The Legal 500 > United States > United States > Project finance

Allen & Overy LLP's nationwide team provides comprehensive service to clients of all types engaged in projects in the utilities, transport, renewable energy and manufacturing industries. The practice is most notable for the sheer breadth of its expertise; some team members, such as Dorina Yessios, advise on the most complex and high-profile PPP transactions in Latin America, while others, including Sami Mir, advise public bodies, commercial lenders and credit agencies on equity and fund investments and capital mobilization programs. Kent Rowey leads the department from the New York office, and assists with all of stages of the life cycle of infrastructure projects, from financing through to construction and restructuring. Rowey continues to advise on the development of JFK Airport Terminal 1, which is anticipated to be the largest project financing in US history. In March 2021, the firm announced the hiring of the entire project finance team from Akin Gump Strauss Hauer & Feld LLP. The expansion includes the arrival of key partners Daniel Sinaiko and John Marciano, and brings the establishment of an office in Los Angeles.

Baker Botts L.L.P. handles a huge variety of projects-related transactions involving oil and gas, LNG, renewables, and mining. The group is particularly strong in complex financial structures such as mezzanine loans and back-leverage warehouse facilities. Jeff Kayes leads the team from San Francisco and focuses on domestic energy projects, advising on tax equity and construction financings. In New York, Adam Griffin assists with global financings and restructurings in the power sector, while Martin Toulouse handles the acquisition of energy assets.

Ballard Spahr LLP is a respected name in the renewables sector, having developed significant expertise in the acquisition of power projects, the negotiation of construction agreements, and various project development issues. Capable of assisting both lender- and sponsor-side clients, the team, which includes Dirk Michels and Raymond Faricy, has assisted with projects across the US in the solar, wind biomass, wood waste and hydroelectric spaces. Philadelphia-based Patrick Gillard, in addition to co-leading the team alongside Steve Park, advises corporate clients on power purchase agreements and competitive generation supply agreements.

Bracewell LLP is a well-known name in the projects space, assisting both lenders and sponsors with the financing of a diverse range of projects that includes solar and wind farms, traditional energy plants and P3 infrastructure projects. The team, under the leadership of Thomas Tomlinson, experienced considerable development in 2020, having recruited a number of partners that significantly increase the depth of the firms team. Danielle Garbien joined from Sidley Austin LLP in 2020 and focuses on power and renewable energy, regularly advising on power purchase agreements and hedging transactions. Martha Kammoun, another new arrival, brings considerable in-house experience to the team, having previously worked for Starwood Energy; while Danielle Varnell, who joined from Jones Day, adds to the firm's offering in energy-related M&A.

The team at Clifford Chance is truly international, with recognized expertise in offices across the US, Latin America and Europe. As a result, the firm is particularly strong in international project financings. On the lender side, the group regularly assists large investment banks in transactions relating to South American projects, while its sponsor side mandates include securing financing for waste, water treatment and paper production facilities. Lori Bean leads the team from Washington DC and is consulted by numerous agency lenders on infrastructure and energy project financings, while Catherine McCarthy works with commercial banks in international project and export finance transactions. At associate level, Alberto Haito is uniquely placed to advise on Latin America projects; he is admitted to practice in Peru as well as in New York. In January 2021, Gianluca Bacchiocchi and Guido Liniado left the New York team for Latham & Watkins LLP.

2020 was an eventful year for DLA Piper LLP (US)'s projects department, as the team saw a number of departures and arrivals. Those having left the firm include; Charles Carroll, Andrea Chambers and Joseph Tato, who joined Covington & Burling LLP; John Murphy, who left for Baker McKenzie LLP; and Timothy Moran and Philip Corsello, both of whom are now at Holland & Knight LLP. As for the arrivals, Andrew Young joined from Mayer Brown, and Dino Barajas joined from Akin Gump Strauss Hauer & Feld LLP. Barajas now leads the renewables practice, and also co-chairs the US projects group alongside Gregory Smith. The practice group advises both lenders and sponsors on financing issues in renewable and conventional power projects. Also recommended is Robert Gruendel, who leads the global energy group and the US shipping and maritime department.

Focused on the P3 space, Gibson, Dunn & Crutcher LLP has experience working on the projects for the construction of toll roads, airports, parking facilities, ports and pipelines, both domestically and at an international level. The group most frequently represents private sponsors, and is able to advise from the initial bidding process through to financing transactions and construction issues. Tomer Pinkusiewicz leads both the projects and Latin America practice groups; in addition to representing sponsors, he is also consulted by banks looking to finance Latin American projects. Also recommended is Anita Girdhari, who focuses on P3 projects in the transport sector.

Hogan Lovells US LLP's nationwide network provides a solid platform for comprehensive advice on energy and infrastructure projects, including P3 projects. The firm also has complimentary expertise in regulatory issues, and is therefore able to represent sponsor clients before various state agencies including the Federal Energy Regulatory Commission, the Department of Energy and the Department of Transportation. Jorge Diaz-Silveira leads the team from Miami and focuses on assisting developers and sponsors on the financing of renewable energy projects. From the Baltimore office, Brian Chappell co-leads the energy and natural resources industry group and advises on M&A involving portfolios of renewable energy assets.

Hunton Andrews Kurth LLP is one of the busiest firms for infrastructure finance, regularly advising commercial banks and institutional lenders on the financing of US projects. The group—which features lawyers based in Washington DC, New York and Richmond—is particularly notable for its tax equity work; practice head Jeffrey Schroeder regularly assists with investments in wind, solar, and geothermal projects. Though the practice is primarily lender focused, the team also has impressive sponsor-side expertise, most notably in the context of conventional power. In October 2020, Eric Pogue and John Tormey (both of whom specialize in renewable energy projects) left for Mayer Brown.

Highly regarded for its sponsor-side work, King & Spalding LLP advises on the financing of greenfield development projects, and also assisting with financing the acquisition of renewable energy portfolios and interests in energy companies. The group has an enviable client list, which includes major players in the LNG and solar industries, public authorities and private equity firms. In Houston, Scott Greer leads the global construction practice and advises on domestic and international projects in the petrochemical, mining and power sectors, while New York-based Brandon Dalling is rated for his knowledge of project financing of both conventional and renewable energy projects, as well as his experience of leveraged finance, acquisition finance and private equity transactions. Jonathan Melmed, also based in New York, co-chairs the global energy, power and infrastructure practice, as well as the Canada practice.

The team at Kirkland & Ellis LLP has developed significantly in recent years; from having no project finance lawyers in 2017, the firm now has an expansive department capable of advising infrastructure funds, private equity investors, commercial banks and project sponsors on the financing of complex projects in the renewable energy, LNG and conventional power sectors. Rohit Chaudhry leads the team from the Washington DC office, which also includes Roald Nashi, who handles bank and bond financings, leveraged leases and tax structured financings. In New York, Kelann Brook Stirling handles energy-related M&A and tax equity investments. In addition to advising on US-based projects, the group, and Brian Greene in particular, assists with developments in Latin America and have recently advised on the development of an LNG export facility on the Pacific Coast of Mexico.

Undoubtedly one of the premier firms in the project finance space, Latham & Watkins LLP is active in all areas of the energy market, advising on the financing of greenfield projects in the LNG, oil and gas, renewable energy and conventional power sectors. Headed up by Jeffrey Greenberg, the team is well versed in assisting both lenders and sponsors with complex tax equity financing and other financial structures. The group is spread across offices in Los Angeles, New York, Washington DC and San Diego. Contacts in New York include energy specialists Jonathan Rod and Matthew Henegar, while David Penna, who re-joined the firm in November 2020 from the US International Development Finance Corporation, divides time between New York and DC. January 2021 also saw the arrivals of Gianluca Bacchiocchi and Guido Liniado from Clifford Chance; both are go-to names for projects in Latin America. Veronica Relea is another name to note for Latin America-facing work. Kelly Cataldo is a standout associate, who is developing a strong reputation in the renewables sector.

Mayer Brown's offering extends to all corners of the energy and infrastructure market, with the firm advising commercial lenders, private sponsors and public authorities on a broad range of projects. Renewable energy is one of the firm's core strengths, thanks in part to the expertise of Paul Astolfi, who advises numerous commercial banks on investments into the sector, and also assists with contentious issues. From Chicago, Joseph Seliga co-leads the government practice and focuses on P3 work, advising on projects relating to roads, bridges, airports and parking facilities. The Chicago office also features Nadav Klugman and the vastly experienced Barry Machlin, who advises clients across the oil and gas, power and infrastructure sectors. Also of note, the group enjoyed some considerable growth in 2020: Eric Pogue and John Tormey arrived from Hunton Andrews Kurth LLP to bolster the firm's renewable energy offering, while Mark Williams and Carl Von Merz joined from Morgan, Lewis & Bockius LLP and Bracewell LLP, respectively. Robert Greenberg co-heads the renewable energy practice.

McGuireWoods LLP is best known in this space for its work in the renewable energy segment. Jointly led by Richmond-based Brennen Keene and Durham McCormick in Houston, the team represents several of the largest utilities companies in the US, including Dominion Energy, which it advises on almost all of the company's corporate and financing transactions. On the lender side, the team has been acting for several banks looking to providing financing to solar and wind projects. Outside of renewables, Timothy Callahan has broad experience of conventional power projects. Brian Kelly in Baltimore leads the energy industry team and is recommended for M&A in the sector.

Primarily based in New York, the team at Milbank has established its position as a market leader in the project finance space, and continues to advise on the most high-profile financing transactions relating to projects of all types, both domestically and internationally. The group's reputation in lender-side work is second to none, having assisted high-profile corporate and government clients with private placements, mezzanine financings and hybrid bank-bonds. On the sponsor side, the team regularly advises on tax equity financing, and has complimentary expertise in construction financing and regulatory issues. Latin America specialist Daniel Bartfeld and public private partnerships expert Jonathan Green jointly lead the team, which also includes William Bice, Daniel Michalchuk, Roland Estevez and Los Angeles-based Timothy Wendling, all of whom act for major sponsors and leading financial institutions. Jeffrey Leider (who was promoted to partner in 2020) focuses on power generation projects, while associate Richard Hillman assists with transactions in both the conventional and renewable energy space.

Morgan, Lewis & Bockius LLP is one of the premier firms for sponsor side work in the conventional power sector, regularly advising leading energy companies on the development of power plants, many of which involve complex financial structures. Among the group's power specialists is Richard Filosa, who jointly leads the nationwide team from Boston, alongside New York-based John Klauberg and Michael Müller. In addition to financing matters, the group is able to advise on all elements of project development, working in conjunction with other of the firm's practice groups, such as the energy regulation team. The group also has a strong renewables offering, where Elizabeth Hanigan advises major commercial banks on tax equity investments and assists with M&A involving renewable energy assets.

Morrison & Foerster LLP is an active player in the projects space, mostly notably in the renewables sector, where it frequently advises energy companies on the sale of renewable assets. Among its core clients is the US Department of Energy, which the team advises on obligations as loan guarantor of wind farm and solar energy plants. Frederick Jenney leads the team from Washington DC, and Elizabeth Sluder is recommended M&A, tax equity investments and construction financing.

Norton Rose Fulbright is one of the most active firms in the renewable energy sector, advising both sponsors and lenders on complex financing transactions relating to wind farms, solar installations, energy storage facilities and biofuel cells. The group is able to advise on a range of financial structures, include safe harbour financing and tax equity investments, while outside the renewables sector, the firm assists with infrastructure projects utilizing conventional structures and P3 model. The team is jointly led by Keith Martin  and Benjamin Koenigsberg; the former specializes in tax equity financings, while the latter has a track record in ground-breaking projects, including the first offshore wind farm in the US. Other key team members include Todd Alexander, who advises on international limited recourse financings, and private placement specialist Noam Ayali. Robert Eberhardt is recommended for his work in merchant renewable energy projects.

O'Melveny & Myers LLP is regularly involved in some of the most complex P3 projects in the US. The group is particularly active in the transport sector and advises both public authorities and private sponsors on developments relating to rail networks, airports and toll roads. Team co-lead Eric Richards advises on many of the country's largest airport developments, including the project to redevelop Terminal 6 and Terminal 7 at JFK International Airport in New York. Joint practice head Gregory Thorpe represents developers, construction companies and investors in a variety of projects, including renewable energy facilities such as solar and wind farms. Also recommended are Elizabeth Dubeck and Denise Raytis. All named lawyers are based in Los Angeles.

Orrick, Herrington & Sutcliffe LLP provides market-leading advice to sponsors from the energy and non-energy infrastructure segments, assisting with the financing of greenfield projects as well as M&A transactions. Though strong across the board, P3 projects is one of the team's primarily strengths, having advised on the development, construction and financing of complex initiatives such as the Fresno State energy project. Tax equity financing is another key area of expertise; the group works with leading project developers such as ENGIE North America on financing renewable projects across the US. In addition to its sponsor work, the team also advises a range of lender clients, most notably funds, on financing telecoms projects and other infrastructure developments. Renewables specialist Dahl Thompson  and Blake Winburne , who focuses on the downstream and midstream energy sectors, are the names to note in the Houston office. In New York, Daniel Mathews  co-leads the global infrastructure practice, while Young Lee  and Vincent Casey represent, sponsors, lenders and public authorities in innovative P3 projects. Les Sherman  leads the renewable energy practice.

Paul Hastings LLP has advised on projects ranging from renewable energy to non-energy infrastructure developments such as airports and roads. Robert Kartheiser leads the group from New York and is a member of the firm's Latin America practice. Washington DC-based William DeGrandis is a contact for renewable energy sponsors.

Pillsbury Winthrop Shaw Pittman LLP is active in energy and infrastructure financings, though the firm is best know for its work in the energy field, where it advises lenders and sponsors on tax equity and ESG investments, construction financing an M&A. The group also works with government-backed institutions, such as the US Development Finance Corporation, which is advises on its investments in overseas projects. Mona Dajani and Robert James jointly lead the team; the former utilizes her dual qualification in the US and England to provide comprehensive advice on cross-border transactions, while the latter is noted for his experience of a huge range of projects, from conventional and renewable energy to transport, healthcare and education infrastructure.

Deeply experienced in both domestic and international projects, Shearman & Sterling LLP advises large banks, corporate sponsors and public authorities on financings relating to oil and gas, renewables, LNG and other infrastructure projects. Gregory Tan leads the New York-based team and is one of the most respected names in the sector, representing both sponsors and lenders in complex project development, limited recourse and structured financings, relating to a huge variety of projects. Robert Freedman is another key name, having recently advised Investec on its $540m financing of a portfolio of US-based oil and natural gas-fired power plants. In addition, the group stands out for its mining and minerals practice which, under the leadership Cynthia Urda Kassis, advises on complex alternative financing structures and acquisitions. Latin America-facing work is another area of focus; Alexandro Padrés assists sponsors, multilateral agencies and local development banks on projects throughout the region.

Praised for its 'knowledge of client requirements and ability to focus key issues', Simpson Thacher & Bartlett LLP regularly advises banks, underwriters, energy companies and public bodies on financings across the energy and infrastructure sector. The group has continued to develop in 2020; Ravi Purohit joined the team in March, having previously served as managing director at Blackstone Infrastructure Partners. David Lieberman leads the department from New York and frequently advises infrastructure funds established by leading commercial banks and private equity firms on the acquisition of and investment in renewable energy projects.

Troutman Pepper is recognized for its expertise in renewable energy projects, and is particularly well-versed in complex tax equity financings, advising both investors and sponsors on structuring sale-leasebacks, partnership-flip transactions and lease pass-throughs. The team is particularly strong in the battery storage industry, where it advises on financing strategies involving investment tax credit monetization in relation to storage developments. Contacts in the team include practice co-head John Leonti in Los Angeles and New York-based Craig Kline, who jointly leads the team alongside Leonti. Hayden Baker is also recommended in New York. From Portland, Adam Kobos focuses on advising utilities companies, developers and sponsors in the renewables market, while Christine Byrnes in Orange County is developing expertise in tax equity partnership and lease investment structures.

Well regarded for its work in the oil and gas sector, Vinson & Elkins LLP has a track record of acting for lenders, sponsors, equity investors and suppliers in innovative projects. LNG projects are a particular strength, with the firm having advised on numerous projects, both in the US and Latin America. In recent years the group has also developed first-rate expertise in ammonia projects; in 2020 the department represented Gulf Coast Ammonia LLC in financing an anhydrous ammonia plant in Texas. Kaam Sahely and John Connally co-lead the team from Austin and Houston, respectively, though the firm also has a solid New-York based team, which includes Karen Smith and Eamon Nolan, the latter of whom advises renewables-focused funds on M&A transactions.

Based in New York, White & Case LLP is at the top of the market for lender-side work, and has assisted all of the largest banks, export credit agencies and bond holders on bank loans, term B loans, US private placements, bridge loans and Rule 144A project bonds. The group, which also works with sponsors,  includes members who specialize in all areas of the market: Arthur Scavone is an established name for matters in the US power sector; Clark Wohlferd focuses on the oil and gas market in the US and Middle East; Jason Webber advises on acquisitions and disposals involving energy businesses and assets. Also recommended is Dolly Mirchandani, who has worked on innovative P3 projects in the education, rail and water sectors. Practice head Nandan Nelivigi is often consulted by the world's largest banks; he recently advised BNP Paribas on the financing of a natural gas‐fired power project in Washington County, Pennsylvania.

Winston & Strawn LLP has a broad practice, advising both lenders and sponsors on projects ranging from renewable energy developments to infrastructure developments in the transport and education sectors. The group has developed a particularly strong reputation in the financing of sports stadiums, having advised on the development and refurbishment of ice hockey, soccer and baseball arenas, particularly around New York. Jason Hellwig is particularly active in this regard, and often works alongside practice head Alan Hoffman on the group's largest projects. Michael Pikiel, having recently been named co-chair of the energy and infrastructure industry group, is a P3 specialist and has helped author proposed legislation that will add certain government-owned buildings to the list of privately developed facilities eligible for tax-exempt financing.