plus-storage High Desert Solar Project in San Bernardino County, California.

White & Case LLP

White & Case LLP has a prominent position in the project finance market, and represents both lenders and sponsors in financing transactions relating to renewable energy, transport infrastructure, and oil and gas. Though active on a number of US projects, the firm is particularly strong in relation to Latin American work, often collaborating with partners from across its international network of offices. More generally, acquisition financing is the group’s primary specialty and the team has experience of representing clients in relation to bank loans, term B loans, US private placements, bridge loans and Rule 144A project bonds. Nandan Nelivigi leads the team from the New York office, which is also home to veteran practitioner Arthur Scavone, a prominent name in the US power sector. Washington DC-based Serena Rwejuna joined from Jones Day in December 2021, adding to the firm’s regulatory expertise.

Practice head(s):

Nandan Nelivigi

Other key lawyers:

Arthur Scavone; Jason Webber; Dolly Mirchandani; Elena Millerman; Evelyn Balassiano

Testimonials

‘The team has an in-depth knowledge the of market’.

‘Dolly Mirchandani and Evelyn Balassiano are stand out attorneys who I turn to for advice and utilize their problem solving skills and legal acumen.’

Key clients

Avangrid Renewables LLC

Vista Ridge LLC

Calpine Corporation

Export–Import Bank of the United States (“US-EXIM”)

International Finance Corporation (“IFC”)

Société Générale

Korea Midland Power Co., Ltd. (“KOMIPO”)

ING Capital

Natixis

Cumulus Digital LLC (subsidiary of Talen Energy)

EFS Cogen Holdings I LLC

Freeport LNG

Transurban USA Inc.

U.S. Department of Transportation

Work highlights

  • Represented Avangrid Renewables, LLC as a 50% equity investor in connection with the financing of, and tax equity investment in, the 800 MW Vineyard Wind I offshore wind project.
  • Represented Vista Ridge LLC on the refinancing of its existing $875m senior secured bank construction debt facility incurred in connection with the Vista Ridge Regional Water Supply Project.
  • Represented Calpine Corporation in connection with a $1.75bn climate bond certified financing.

Winston & Strawn LLP

The team at Winston & Strawn LLP has developed well in recent years, and is now one of the most active firms in the renewable energy lender market. Led from New York by the ‘commercial and technically brilliant' Mike Pikiel, the firm represents numerous banks in ta equity financings related to solar and wind projects, as well as negotiating facilities related to energy storage. Outside of energy, infrastructure P3 projects are another area of strength; in 2021, the firm represented the lenders and underwriters in a $1.18bn financing for the Fargo-Moorhead Metropolitan Area Flood Risk Management Project in North Dakota. New York associate Dan Shapiro is considered by clients to be a ‘true guru and workhorse across project finance'. The team strengthened further in 2021 with the April arrivals of New York-based Rodrigo Carvalho and Rachel Gray-Pundir from Bank of America and Kirkland & Ellis LLP respectively.

Practice head(s):

Mike Pikiel

Other key lawyers:

Laurae Rossi; Rich Shutran; Jason Hellwig; Patrick Selinger; Rachel Gray-Pundir; Dan Shapiro; Rodrigo Carvalho

Testimonials

‘Ability to advise on developer, equity, lender and construction matters for projects. Good holistic perspective.’

‘Mike Pikiel is not only knowledgeable and experienced, but also commercial – which makes him unique in this field.’

‘They are extremely well versed in P3/project finance. They are somehow involved in most P3 deals in the market.’

‘Mike Pikiel – great lawyer, well rounded. Commercial and technically brilliant. Figure head of team and able to lead negotiations and maintain relationships on behalf of his clients.’

‘Great understanding of all aspects of project finance and P3. Adaptable and innovative with new lending solutions.’

‘Mike Pikiel is strong lead partner with an amazing team especially Dan Shapiro (true guru and workhorse across project finance)’

Key clients

American Memorial Life Insurance Company

AxInfra US LP (Axium Infrastructure)

CaixaBank, S.A.

Citigroup Global Markets Inc.

Crédit Agricole Corporate and Investment Bank

Empire State Thruway Partners LLC

HANSAfreeInvest SILC

Hecate Energy, LLC

HSBC Bank USA, National Association

KeyBank National Association

Kiewit Meridiam Partners LLC

MetLife Insurance K.K.

Metropolitan Tower Life Insurance Company

Morgan Stanley & Co. LLC

National Bank of Canada

Oak View Group

Occidental Petroleum Corporation

SMBC Capital Markets, Inc.

SMBC Nikko Securities America, Inc.

Swiss Re Life & Health America Inc.

Swiss Reinsurance Company Limited

The Korea Development Bank

Universal-Investment-Gesellschaft mbH on behalf of and for account of UI-Masterfonds-Renten

Work highlights

  • Represented the lenders and note purchasers in the $1.18bn green financing of a first-of-its-kind project in the North American infrastructure market.
  • Represented HSBC Bank USA, N.A. in connection with a $1.75bn debt facility for four wind projects and a 150-mile 345 kV transmission line, both located in New Mexico.
  • Represented a group of institutional investors in the private placement of secured notes issued by Vista Ridge LLC and Central Texas Regional Water Supply Corporation in the refinancing of the Vista Ridge Water Supply Project.