Project finance in United States

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.

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.

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‘.

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.

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.

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.

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.

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.

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.

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; Sebastian Chan, who joined from Skadden, Arps, Slate, Meagher & Flom LLP a month later; and Jared Joyce-Schleimer, a December 2021 recruit from 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.

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.

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.

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.

Norton Rose Fulbright ‘is 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.

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.

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.

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.

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.

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.

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.

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.

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.

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.