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Project finance in United States

Allen & Overy LLP

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.

Practice head(s):

Kent Rowey

Other key lawyers:

Dorina Yessios; Sami Mir; Jean Lee; Jillian Ashley; Daniel Sinaiko; John Marciano

Key clients

Inter-American Investment Corporation (IDB Invest)

International Finance Corporation (IFC)

IFC’s PPP Advisory Team

Mizuho Bank, Ltd., New York

ING Capital LLC, New York

Elecnorte S.A.S. E.S.P.

Ashmore Fund Colombia

Deutsche Bank AG

BNP Paribas

Societe Generale

Sumitomo Mitsui Banking Corporation

Carlyle Investment Management LLC

VICO Infrastructure Company LLC

ENGIE North America

Meridiam Infrastructure North America Corporation

China Harbour Engineering Co. Ltd

Banco Bilbao Vizcaya Argentaria (BBVA)

Banco Itaú

Santander

Deutsche Bank AG, New York Branch

Comvest Credit Partners

Commerzbank Aktiengesellschaft (filiale Luxemberg)

KfW IPEX-Bank GmbH

Raiffeisen Bank International AG

Carlyle Infrastructure Partners

Work highlights

  • Advising Carlyle Infrastructure Partners on the $9bn financing, construction, operation and maintenance of the redevelopment of Terminal 1 at JFK Airport.
  • Advising Mizuho Bank, Ltd. and ING Capital LLC as lenders on a $550m Ca-Ku-A1 gas compression project in Mexico.
  • Advising IDB Invest, IFC and certain ECA-covered lenders in the financing for the design, construction and operation of a dissolving wood pulp plant in Minas Gerais, Brazil.

Ashurst LLP

Ashurst LLP's team has developed significantly in recent years; the firm now has a strong infrastructure practice, focused on advising government bodies and other sponsors in P3 projects of various types. Betty Cerini, having arrived in 2019, has an enviable record of advising on the most high-profile and innovative projects in both the US and Latin America, ranging from toll roads and railways to bridges and flood management. Anna Hermelin, who co-leads the department alongside Cerini, has experience advising on projects across Asia Pacific, and also has a longstanding relationship with the Honolulu Authority for Rapid Transportation.

Practice head(s):

Betty Cerini; Anna Hermelin

Other key lawyers:

Andrew Fraiser; Matthew Rickards; Andrew Smith

Testimonials

Key player in P3 market with a deep bench of team players focused on infrastructure.

Ashurst’s lead people have all been fantastic. To single one out, Andrew Smith demonstrates on a daily basis his knowledge, experience, capability, and attention to detail on our project.’

The firm is exceptional at transactional infrastructure. They work very well in a multi-disciplinary environment and strive to learn the subject matter (engineering / finance) of their peer advisors. They understand how to get the client to make decisions that are in the client’s best interest.

Ashurst’s project team is very strong, as evidenced by their ability to effectively serve a number of roles – counsel to lenders, sponsors, and even owners. This experience gives Ashurst a unique, important, and balanced perspective into how to successfully negotiate, structure and close a P3 project. I’d also note that generally speaking, I find the attorneys at Ashurst to be particularly personable and fun to work with – which is important when you’re spending hours on the phone with them every day!

The primary lawyers I have dealt with are Andrew Smith and Maria Linnen:  Andrew is consistently one of the strongest attorneys with whom I work, and has the ability to understand and articulate complex commercial and financial matters to lenders in a manner that harbors trust and transparency. In my opinion, he is the strongest attorney that serves a lenders’ counsel role with whom we work. Maria always does a fantastic job of accurately documenting complex commercial and financial matters, and also coordinating with multiple lenders to ensure “club deals” are transacted smoothly and seamlessly.

Very knowledgeable, hard working and timely. They bring international experience which is extremely valuable.’

They are extremely diligent, hard working and responsive.

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 Meridiam, as a shortlisted bidder, in respect of the Prince George County Public Schools (PGCPS) P3 procurement project.
  • Appointed as special counsel to the New Jersey Economic Development Authority (NJEDA) in NJEDA’s development of the first purpose-built, greenfield port for offshore wind on the East Coast.
  • Advising the Fargo-Moorhead Metro Flood Diversion Authority in relation to the $2bn Fargo-Moorhead Metropolitan Area Flood Risk Management P3 Project that will establish permanent flood protection measures for the Fargo-Moorhead-West Fargo metropolitan area.

Baker Botts L.L.P.

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.

Practice head(s):

Jeff Kayes

Other key lawyers:

Adam Griffin; Martin Toulouse

Testimonials

Deep knowledge of renewable energy market. A strong team of partners and senior lawyers, complimented by good associates with industry experience.’

Jeff Kayes is a very bright and capable lawyer, with superb experience in finance. Pete del Vecchio is an excellent corporate lawyer and is good at helping us manage project budgets.’

Key clients

Sunnova Energy International Inc

Hannon Armstrong Sustainable Infrastructure Capital, Inc.

D.E. Shaw Renewable Investments, LLC

Parasol Renewable Energy LLC

Hull Street Energy

Baker McKenzie LLP

Baker McKenzie LLP's practice group is focused on the energy sector, where the team is engaged at all stages of domestic and international projects, from the initial formation of joint ventures through to post-commercial operations. In addition to financing advice, the firm also provides complimentary support on issues such as environmental regulation, tax planning and commercial agreements. Clyde Rankin leads the US projects group from New York, while Chicago-based José Morán heads up the global mining and infrastructure practice. James O’Brien leads the global projects team.

Practice head(s):

Clyde Rankin; José Morán; James O’Brien

Other key lawyers:

Stan Sirot

Key clients

Brookfield Asset Management

Calpine Corporation

J-Power USA Development Co., Ltd.

Jackson Generation, LLC

Mitsubishi Hitachi Power Systems Americas, Inc.

Naturgy Energy Group, S.A. (f/k/a Gas Natural SDG, S.A.)

Siemens Financial Services, Inc.

Work highlights

  • Advised Autopista del Norte S.A.C. on a $350m senior secured refinancing backing the Red Vial 4 toll road connecting Pativilca and Puerto Salaverry along the Peruvian coast.
  • Advised Mitsubishi Hitachi Power Systems Americas, Inc. on a joint venture to develop the Advanced Clean Energy Storage (ACES) project in central Utah to produce and store hydrogen.
  • Advised Calpine Corporation on a $30m engineering, procurement and construction contract  for the construction of three natural gas-fired boilers at the Calpine Texas City Cogeneration facility.

Ballard Spahr LLP

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.

Practice head(s):

Patrick Gillard; Steve Park

Other key lawyers:

Dirk Michels; Raymond Faricy; Bruce Johnson; Katie Leesman; Matt Vantusko

Key clients

BayWa r.e. USA, LLC

Work highlights

  • Served as acquisition counsel for BayWa r.e. USA LLC in its acquisition of Enable Energy.

Bracewell LLP

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.

Practice head(s):

Thomas Tomlinson

Other key lawyers:

Ryan Holcomb; Hans Dyke; Danielle Garbien; Martha Kammoun; Alan Rafte

Testimonials

Bracewell has done a very nice job endearing themselves to their client, understanding our needs and positioning themselves to react quickly to our legal issues. Their insight, expertise, and value rank second to none.’

Bracewell’s energy and regulatory teams understand the industry incredibly well, helping navigate troubled waters towards our success and goals.

Bracewell collaborates well with our in-house team, and accepts our goals as theirs, working well towards a common purpose.

Key clients

Equinor

Sol Systems LLC

Affiliate of Upper Bay Infrastructure Partners

Invenergy LLC

Star America Infrastructure Partners, LLC, Edgemoor Infrastructure & Real Estate LLC and Hayat Brown LLC

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

Banobras

TC Energy Corporation

Phillips 66

Permian Highway Pipeline, LLC (a joint venture between Kinder Morgan Texas Pipeline and EagleClaw Midstream Ventures)

Kinder Morgan, Inc.

Holly Energy Partners, L.P.

Work highlights

  • Represented Equinor as US counsel in its $1.1bn agreement to sell to BP a 50% interest in the Empire Wind project and the Beacon Wind project off the US East Coast.
  • Representing Star America Infrastructure Partners, LLC, Edgemoor Infrastructure & Real Estate LLC and Hayat Brown LLC, as a consortium, in a bid for a P3 contract for the design, construction and long-term maintenance of six public schools in Prince George’s County, Maryland.
  • Advised TC Energy Corporation on the Government of Alberta’s $1.1bn equity investment and $3.54bn loan guarantee to support construction of the Keystone XL crude oil pipeline.

Cleary Gottlieb Steen & Hamilton

Sponsor side work is the focus for Cleary Gottlieb Steen & Hamilton, though the team is more than capable of advising all parties involved in complex, cross-border infrastructure and energy projects. The group has substantial expertise in advising public authorities on P3 projects relating to transport and utilities, and is particularly well regarded for its work on Latin American projects; this includes representing the Puerto Rico Public Private Partnerships Authority in a significant long-term project to update the territory's electric system. Richard Lincer is one of the teams key practitioners, having advised on traditional financing transactions as well as on P3 projects. Other key team members include Chantal Kordula and Adam Brenneman, both of whom are part of the team advising on the Puerto Rico project.

Other key lawyers:

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

Testimonials

Cleary is a very large firm that works on big projects but they treat even the smallest question we have as if we are their most important client.’

We work directly with Rich Lincer most often and he provides excellent legal and general business advice.’

Undisputed leader in Latin America-related work.’

Richard Lincer and Adam Brenneman are top, top finance lawyers with deep knowledge of the field and how to get tough deals through.

They have a good combination of structuring and industry expertise. Extremely good at bringing consensus amongst many parties.’

They really work to explain legal concepts to all stakeholders in a way that is very helpful and straightforward.

Key clients

The Puerto Rico Public Private Partnerships Authority (P3A)

Ports America Group Inc. (Ports America)

Brazilian National Bank for Social and Economic Development (BNDES)

Ad Hoc Group of Secured Project Finance Lenders

BlackRock Inc.

Work highlights

  • Advising Puerto Rico Public-Private Partnerships Authority on the transformation of Puerto Rico’s electric system through a multi-pronged strategy to rebuild the island’s energy system.
  • Advising Ports America Group Inc on the sale of its 30% interest in International Transportation Service Inc.
  • Advising Brazilian National Bank for Social and Economic Development on matters of non-Brazilian law arising in connection with its cross-border transaction.

Clifford Chance

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.

Practice head(s):

Lori Bean

Other key lawyers:

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

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

Solarpack

Paracel

Goldman Sachs

Citibank

SMBC

JP Morgan

UBS

Santander

Mizuho

Credit Suisse

Work highlights

  • Represented Commerzbank AG, New York Branch, in connection with the tax equity bridge financing of the 250MW Amadeus wind farm project to be constructed in Kent, Fisher and Stonewall Counties in Texas.
  • Advised Goldman Sachs and IDB Invest on the complex hybrid financing for the construction of the first toll road awarded under the PPP scheme in Paraguay.
  • Advising IDB, FDN, Banco Davidienda and Bancoldex as lenders on the financing of the $650m greenfield multipurpose port facility located in the Gulf of Urabá, Antioquia, Colombia.

DLA Piper LLP (US)

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 CarrollAndrea 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.

Practice head(s):

Robert Gruendel; Dino Barajas; Gregory Smith

Other key lawyers:

Vanessa Richelle Wilson; Glenn Reitman

Testimonials

DLA Piper offered a very lean team which represented good value for money. Their US renewables credentials were obvious and we had confidence in their analysis of relevant project documents.’

Vanessa Wilson was our main point of contact. Vanessa’s patient disposition and depth of experience was much appreciated by our team, most of whom speak English as a second language. Vanessa has an assertive, no-nonsense style but is not overbearing and was willing to go the extra mile to ensure that our team understood every nuance of an issue.

In-depth knowledge and extensive experience in the project finance transactions in the US. Clear guidance and problem solving oriented team. Exceptional performance.’

Availability at any time, responsiveness and charisma to lead a complex transaction.

Key clients

Canadian Solar Inc.

Mitsubishi Corporation

Diamond Generating Corporation

Sonnedix USA Limited

U.S. International Development Finance Corporation (DFC, formerly Overseas Private Investment Corporation (OPIC))

International Finance Corporation (IFC)

Export-Import Bank of Korea (KEXIM)

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

Inter-American Development Bank (IDB) and Inter-American Investment Corporation (IDB Invest)

CDC Group PLC (CDC)

African Development Bank (AfDB)

HSBC

Work highlights

  • Advising Canadian Solar on the development and financing of the Cafayate solar project in Argentina.
  • Serves as lead counsel to DFC for all aspects of the development, construction, operation and maintenance of three solar projects in India sponsored by ReNew Power.
  • Represented IDB Invest in the financing for the deployment of the Mexican Government-sponsored Red Compartida public private partnership.

Gibson, Dunn & Crutcher LLP

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.

Practice head(s):

Tomer Pinkusiewicz

Other key lawyers:

Anita Girdhari

Key clients

Cintra Infrastructures

Meridiam Infrastructure North America

Autopistas Metropolitanas de Puerto Rico

Denver Great Hall, LLC

Sacyr

Ferrovial Aeropuertos S.A.

Macquarie Infrastructure and Real Assets

NTE Mobility Partner LLC

Shikun & Binui

LBJ Infrastructure Group LLC

Stonepeak

Ceres Terminals Holdings LLC

Purple Line Transit Partners LLC

Work highlights

  • Advised NTE Mobility Partners LLC on the issuance of $1.2bn aggregate principal amount of senior lien private activity bonds by the Texas Private Activity Bond Surface Transportation Corporation.
  • Represented Denver Great Hall, LLC in connection with its initial negotiation of the Development Agreement with the City and County of Denver.
  • Advised Sacyr on the redevelopment and modernization of the Materials Innovation and Recycle Authority (MIRA) facility in Hartford, CT.

Hogan Lovells US LLP

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.

Practice head(s):

Jorge Diaz-Silveira

Other key lawyers:

Brian Chappell; David Locasio; Darcy Bisset

Testimonials

The firm has a very commercial focus and is a real asset in getting deals over the line not just being ridged to a specific engagement letter. They are a real addition to the internal team and are very practical in their approach to achieving the desired result without creating unnecessary billing hours. I have really found Hogan Lovells to be the most commercial legal team in the market.

I have worked with David Locascio on a large number of transactions in the last two years and it is always a pleasure. He is very professional, commercial, always available and goes above and beyond in his service delivery. He is often the lynch pin that pulls the deal together in the last few days and is the voice of reason when at the wire.’

Dave Locascio is stellar. He is intelligent, has depth of knowledge, is super efficient in his work, reasonable in his billed hours, comprehensive, reliable and responsive. Dave actually has detailed knowledge of the transaction he works on as opposed to many other law firms where the partner relies on associates to do the reading and identify issues.

Key clients

Gulf Pacific Power

esVolta

Regional Transportation District (Colorado)

US International Development Finance Corporation (DFC)

Inter-American Development Bank

Enel Green Power North America

Savion

International Finance Corporation

Candela Renewables

Constellation Energy Commodities Group

Work highlights

  • Assisted Gulf Pacific Power with the acquisition of an 80% equity interest in a portfolio of wind energy generating facilities from Enel Green Power and GE Energy Financial Services.
  • Advised DFC on a complex financing for the expansion of Africell, a leading and innovative African telecom provider, in four countries.
  • Advised IDB Invest on the project financing of a wastewater treatment project in northern Brazil.

Hunton Andrews Kurth LLP

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.

Practice head(s):

Jeffrey Schroeder

Other key lawyers:

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

Key clients

Duke Energy Corporation

DTE Energy

Work highlights

  • Represented Advised Corporation in its acquisition of 37 mega-watts of fuel cell projects from Bloom Energy, with off-take arrangements with commercial and industrial customers.
  • Advised DTE Energy Services, Inc. as lead sponsor’s counsel on the Dearborn Campus Energy Infrastructure Project.
  • Advised DTE Energy Services, Inc. on its purchase of an 8MW combined heat and power generation facility.

King & Spalding LLP

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.

Practice head(s):

Scott Greer; Brandon Dalling

Other key lawyers:

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

Testimonials

Significant experience in power project finance including power hedging.’

Brandon Dalling has significant experience with merchant power project financings. His prior experience at top law firms within power PF as well as within Lehman/Barclays commodities group is unique.’

Key clients

8minute Renewables LLC

Bayport Polymers, LLC

Capital Dynamics

Cheniere Energy

Chevron Corporation

Clear Creek Resources Partners

Commonwealth LNG

Competitive Power Ventures

Freeport LNG

LNG Canada

LNG Quebec

Luxe Energy LLC

Mitsui & Co., Ltd.

Motiva Enterprises LLC

Nacero LLC

NextDecade Corporation

PetroRio S.A.

Puerto Rico Electric Power Authority

Sierra Oil and Gas, S. de R.L. de C.V.

Woodfibre LNG

Work highlights

  • Advised Capital Dynamics on all aspects of the acquisition and financing of the Hornet transaction, an operating 300MW solar generation portfolio from affiliates of LS Power.
  • Advised Starwood Energy Group on all aspects of an acquisition and financing of an interest in the Gulf Coast Ammonia project.
  • Advised Global Clean Energy on all aspects of development, construction and financing of its Bakersfield Renewable Diesel Project.

Kirkland & Ellis LLP

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.

Practice head(s):

Rohit Chaudhry

Other key lawyers:

Roald Nashi; Brian Greene; Kelann Brook Stirling

Key clients

AES Capital AG

Apollo Global Management

Ares Management

BCE-Mach

Blackstone

Brookfield Asset Management

Credit Suisse

Cypress Creek

EIG Global Energy Partners

Energy Capital Partners

EQT

Goldman Sachs

GSO Capital Partners

I Squared Capital

ING Capital

Investec

KKR

Longview Power

Macquarie Capital

MUFG

Nomura Corporate Funding Americas, LLC

Oaktree Capital Management

Sumitomo Mitsui Banking Corporation

True Green Capital Management

Warburg Pincus

Work highlights

  • Advised KKR on its definitive agreements with NextEra Energy Resources  and NextEra Energy Partners, LP (to acquire a significant interest in an approximately 1,625 net megawatt portfolio of 12  wind and solar assets.
  • Advised lenders on an approximately $3.4bn refinancing for Train 3 of the Freeport LNG facility.
  • Represented GSO Capital Partners and Blackstone Insurance Solutions, both affiliates of The Blackstone Group Inc., in a recapitalization to Altus Power America.

Latham & Watkins LLP

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.

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

LS Power

Cheniere Energy Partners

WhiteWater Midstream

DESRI Portfolios Financing, LLC

W2W Finance LLC

Ørsted A/S

CPV Three Rivers

Maplewood Holdings LLC

ArcLight Capital Partners

Borrowed Sunshine, LLC

Vivint Solar Inc

8minute US Solar Holdings, LLC

Hillcrest Equity Holdings, LLC

Ares-EIF Management, LLC

Pin Oak Corpus Christi, LLC

AES Southland Energy Holdings II, LLC

MRP Calpeak / MRP West Power Holdings, II, LLC

ConnectGen Goldfinger I, LLC

MUFG

Jefferies

Citigroup

Morgan Stanley

Sumitomo Mitsui Banking Corp

Orion Energy Partners

AMP Capital

Ares-EIF

NatGas Hamilton Investor

KROP IFS Holdings

Tenaska Lotus Holdings

Work highlights

  • Advising MUFG Bank, Ltd. on a $1.1bn project financing in connection with multiple geothermal facilities located in Sonoma County and Lake County, California.
  • Advising on a LS Power, LLC on a $300m project financing in connection with a portfolio battery energy storage systems in the County of San Diego, California.
  • Assisting Citigroup Global Markets Inc. with a $3bn project bond offering in connection with the refinancing of existing indebtedness for a natural gas liquefaction facility in Cameron Parish, Louisiana.

Mayer Brown

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.

Practice head(s):

Paul Astolfi; Joseph Seliga; Robert Goldberg

Other key lawyers:

Nadav Klugman; Barry Machlin; Eric Pogue; John Tormey; Mark Williams; Carl Von Merz; Robert Greenberg

Key clients

ACS Infrastructure Development, Inc.

California High Speed Rail Authority

City of Chicago

Plenary Group

Wells Fargo Central Pacific Holdings, Inc.

John Hancock Life Insurance

Leeward Renewable Energy

Longroad Energy Partners

Invenergy

Celeo Redes

Work highlights

  • Advised Wells Fargo Securities, as designated underwriter’s counsel for the winning bidder, Gilcrease Developers, LLC, on the Oklahoma Turnpike Authority’s Gilcrease Expressway West build-finance public-private partnership project in Tulsa, Oklahoma.
  • Advised Morgan Stanley on the issuance of $2.7bn in surface transportation PABs for the Brightline East passenger rail project.
  • Advised CRC Transmisión SpA on the financing of a portfolio of transmission projects in Chile totaling more than 550km of transmission lines and eight substations.

McGuireWoods LLP

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.

Practice head(s):

Brian Kelly; Brennen Keene; Durham McCormick

Other key lawyers:

Timothy Callahan

Key clients

KeyBank National Association

Caprock Renewables

Dominion Energy Inc.

Work highlights

  • Represented Centrica plc in a tax equity investment relating to a portfolio of 31 rooftop solar installations planned for Walmart Inc. stores across the US.
  • Represented Dominion Energy in working with Virginia school districts to deploy electric school buses.

Milbank

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.

Practice head(s):

Daniel Bartfeld; Jonathan Green

Other key lawyers:

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

Work highlights

  • Represented institutional investors in a $560m private placement financing for the Sidney A. Murray, Jr. Hydroelectric facility, a 192MW, run-of-river hydroelectric station located in Concordia Parish, Louisiana.
  • Represented the note purchasers in the A$800m senior secured note offering for the financing of the South Hedland combined-cycle natural gas electrical generation facility in Western Australia.
  • Represented LS Power in its acquisition of the 1,124MW Hummel Station Power Plant from Panda Power Funds and Siemens Financial Services.

Morgan, Lewis & Bockius LLP

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.

Practice head(s):

Rick Filosa; John Klauberg

Other key lawyers:

Michael Müller; Elizabeth Hanigan

Key clients

Ares Management

Bank of America

Caithness Energy

ENMAX Corporation

Korea Electric Power Corporation

Invenergy

National Grid

Walden Renewables Development LLC

South Jersey Industries

Exelon

Work highlights

  • Advised Caithness Energy & Apex Power on a $1.6bn development and project financing of the combined-cycle, natural gas-fired generation Guernsey Power Station project.
  • Advised ENMAX on the $1.3bn acquisition of Emera Maine, a regulated electricity transmission and distribution utility in Maine.
  • Advised Emerald Energy Venture LLC on the purchase and sale of renewable energy projects.

Morrison & Foerster LLP

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.

Practice head(s):

Frederick Jenney

Other key lawyers:

Elizabeth Sluder; Julia Balas

Key clients

EDF Renewables

Vision Ridge Partners, LLC

Generate Capital

U.S. Department of Energy

Virgo Investment Group

Andean Telecom Partners

Work highlights

  • Advised US Department of Energy on a limited recourse project financing of the Ivanpah project.
  • Representing Generate Capital in a $870m fundraising to continue to scale its renewable, sustainable infrastructure fleet.
  • Advised Andean Telecom Partners on a $170m syndicated senior secured financing

Norton Rose Fulbright

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.

Practice head(s):

Keith Martin; Ben Koenigsberg

Other key lawyers:

Todd Alexander; Noam Ayali; Rob Eberhardt; David Burton; Paul Weber; Marissa Leigh Alcala; Ikenna Emehelu

Key clients

Copenhagen Infrastructure Partners

Lightsource BP

Orsted Onshore North America

Hannon Armstrong Sustainable Infrastructure

Longroad Energy

Leeward Renewable Energy

BayWa r.e.

Origis Energy

GE Energy Financial Services

Macquarie Capital

Work highlights

  • Represented Lightsource BP, as borrower and sponsor, in relation to the tax equity and debt financing of the 300MW Bighorn Solar Project under construction in Pueblo County, Colorado.
  • Represented the sponsors in relation to the debt and tax equity financing and hedging arrangements for the 336MW Escalade Wind Project in Texas.
  • Represented Hana Financial Investment Co., Ltd., a Korean lender, in the $167m debt financing for a 100MW/400MWh Ventura energy storage facility under development in Oxnard, California.

Nossaman LLP

When it comes to P3 work, Nossaman LLP has one of the most impressive offerings in the US. The group advises on substantial and innovate projects at all stages of development, and is particularly noteworthy for its work with public authorities. Of recent note, the team has acted for clients such as the City of Los Angeles and the Port Authority of New York, in infrastructure projects involving ports, toll roads and railways from the procurement stage through to construction and maintenance. Practice head Patrick Harder advises on both private and public infrastructure projects across numerous jurisdictions, and is frequently consulted to assist with particularly complex and novel issues relating to P3 structures.

Practice head(s):

Patrick Harder

Other key lawyers:

Corey Boock; Yukiko Kojima; Liz Cousins; Brandon Davis

Key clients

City of Los Angeles/Los Angeles World Airports

San Diego Association of Governments

The Regents of the University of California

Port Authority of New York and New Jersey

Indiana Finance Authority (IFA)/Indiana Department Of Transportation

Santa Clara Valley Transportation Authority

City of Inglewood

Nebraska Department of Transportation

Work highlights

  • Advising Los Angeles County Metropolitan Transportation Authority on the development of the Sepulveda Pass Rail Transit project.
  • Advising the City of Inglewood on a $1.1bn elevated fixed guideway rail project.
  • Advised the University of California on a $1.3bn project to accommodate growth of the university system’s newest campus from the current 6,700 students to 10,000 students by 2020.

O'Melveny & Myers LLP

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.

Practice head(s):

Eric Richards; Gregory Thorpe

Other key lawyers:

Elizabeth Dubeck; Denise Raytis

Testimonials

This team has a unique understanding of all issues relating to airport project development and financing, which is the core of our company’s business in the U.S.’

Eric Richards and Elizabeth Dubeck are both very experienced in project development and financing in the airport industry. They are familiar with innovative methods of project delivery and are able to work with us on structures that are not the standard in the U.S. market. When working with them, we feel confident that we are getting the best legal advice for an airport development project.’

Key clients

American Airlines

California High Speed Rail Authority

Delta Air Lines

LaGuardia Gateway Partners

Oaktree Capital Management

Protea Waterfront Development LLC

Regional Airports Improvements Corporation

Terminal One Group Association

United Airlines

Vantage Airport Group

Work highlights

  • Advising the California High Speed Rail Authority on its multibillion-dollar project to develop a high-speed passenger rail system in California.
  • Advising LaGuardia Gateway Partners on its redevelopment of the Central Terminal at New York LaGuardia Airport.
  • Advised JP Morgan on the issuance of over $2.5bn in tax-exempt and taxable bonds for the University of California.

Orrick, Herrington & Sutcliffe LLP

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.

Practice head(s):

Blake Winburne; Dahl Thompson; Les Sherman; Daniel Mathews;

Other key lawyers:

Young Lee; Vincent Casey; Irma Foley

Key clients

The Port Authority of New York and New Jersey

Macquarie Capital

Fluor Enterprises, Inc.

Skanska Infrastructure Development USA

I Squared Capital

Meridiam Infrastructure North America

InfraRed Capital Partners

IFM Investors Pty Ltd

Kiewit Infrastructure

Veolia North America

Star Americas

Empire State Development Corporation

Work highlights

  • Represented ENGIE North America in connection with tax equity financing in a portfolio of seven wind projects located in Texas, Kansas, South Dakota and Oklahoma.
  • Assisted US Wind, with a complex financial transaction with funds managed by Apollo Global Management, for a total equity and convertible debt investment of $265m.
  • Advised Southwest Generation on a $680m acquisition and financing of the Mankato Energy Center, a 720 MW natural gas-fired power plant located in Mankato, MN.

Paul Hastings LLP

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

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.

Practice head(s):

Mona Dajani; Robert James

Other key lawyers:

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

Key clients

1st Avenue Capital, LLC

AECOM Capital

BNP Paribas

Brookfield Renewable Energy Partner

Chevron

Clark Realty Capital

CMS Enterprises Company

Deutsche Bank

Emirates Nuclear Energy Corporation (ENEC)

Genentech, Inc

Holtec International

JP Morgan Chase

Marubeni Corporation

Mitsubishi Hitachi Power Systems Americas Inc.

MVP Capital

NextEra Energy Resources Inc

Osaka Gas

Recurrent Energy, LLC

Sunrun

Tenaska, Inc.

Tesla

Work highlights

  • Represented CMS Energy in the acquisition of a majority stake in the Aviator Wind project.
  • Advised Serving Plus Power on the bidding, contract negotiation, tax structuring, development, and financing of the Kapolei Energy Storage project.
  • Represented Mitsubishi Hitachi Power Systems in an agreement with Key Capture Energy and Powin to build three utility-scale battery storage systems totaling 200MW in Texas.

Shearman & Sterling LLP

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.

Practice head(s):

Gregory Tan

Other key lawyers:

Cynthia Urda Kassis; Robert Freedman; Alexandro Padrés; Denise Grant; Augusto Ruiloba; Robert O’Leary

Testimonials

Very capable, commercial, efficient

Cynthia Urda Kassis is particularly effective – she strenuously and effectively defends client position.

Key clients

Investec Bank plc

Den Norse Bank

Banco Santander, S.A.

Natixis

MUFG Bank & Citigroup

Barclays Bank

Engie Latin America

MUFG Bank, Ltd.

U.S. Environmental Protection Agency

U.S. Department of Transportation

Orion Mine Finance

Scotia Capital

BNP Paribas

Work highlights

  • Represented Investec Bank plc, as Administrative Agent, and the lenders providing $540m of senior secured credit facilities to Stonepeak New England Power LLC to finance the operation of a portfolio of oil and natural gas-fired power plants.
  • Advised Den Norse Bank on an approximately the $542m senior secured financing of a portfolio of three wind and two solar PV projects.
  • Advised ENGIE and its affiliates on the limited recourse project financing and related interest rate hedging in respect of four solar parks and two wind farms in Mexico

Sidley Austin LLP

Sidley Austin LLP represents contractors, lenders, sponsors and credit agencies in financing transactions relating to a diverse range of industries. Cliff Vrielink and David Asmus are contacts in the Houston office.

Simpson Thacher & Bartlett LLP

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.

Practice head(s):

David Lieberman

Other key lawyers:

Ravi Purohit; Amy Beller

Testimonials

We work with David Lieberman. He is very knowledgeable of documentary requirements of client. He is also very good at managing diverse lenders and ensuring consensus on key legal and business points

Knowledge of client requirements and ability to focus key issues’

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 Stonepeak Infrastructure Partners on the financing related to its $1.3bn investment in Venture Global LNG, Inc.’s  10 million tonnes per annum Calcasieu Pass LNG export facility.
  • Advising a consortium of investors on its investment in ADNOC gas pipeline.
  • Advised funds managed by Blackstone Infrastructure Partners on the acquisition of an approximately 42% stake in Cheniere Energy Partners, L.P.

Skadden, Arps, Slate, Meagher & Flom LLP

The finance team at Skadden, Arps, Slate, Meagher & Flom LLP advises on energy development projects of various types, including solar, wind, LNG and oil and gas. On the lender side, the team is frequently consulted by leading investment banks looking to make investments into renewable energy initiatives. Its sponsor-side work covers all stages of a project's life cycle, from initial financing through to construction and maintenance issues. Lance Brasher heads up the department and manages the firm's relationship with many of its largest lender-side clients. Other key team members include David Armstrong, who divides his time between the New York and Toronto offices, Washington DC-based Paul Kraske and tax specialist Sean Shimamoto.

Practice head(s):

Lance Brasher

Other key lawyers:

David Armstrong; Sean Shimamoto; Paul Kraske

Sullivan & Cromwell LLP

Sullivan & Cromwell LLP has a strong reputation for advising sponsors on all aspects of development finance. The group is experienced in handling projects with multiple sources of financing, including commercial banks, export credit agencies and project bonds. Inosi Nyatta is a contact in the team.

Troutman Pepper

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.

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

Geronimo Energy (National Grid)

The Huntington National Bank

Spruce Finance

EDF Renewable Energy

Consolidated Edison Development, Inc.

Dominion Energy

BNRG Renewables

Generate Capital, Inc.

Leandlease Energy Development LLC

M&T Bank

I Squared Capital

Work highlights

  • Advised Duke Energy Renewables on the purchase and project financing of the 200MW Holstein solar project from 8minute Solar Energy.
  • Represented Geronimo Energy in a tax equity financing for the 194MW Green River Wind Farm.
  • Represent Consolidated Edison Energy, Inc. and Con Edison Development CEI in bankruptcy proceedings.

Vinson & Elkins LLP

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.

Practice head(s):

Kaam Sahely; John Connally

Other key lawyers:

Mark Brasher; Keith Fullenweider; Karen Smith; David Wicklund; Eamon Nolan; Alan Alexander; Trina Chandler

Testimonials

‘The team was willing to find solutions vs. simply argue their contractual preferences.’

‘Mark Brasher and Team were very solution focused and willing to be creative in negotiations to achieve a win-win, as opposed to a zero sum.’

Key clients

AltaGas Ltd.

Ares Capital Corporation

Arroyo Energy Investment Partners, LLC

Avenue Capital

Babson Capital

Bechtel

Blackstone Energy Partners

Buckeye Partners LP

California Resources Corporation

The Carlyle Group / The Carlyle Group – Renewable and Sustainable Energy Fund

Cheniere Energy

Chevron Phillips Chemical Company LLC

Clean Line Energy Partners LLC

DCP Midstream

Devon Energy Corporation

Direct Energy

EagleClaw Midstream Ventures, LLC

Enbridge

Enviva Development Holdings, LLC / Enviva Partners

Enviva Holdings, LP

EQT Corporation

ExxonMobil

Global Atlantic Financial Group

Goldman Sachs and Co.

Goldman Sachs’ Renewable Power Fund

GSO Capital Partners

Gulf Coast Ammonia

Investec

LNG 21, LLC

Lone Star

LS Power

Macquarie Infrastructure and Real Assets

Morgan Stanley Infrastructure

New Fortress Energy

Noble Energy, Inc.

Oncor Electric Delivery Company LLC

Pattern Energy Group Holdings LP

Pattern Energy LP

Plains All American Pipeline

Quantum Utility Generation

Riverstone Holdings

SandRidge Energy

Saudi Aramco

SemGroup Corporation

Sixth Street Partners

Sundevil Power Holdings LLC

Talen Energy Corporation

Tellurian, Inc.

Temple Generation

TPG Special Situations Partners

Tyr Energy

Wayzata Investment Partners LLC

Woodside Petroleum

Work highlights

  • Advised Gulf Coast Ammonia LLC (GCA) on all aspects of the development and project financing for GCA’s world-scale anhydrous ammonia plant in Texas.
  • Advising Chevron Phillips Chemical Company LLC on its agreement with Qatar Petroleum to jointly pursue development of a new petrochemical plant in the Gulf Coast.
  • Advised Jefferson Gulf Coast Energy Partners on the development of the 14 mile Southern Star Pipeline and the 5.8-mile Jefferson Cushing-Permian Basin Crude Connector crude pipeline in Beaumont, Texas.

White & Case LLP

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.

Practice head(s):

Nandan Nelivigi

Other key lawyers:

Arthur Scavone; Clark Wohlferd; Jason Webber; Dolly Mirchandani; Elena Millerman

Key clients

Abu Dhabi Future Energy Company PJSC ‐ Masdar

ACS

AIG Asset Manager

Akuo Energy

Antin Infrastructure Partners

Avangrid Renewables, LLC No Banco Santander

BNP Paribas

Calpine Corporation

Carlyle Power Partners

CIBC No CIT Bank

Credit Agricole Corporate and Investment Bank

Deutsche Bank

EFS Cogen

EIG Global Energy Partners

Energia del Pacifico

Federal Highway Administration of the US Department of Transportation

IBT Group

ING Capital

Intesa Sanpaolo

Invenergy

JLC Infrastructure

Korea Development Bank

Korea Hydro & Nuclear Power

Macquarie Miya Water Mizuho Bank, Ltd.

Morgan Stanley Infrastructure Partners

MUFG Bank

Nautilus Energy Partners and Samay I S.A.

OSU

Tellurian Inc.

Termocandelaria Power Ltd.

Transit Wireless

Vista Ridge LLC

Work highlights

  • Advised Crédit Agricole CIB, CIT Bank, ING Capital and Siemens Financial Services as lenders on the $153.9m financing of a 570MW natural gas‐fired combined‐cycle electric generating plant located in Arizona.
  • Advised MUFG Bank, CIBC, National Bank of Canada and AIG Asset Manager on the financing of the Consolidated Rent‐A‐Car P3 project at Newark International Airport.
  • Advised the US Department of Transportation on a secured loan to the Oklahoma Turnpike Authority in connection with a tolled highway on the west side Tulsa,

Winston & Strawn LLP

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.

Practice head(s):

Alan Hoffman; Michael Pikiel

Other key lawyers:

Laurae Rossi; Rich Shutran; Jason Hellwig; Patrick Selinger

Testimonials

‘Strong experience on both the sponsor/equity side and also the lender side typically makes their advice more reasoned and well-considered. It allows their team the ability to provide balanced solutions to problems – while still being able to fight for their clients where it matters.’

‘Mike Pikiel is not only just great counsel – he is trustworthy on both sides of the table. Through experience on both sides of the table, he is able to present reasoned, balanced solutions to challenges.’

‘Mike’s team of associates are excellent. Their support is seamless.’

‘Mike Pikiel and team are well experienced project finance lawyers with wide-ranging roles across the U.S. P3 market. Compared to other firms, Winston remains a commercially thoughtful, engaged company that finds middle ground solutions for the success of a project. I view this ability to have a commercial approach as a key strength for WS, well beyond some other firms that focus more on nuanced legal points.’

‘Mike Pikiel is the lead project finance partner and strong client advocate in this space. I always enjoy working with Mike and find his center-of-the-road approach very good for getting projects bid well and executed. Dan Shapiro is a senior associate and one of the best associates I know in the space. Dan works diligently, hits every deadline, knows how to flag both legal and commercial considerations for review and is generally an excellent lawyer. Dan’s dedication makes the team hum.’

Key clients

Occidental Petroleum Corporation

Canadian Imperial Bank of Commerce

Empire State Thruway Partners LLC

Barclays Capital Inc.

Oak View Group

AxInfra US LP (Axium Infrastructure)

Fengate Capital Management Ltd.

Meridiam Infrastructure

Walsh Investors, L.L.C.

Work highlights

  • Advised Occidental Petroleum Corporation on purchasing privately placed notes issued in connection with the acquisition of certain producing trona mineral interests located in Sweetwater County, Wyoming.
  • Advised Empire State Thruway Partners on the redevelopment, finance, operation, and maintenance of 27 service plazas along a 570-mile stretch of highway in New York State.
  • Advised Canadian Imperial Bank of Commerce on a $437m senior secured credit facility.