Project finance in United States
Akin Gump Strauss Hauer & Feld LLP is a popular choice, particularly among sponsors, for support on major power and renewables projects. The firm represents a broad range of developers, funds and investors on conventional, wind, and solar projects, as well as energy storage developments and community solar deals. The group's lawyers are well versed across a range of key areas, including debt and tax equity financings. The firm is also doing an increasing amount of work for lenders such as SunTrust Bank and Royal Bank of Canada. The team is jointly led by Daniel Sinaiko in Los Angeles and John Marciano in Washington DC. Other key individuals include Thomas Dupuis and Greg Lavigne in New York.
‘Most commercially and solution minded team in the market. Go-to for structuring deals that will work’
‘John Marciano, best structuring lawyer in the market, as recognized by all advisors’
Engie North America
Goldman Sachs Renewable Power
PNC Energy Capital
Royal Bank of Canada
Distributed Solar Development, a GE Renewable Energy Venture
Cubico Sustainable Investments
Lincoln Clean Energy
D.E. Shaw Renewable Investments (DESRI)
- Advised AES Distributed Energy on the formation and project funding related to the Lāwa’i Solar and Energy Storage Project in Hawaii, the largest operational solar and storage system in the world.
- Represented Goldman Sachs Asset Management in its acquisition of the 193MW SunTap I and SunTap II operating solar portfolios from KKR and Recurrent Energy.
- Represented a joint venture between CarVal Investors and CleanCapital in a $300m warehouse loan facility to finance the acquisition and ownership of operating distributed generation solar facilities across the United States.
- Advised ENEOS Power on its acquisition of a 15% interest in the $1.3bn 1,182MW natural gas-fired South Field Energy project from Advanced Power.
- Assisted SunTrust Bank in its tax equity investment in the Holstein solar project, a 200MW solar project located in Nolan County, Texas.
Allen & Overy LLP has a highly versatile practice that is equally comfortable advising sponsors and lenders on a broad range of power, infrastructure, and PPP projects. The team is also noted for its ability to handle major cross-border project financings, with a strong focus on Latin America, as well as major domestic developments in the utilities and transport sectors, as demonstrated by its role advising the sponsors on the Terminal One redevelopment at JFK Airport in New York. The team is led out of New York by the highly experienced Kent Rowey, who is especially active on the PPP and infrastructure front. Dorina Yessios, also in New York, has strong expertise in energy, renewables, and infrastructure projects throughout Latin America, as does Sami Mir in Washington DC. Former projects partner David Slade left to become General Counsel of the Export-Import Bank of the United States.
Airglades International Airport
ENGIE North America
Conrac Solutions Capital
China Harbour Engineering Company
Carlyle Infrastructure Partners
Meridiam Infrastructure North America Corporation
Munich Airports International
Dutch Infrastructure Fund
BNP Paribas Fortis
Inter-American Investment Corporation (IDB Invest)
International Finance Corporation (IFC)
Eksport Kredit Fonden (EKF)
Finnvera Oy (Finnvera)
Société de Promotion et de Participation pour la Cooperation Economique SA (Proparco)
- Advised Axium Infrastructure US and ENGIE North America in their successful bid for the long-term lease and concession of Ohio State University’s utility system.
- Assisted BBVA, BNPP, Citibank, Deutsche Bank, HSBC, JP Morgan and Santander in a $1.3bn CESCE-backed export facility to Petróleos del Perú – Petroperú SA to be used in the modernization of an oil refinery located in the city of Talara, Peru.
- Advised the lenders Bancomext, BBVA, Credit Agricole, EKF, Natixis and Proparco on the $650m portfolio financing of four solar plants and two wind farms being developed in Mexico by ENGIE Mexico.
- Represented Airglades International Airport on its development of an international perishables cargo airport in Hendry County, Florida.
- Advised the sponsor consortium, led by Carlyle Infrastructure Partners, on the financing, construction, operation, and maintenance of the redevelopment of Terminal 1 at JFK airport, with an estimated total cost of $9bn.
Ashurst LLP has an extremely good reputation for US-based P3 project finance work. The team, which works out of New York, is especially active representing government agencies and local public authorities on a range of major transport, housing, health, utilities, and municipal buildings projects. The firm also acts for several private sector funds and sponsors, and has strong expertise acting for lenders. Lawyers have experience across a range of structures, including tax equity financings. Andrew Frasier jointly leads the team with Betty Cerini, who is also experienced in Latin America-related projects. Partners such as Matthew Rickards and Anna Hermelin, who arrived from the firm's Tokyo office, and Matthew Tague, who is experienced on the tax equity side, have also built up a good track record for social and transport infrastructure work.
Georgia Department of Transportation
The Port Authority of New York and New Jersey (PANYNJ)
Honolulu Authority for Rapid Transportation
Maryland Department of Transportation
City of Los Angeles
Jefferson Parkway Public Highway Authority
The Fargo-Moorhead Metro Flood Diversion Authority
- Advising the Georgia Department of Transportation on its $10bn Major Mobility Investment Program, including procurement of the SR400 Express Lanes Project.
- Representing the Port Authority of New York and New Jersey in respect of the $550m Consolidated Rent-A-Car Project, which will allow for over 3,000 parking spaces, the installation of a solar rooftop panels, and electrical vehicle charging stations.
- Advising the City of Los Angeles on the formation of a joint public-private partnership to construct the $1.2bn Los Angeles Civic Building Project.
- Assisting the Maryland Department of Transportation on the $9bn I-495/I-270 PPP Program.
- Lead legal adviser to the Los Angeles Metropolitan Transportation Authority on its $1.4bn West Santa Ana Branch Transit Corridor PPP project, the first PPP project to be procured by LA Metro.
Baker McKenzie LLP is praised for its 'accessibility' and its 'customer and solution oriented approach'. Clients naturally benefit from the firm's massive global reach, allowing seamless access to key regions and jurisdictions, including Latin America where the team has an impressive track record. Energy, power, and renewables projects, including energy storage solutions, form a key part of the firm's offering, although lawyers also have good expertise in major transport infrastructure projects. The team has a good balance between borrower and lender work, and Chicago-based partners José Morán and James O’Brien, who jointly lead the team with New York's Clyde Rankin, regularly sit on both sides of the table. In New York, Margarita Oliva Sainz de Aja is noted for her strong Latin America expertise and chairs the firm's Latin Finance Practice, while Mark Tibberts has a good track record in energy infrastructure projects.
Other key lawyers:
‘Good accessibility – customer oriented and solution oriented’
Aleatica, S.A.U. and Autopista del Norte SAC (AUNOR), subsidiaries of IFM
Bow Power (now Zero-E Dollar Assets)
Ergon Peru, SAC
J-POWER USA Investment Co
Acciona Energía, SA
Siemens Financial Services
BofA Securities and Barclays Capital
Vestas Mediterranean A/S and Vestas WTG
- Advice to Energía Renovable de la Península on the financing of a wind project in Mexico.
- Represented Ergon Peru on its $220m private placement of senior secured green notes, due 2034, to refinance the construction of off-grid photovoltaic systems.
- Advising Japan Airlines, an anchor tenant of the Terminal One Group Association at JFK Airport, on the $7.6bn redevelopment of the south end of JFK.
- Acted for J-Power on all aspects of the $940mm 1100MW combined cycle Jackson Generation project in Illinois, which achieved financial close in 2019.
- Assisting Siemens Financial Services on its investment in a joint venture with SOO Green Renewable Rail and Copenhagen Infrastructure Fund for a proposed 349-mile, 2,100MW, 525KV high voltage direct current transmission line, which will be located along railroad tracks owned by Canadian Pacific.
Ballard Spahr LLP has a good track record advising sponsors and lenders on renewable power projects and related transactions. The lawyers have good expertise of developments, acquisitions, and refinancings. Recently the team has seen a lot of activity in the community solar and distributed generation space, and has advised investors in several multi-million dollar deals typically with a strong tax equity component. Patrick Gillard leads the team from Philadelphia, and partners such as Dirk Michels in Los Angeles, Raymond Faricy in Minneapolis, and Bruce Johnson in Las Vegas bring added depth to the firm's strong national practice.
Bracewell LLP has a highly versatile projects team led by Thomas Tomlinson out of the firm's Houston office. The practice is noted for its strong expertise across a range of areas, including major P3 infrastructure projects, as well as renewables, power, and oil and gas developments. The team regularly acts for sponsors and lenders, and is also noted for its strong track record advising on major developments in Latin America. The group will inevitably miss Jessica Adkins and former co-head Ron Erlichman who respectively joined Sidley Austin LLP's Houston and New York offices. Nevertheless, the firm has several highly experienced partners with strong experience, including Robin Miles and Fernando Rodriguez Marin (who is very active on the P3 infrastructure side) in New York. Alan Rafte in Houston and Hans Dyke in Washington DC are also noted for their strong energy expertise.
- Represented Edgemoor Infrastructure & Real Estate and Star America Infrastructure Partners, as sponsors, and Edgemoor-Star America Judicial Partners, as project company, on the Howard County, Maryland, Circuit Courthouse Project.
- Assisted Star America Infrastructure Partners, Edgemoor Infrastructure & Real Estate, and Hayat Brown in their bid for a P3 contract for the design, construction, and long-term maintenance of six public schools in Prince George’s County, Maryland.
- Advised Algonquin Power & Utilities Corp, as agent lender, and Liberty Utilities, as lender, on a long-term financing to a subsidiary of Abengoa Water that holds a 20% interest in the Vista Ridge P3 water project near San Antonio, Texas.
- Assisted Cosapi in connection with the $1bn+ refinancing of the bonds for the construction of line two of the Lima metro in Peru.
- Represented an affiliate of Upper Bay Infrastructure Partners in a joint venture with 8minutenergy Renewables, and JP Morgan Asset Management to provide over $200m in equity capital to support the company’s 10.7 gigawatt pipeline of utility solar and storage projects.
Cleary Gottlieb Steen & Hamilton
Cleary Gottlieb Steen & Hamilton receives high praise from its sponsor clients, who appreciate the firm's breadth of expertise, both in domestic and cross border energy and infrastructure projects. The highly versatile team works out of the firm's New York office, and is especially known for its Latin America expertise. The firm's work ranges from high-end finance, regulatory and procurement advice to government entities, through to major greenfield developments, acquisitions, and refinancings on behalf of developers and sponsors. Recently the team has been involved in several significant projects in the transportation space, including major port redevelopments. Among the partners, Richard Lincer and Adam Brenneman are singled out for praise by clients. Chantal Kordula has an extremely active Latin America practice, regularly advising on energy and infrastructure matters, while Jeffrey Lewis is highly experienced in mining and oil and gas. Richard Cooper is one of the firm's go-to partners for related refinancings and restructurings.
‘The level of expertise and the caliber of the team’s leadership together with the impressive level of commitment of the entire group made for a very productive, efficient and harmonious process’
‘The firm as a whole is an exceptional one. It’s reputation as a top law firm is well deserved’
‘Cleary has done an excellent job keeping track of all of the moving pieces and keeps our deals moving forward’
‘A valuable partner for us and a key adviser for our company’s strategy. Their industry knowledge and 360 degree view on any matter makes them second to none. We have utilized them for distinct transactions ranging from corporate debt, bond Issuance, M&A and business restructuring, and have received timely advice and responses’
‘Richard Lincer does exceptional work in project financing as well as in other matters. He is proficient, with a keen intellect and very good business acumen. His experience and availability on short notice make him an advisor most would want to have’
‘Mark Rotter is another example of a great lawyer. He is great at breaking down the transaction details into something that we can understand’
‘Adam Brenneman’s expertise and negotiating skills provided significant high level complementarity. Great team!’
DP World and Caucedo Development Corporation
Ports America Chesapeake
Puerto Rico Public Private Partnerships Authority (P3A)
Mexican Ministry of Finance and Mexico City Airport Trust (MEXCAT)
Petroquimica Comodoro Rivadavia
Brazilian National Bank for Social and Economic Development (BNDES)
- Represented a joint venture, comprising DP World and Caucedo Development Corporation, in connection with the $285m refinancing of the credit facility for its container terminal on the Caucedo Peninsula of the Dominican Republic.
- Advised Ports America Chesapeake on the $103m offering by Maryland Economic Development Corp, which will be used to finance some of the renovation of Berth III of the Seagirt Terminal, including purchasing and installing four new super post Panamax cranes.
- Acting for the Puerto Rico Public Private Partnerships Authority on the multi-billion dollar transformation of the country’s electric system, including the development of a legislative and regulatory framework for the procurement of related infrastructure projects.
- Represented BlackRock in the $245m refinancing of a project finance facility for the construction and development of its 130MW La Bufa wind farm in Zacatecas, Mexico.
- Advised the Mexican Ministry of Finance and Mexico City Airport Trust on its offers to purchase a portion of the $6bn of notes issued in relation to the now abandoned airport project.
Clifford Chance has a multi-faceted team that comes highly recommended for major international projects. The firm's impressive network of offices, including those in Europe and Latin America, help make it a leading force in major Latin American infrastructure and energy projects. Much of that work is led by the US team, which is headed out of Washington DC by the highly rated Lori Ann Bean. The practice is especially strong on the lender side, but is also growing on the sponsor front, and has in the past year represented several clients on US development projects in the petrochemicals and manufacturing space. Other key individuals working in the capital include Fabricio Longhin and Catherine McCarthy , who are well known for their Latin America expertise, as are Gianluca Bacchiocchi, Hugo Triaca, Chris Willott, and Guido Liniado in New York.
Other key lawyers:
‘Clifford Chance is an excellent law firm, characterized for their solvent and creative legal solutions, their availability, and their right attitude to attend the transactions’
‘The quality and efficiency of Catherine McCarthy and Alberto Haito’s work is exceptional’
‘The team has significant project finance expertise and LatAm market knowledge’
- Advised a major petrochemical manufacturer and the project company on the multibillion-dollar New York law financing for the development of a 5,850 MTPD methanol project to be located in South Louisiana.
- Advising a Czech industrial and energy company as sponsor on the $150m purchase and dismantling of two methanol production facilities in Brazil, and their shipment to and reassembly and upgrade in the United States.
- Advising the US Department of Energy’s Loan Programs Office and its portfolio management division on post-closing advice on several projects, including Desert Sunlight 250, Desert Sunlight 300, Genesis, Alamosa, Shepherds Flat, Ormat Nevada, Granite Reliable Power, Blue Mountain, and USG Oregon.
- Advised Goldman Sachs and the Inter-American Investment Corporation on the up to $657.6m hybrid financing for the Rutas 2 and 7 toll road project in Paraguay, which is owned by Sacyr Concesiones and Ocho A.
- Assisted UBS Securities on the first ever securitization, worth $732m, of government receivables related to an infrastructure project in Paraguay: the 277km Loma Plata – Carmelo Peralta segment of the Corredor Bioceanico road.
DLA Piper LLP (US) is extremely well positioned to handle a broad range of global infrastructure, renewables, and power projects. The firm's spread of international offices ensures that clients can receive a seamless service in far flung locations, with many of the projects led out of New York or Washington DC. The team acts for both lenders and sponsors, and in recent years has become one of the more favored destinations for export credit agencies and multilateral lenders, including the Export-Import Bank of the United States (US EXIM). Gregory Smith in Washington DC leads the team, which receives strong praise from clients. Vanessa Richelle Wilson is also popular with sponsors and lenders. Joseph Tato joined Covington & Burling LLP in 2020. Timothy Moran left the firm in October 2020.
‘Superb attention to detail, experience in the industry, and ability to be commercial’
‘Vanessa Wilson is excellent to work with’
‘I like that DLA Piper is a firm that speaks on point, in other words they give you clear answers for your questions’
‘Conrad Proulx is diligent, practical, polite and seeks equity to all parties. He possess high ethical standards and in all our transactions he has found the best way to devise solutions for all issues’
CIT Bank, Sumitomo Mitsui Banking Corporation, Coöperatieve Rabobank and ING Capital LLC
Société de Promotion et de Participation pour la Coopération (PROPARCO)
Inter-American Investment Corporation (IDB Invest)
Overseas Private Investment Corporation (OPIC)
Nippon Export and Investment Insurance (NEXI)
Inter-American Development Bank (IDB) and Inter-American Investment Corporation (IDB Invest)
US EXIM and CABEI
Central American Bank for Economic Integration (CABEI)
CDC Group PLC (CDC)
Export–Import Bank of the United States (US EXIM)
- Lead international and local counsel to OPIC on the financing of a four-phase 500MW wind farm project in central Ukraine, with the first phase valued at $240m.
- Advised the Inter-American Investment Corporation (IDB Invest), a member of the Inter-American Development Bank (IDB) Group, in the project financing of the $900m Ruta del Cacao toll road in Colombia.
- Represented CIT Bank, Sumitomo Mitsui Banking Corporation, Coöperatieve Rabobank and ING Capital on the $160m financing for the expansion and development of a fleet of battery energy storage systems in Southern California for Macquarie Capital.
- Advising US EXIM and CABEI on the $220m Cerro de Hula wind project in Honduras.
- Counsel to JBIC, OPIC, and Citibank in connection with the $400m restructuring of the 400MW Amman East Power Plant (IPP1) in Jordan.
Freshfields Bruckhaus Deringer LLP
Freshfields Bruckhaus Deringer LLP has a strong team of lawyers based in New York with good experience advising sponsors and lenders, including multilaterals, on energy and infrastructure projects. The firm is especially active in Latin America-related renewables and oil and gas projects. Melissa Raciti-Knapp co-heads the firm's Latin America practice and heads its US energy and infrastructure group.
Hogan Lovells US LLP receives very strong feedback from clients, who praise the quality of service and the firm's impressive understanding of foreign jurisdictions, particularly Latin America. The firm has a selection of highly experienced partners spread throughout its US network and led by Jorge Diaz-Silveira out of the Miami office. Among them, Brian Chappell in Baltimore, who co-chair's the firm's power and renewables sector team, is noted for his strong transactional and projects expertise. Miami's José Valdivia, who co-chair's the firm's Latin American practice group, has built up a good track record for power and infrastructure projects in the region, as have partners Wylie Levone in Washington DC and Ricardo Martinez in New York. Another key figure is David Locasio who handles US infrastructure PPPs and LNG projects for both sponsors and lenders.
‘A dedicated sponsor side practice with many years of experience structuring energy/infrastructure transactions, with fantastic technical knowledge’
‘The team has strong capabilities in Latin America with a deep understanding and knowledge of the different jurisdictions. A strong multi-language practice that greatly contributes to transactional work in developing countries’
‘Extraordinarily good project management skills. Handled a complex transaction very well’
‘Brian Chappell is a practical and pragmatic negotiator who is admired on both sides of the table. His personal commitment to transactions is exceptional’
‘Dave Locasio our go-to guy. He is intelligent, quick thinking, thoughtful, knowledgeable and accessible’
‘Wylie Levone and Ricardo Martinez are partners with great experience in Latin America, with a great understanding of investor needs in the region as well as language capabilities that distinguish them among their competitors’
‘José Valdivia is an outstanding lawyer, who knows the finance world and knows the skills’
Assured Guaranty Municipal Corp
Epsilon Development Co
International Finance Corp (IFC)
Inter-American Investment Corp (IDB Invest)
Asian Development Bank (ADB)
Overseas Private Investment Corp (OPIC)
IST Investment Foundation
Deutsche Investitions- und Entwicklungsgesellschaft (DEG)
Netherlands Development Finance Co (FMO)
OPEC Fund for International Development (OFID)
- Advised the IFC and other lenders on the financing for the development of the 50MW Mazar Independent Power Plant in Afghanistan, the country’s first power plant fully financed, built, and operated by the private sector.
- Assisted Assured Guaranty Municipal Corp on the $191m bond insurance to finance Appalachian State University’s 2,100 bed campus housing project.
- Advising Santos y Compañía SA de CV with the $110m development of various photovoltaic solar projects in Honduras.
- Represented esVolta in the negotiation of a joint venture arrangement for Southern company’s acquisition of an equity interest in numerous energy storage projects that are under development throughout the United States.
- Representing OPIC in the $100m financing to Africell Holding to support the modernization and expansion of its mobile telecoms network operations in the Democratic Republic of the Congo, Sierra Leone, Uganda, and the Gambia.
Hunton Andrews Kurth LLP is a highly respected counsel to sponsors, developers, and lenders on conventional and renewable power projects. The team regularly advises on tax equity financings and has recently represented major lending institutions on multimillion-dollar community solar hedging transactions. While lawyers regularly sit on both sides of the table, when it comes to conventional power deals it is especially strong on the sponsor side. The multidisciplinary team runs the gamut of finance, tax, environmental, real estate, and regulatory advice, and has deep expertise of every stage of the project life-cycle, from greenfield developments through to portfolio divestitures. The majority of the team works out of Washington DC, where highly-rated practice head, Jeffrey Schroeder, partner John Tormey, and renewables co-chair Eric Pogue are based. New York houses several experienced partners, including Michael Madden and Jo Anne Sirgado, while Michael Klaus in San Francisco is very active on the lender side.
Allianz Renewable Energy Partners of America
Bank of America
De Lage Landen Financial Services
DTE Power and Industrial
Duke Energy Corporation
GE Energy Financial Services
JP Morgan Chase
- Advised DTE Energy Financial Services and DTE Electric Company as lead sponsors’ counsel on the Dearborn Campus Energy Infrastructure Project, which includes a 34MW combined heat and power facility.
- Represented DTE Energy on the $1bn development of the Blue Water Energy Center, a 1,100MW natural gas combined cycle generation plant in Michigan.
- Assisted EmberClear Corporation on all aspects of the $1.8bn development of the 1,050MW Harrison Power Plant, a natural gas-fired combined-cycle electric generating facility in Ohio.
- Represented Duke Energy on the $415m sale of a minority interest in its commercial renewable energy portfolio to John Hancock.
King & Spalding LLP has an extremely strong track record for advising sponsors on major upstream, midstream, and downstream oil, gas, and LNG projects. The bulk of the team works out of the firm's Houston office, including practice head Scott Greer and partners Peter Hays and Monica Hwang. The firm also has several highly experienced partners based in New York, including Jonathan Melmed who has a good track record for renewables and conventional power projects, and Brandon Dalling. Washington DC-based partner James Bowe is also noted for his transactional, regulatory, and development expertise in pipeline and oil and gas projects. Recently the firm has been involved in several major US-based pipeline, LNG, and petrochemical projects, although it is also well versed in major cross-border developments in Africa and Latin America. Houston-based partner Vera De Brito de Gyarfas is especially strong in international matters.
Other key lawyers:
Anadarko Petroleum Corporation
Clear Creek Resources Partners
Mitsui & Co
Puerto Rico Electric Power Authority
Sendero Midstream Partners
Sierra Oil and Gas, S. de R.L. de C.V.
- Advised Anadarko Petroleum on the multi-billion dollar investment in its Mozambique LNG project, the country’s first onshore development which will support the Golfinho and Atum fields.
- Project counsel to NextDecade on the $10bn development of its Rio Grande LNG and Rio Bravo Pipeline projects to the US Gulf Coast, and the largest single gas pipeline project under development in Texas.
- Advised Starwood Energy Group Global on the $1.23bn acquisition of two combined-cycle gas turbine plants, located in Pennsylvania and Rhode Island, from Dominion Energy.
- Represented Bayport Polymers on its engineering, procurement, and construction agreement with McDermott International for the $1.2bn development of a Borstar polyethylene plant in Texas.
- Assisted Cogentrix Energy Power Management on the $35m financing to fund the acquisition of six wind farms in New York.
Kirkland & Ellis LLP's investment into the project finance and infrastructure arena continues apace. Following the arrival of highly-rated practice head Rohit Chaudhry in 2018, the firm has recruited 13 partners, including Rustin Brown, and Nathan Santamaria, who joined the Washington DC office from Simpson Thacher & Bartlett LLP and Linklaters LLP respectively. The push has paid dividends, particularly following the huge expansion of private equity funds, where the firm traditionally has a strong following, into the projects space, both as sponsors and lenders. As such, the work is typically at the more innovative end of the spectrum, with new transaction models and structures coming in at every stage of the projects life-cycle. The work covers a gamut of industries, including oil and gas, renewables, and conventional power, with clients well served by lawyers in important centres beyond the capital, such as Houston and New York. Key partners include Washington DC's Roald Nashi and Brian Greene (who is noted for his strong expertise in Latin America), and New York's Kelann Stirling who represents sponsors, lenders, and governmental entities.
ArcLight Energy Partners
Brookfield Asset Management
Crédit Agricole Corporate and Investment Bank
Jumar Energy Capital
Longhorn Midstream Holdings
Macquarie Infrastructure Partners
Mitsubishi UFJ Financial Group (MUFG)
Red Wolf Natural Resources
Salt Creek Midstream
Sumitomo Mitsui Banking Corporation
The Blackstone Group
True Green Capital
- Advised the lenders, led by Investec Bank, on the $1.075bn financing for the approximately 1,875MW Guernsey natural-gas-fueled electric generation facility in Ohio.
- Represented KKR in its $900m acquisition financing of an equity interest in a newly formed partnership with NextEra Energy Partners, which owns a portfolio of ten utility scale wind and solar projects across the United States, collectively consisting of approximately 1,192MW.
- Assisted a syndicated bank group, consisting of 14 lenders, on the $1.27bn refinancing for Train 2 of the Freeport LNG facility, including an approximately $180m debt service reserve facility and an approximately $50m working capital facility.
- Advised ArcLight Energy Partners Fund VI on the $536m acquisition financing for its subsidiary, TLP Finance Holdings, linked to the acquisition of the remaining stake in TransMontaigne Partners LP.
- Advised the lenders, led by Investec, Nomura, Industrial and Commercial Bank of China, and China Merchants Bank, on the $369m financing for Red Oak Power, a gas-fired power project in the EMAAC Zone of the PJM power market.
Few dispute Latham & Watkins LLP's position as one of the premier firms in the US for project finance, where it leads the market for lender and sponsor-side representations. The nature of the work is also spread across a range of project types, including renewables, oil and gas, and transport and infrastructure PPPs, both at home and abroad. Lawyers are also highly experienced in novel structures including tax equity financings. The highly versatile Jeffrey Greenberg leads the team from the firm's Los Angeles office. He is backed up by a strong cadre of lawyers including, in New York, oil and gas expert Jonathan Rod, Matthew Henegar, Warren Lilien (who regularly handles power and PPP projects), and Veronica Relea who is well versed in energy projects and has a strong focus on Latin America. Omar Nazif in San Diego is also recommended. New York associate Kelly Cataldo is developing a good name.
Other key lawyers:
‘Latham has a very strong bench in project finance. They are one of our top firms. One of the keys for us is having project professionals who are also fluent in capital markets transactions and Latham has that’
‘Jonathan Rod has been one of my go-to project lawyers for the better part of the last 15 years. He is commercial and doesn’t fight for points that don’t matter, that makes the experience a lot smoother’
The Carlyle Group
Cheniere Energy Partners
DE Shaw Renewable Investments
Energy Capital Partners
Panda Power Funds
Venture Global LNG
MUFG Union Bank
Orion Energy Partners
- Advised Venture Global on the project financing for the construction of a $7.7bn 10 MTPA LNG liquefaction and export facility and associated pipeline located in Cameron Parish, Louisiana.
- Represented Ares, as sponsor, on the $800m+ financing and tax equity financing connected to its acquisition of the 525MW Aviator Wind Project in Coke County, Texas, the largest single-phase, single-site wind project in the US.
- Advised Vivint Solar on a $350m project financing and upsizing for tax equity investments in connection with residential photovoltaic solar panels located in the US.
- Represented Citibank and MUFG Bank as lenders on KKR’s $1.09bn convertible equity investment in a NextEra Partners portfolio of solar and wind energy projects with a combined capacity of 1,383MW.
- Advised the lenders, including AMP Capital Investors, Mirae Asset Daweoo, and Elston Investment, on the $599m project financing of a 485MW natural gas fired combined cycle power plant in Hannibal, Ohio.
Mayer Brown has a highly versatile and well-established team that covers a lot of the bases in the renewables, natural resources, and infrastructure sphere. In the latter, the team represents a mix of lenders, sponsors, and public sector entities on a range of transport, water, utilities, and social infrastructure matters. Chicago-based partner Joseph Seliga, who also leads the firm's Government practice, is very active on this front, and is supported by partners such as Mitch Holzrichter and the highly experienced Barry Machlin who also represents lenders and sponsors on projects in the power, oil and gas, and telecoms sectors. Renewables is another major focus for the firm, and global projects co-head Paul Astolfi and Houston's Robert Goldberg are two of the main contacts on this front, regularly advising on all aspects of the project life cycle, including acquisitions and refinancings. The other string to the firm's bow is its strong Latin America expertise, which is spearheaded by Christopher Erckert in Washington DC. Other up and coming partners include Stephanie Wagner and Nadav Klugman. All partners are based in Chicago unless otherwise stated.
Other key lawyers:
ACS Infrastructure Development
California High Speed Rail Authority
City of Chicago
Wells Fargo Central Pacific Holdings
John Hancock Life Insurance
Leeward Renewable Energy
Longroad Energy Partners
Wells Fargo Central Pacific Holdings
Sumitomo Metal Mining
- Advised Sumitomo Metal Mining, as sponsor, on the $2.5bn financing of the Quebrada Blanca Phase copper mining project in Chile.
- Represented the consortium and sponsors on the sale of approximately $300m in milestone certificates linked to the construction of the Corredor Bioceanico road in Paraguay.
- Underwriter’s counsel to Morgan Stanley and Fortress Investment Group for the issue of $2.7bn in surface transportation private activity bonds (PABs) in 2019 for the Brightline/Virgin Trains USA passenger rail project.
- Represented Wells Fargo in the $116m tax equity investment in a portfolio of distributed generation fuel cell projects being developed by Bloom Energy, and which the client jointly owns with Duke Energy in a tax equity partnership.
- Advised GE Energy Financial Services and Berkshire Hathaway on their c.$270m tax equity investment to finance the development and construction of the 300MW Ranchero wind power generation facility in Texas.
McGuireWoods LLP has a strong track record advising sponsors and lenders on projects in the power sector. Recently, the team has been highly active in the renewables space, including solar, wind, and geothermal. This has included advice across every stage of the project cycle, from greenfield developments, through to divestitures, acquisitions, and refinancings. The team has lawyers throughout the firm's extensive US network, and is co-headed by the versatile Brian Kelly, Durham McCormick, and Brennen Keene, who are respectively based in Baltimore, Houston, and Richmond. Timothy Callahan in Chicago is also noted for his strong experience advising sponsors and lenders on renewable energy projects.
Other key lawyers:
KeyBank National Association
Apex Clean Energy
- Advised KeyBank National Association on several wind farm and solar plant financings, including an $80m back-leveraged financing for a portfolio of over 80 solar projects located in California.
- Counsel to Fifth Third Bank on a range of solar project financings including the $27.5m financing of 25MW of solar farms across North Carolina.
- Advised Apex Clean Energy Holdings on a range of wind project development, acquisitions, and divestitures, including the acquisition of three solar projects in Virginia totalling 380 MW.
- Represented Caprock Renewables on the financing for the acquisition of a renewable energy project in Georgia.
- Assisted AltaRock Energy, and its acquisition arm, Baseload Clean Energy Partners, on the $800m acquisition of NGP Blue Mountain Holdco, which owns the 49.5MW Faulkner 1 geothermal power plant in Nevada.
Milbank is a clear leader in the market, offering a multi-faceted project finance group that is equally at home with major cross-border projects as it is with more domestic developments. The team, which is led out of New York by Daniel Bartfeld and Jonathan Green, is regularly used by major sponsors and lenders, and is especially active in the energy, power and renewables sector. The firm handles a broad range of transaction types, including greenfield development refinancings and secondary buyouts. Clients also benefit from strong support in related regulatory areas. Among the partners, William Bice is noted for his strong expertise in the power sector, while Daniel Michalchuk's experience spans oil and gas, power and mining, and metals. Carolina Walther-Meade is one of the firm's key contacts for Latin America-related projects, alongside fellow New York partner Roland Estevez. The firm also has several experienced partners in Los Angeles, including Allan Marks, Karen Wong, and Timothy Wendling. Special counsel Richard Hillman and senior associate Jeffrey Leider (both in New York) are als recommended.
Other key lawyers:
‘Daniel Bartfeld is a terrific guy, as is Jonathan Green’
ArcLight Capital Partners
Sumitomo Mitsui Banking Corp
The Bank of Tokyo-Mitsubishi UFJ
Toyota Tsusho Corporation
- Advising the lenders on the refinancing of senior debt in the Sentinel Energy Center, owner of an 800MW natural gas-fired electric generation facility in Riverside, California.
- Designated counsel to the institutional investors in the Rockland Capital Gridflex Portfolio, which owns and operates the Lee County, Tait and Montpelier gas-fired peaker power plants totaling approximately 1500MW.
- Representing the administrative agent and lenders in the upsizing of existing credit facilities for Lackawanna Energy Center, a 1500 MW natural gas-fired combined cycle power plant located in Pennsylvania.
- Advised JERA Co and Toyota Tsusho Corporation on the sale, to Capital Power Corporation, of Goreway Power Station Holdings, which owns the 875MW Goreway Power Station, a natural gas combined cycle generation facility in Ontario.
- Represented the secured hedge provider in the 150MW Oberon Solar Project in Texas.
Morgan, Lewis & Bockius LLP has long been one of the country's top advisers for major conventional power projects. The firm continues to enjoy an excellent reputation in this area, as demonstrated by its workload which includes several new-build gas-fired facilities throughout the US. The work is mostly sponsor led, although the team is doing an increasing amount of work for direct lenders such as Prudential Capital. The firm also has a robust renewables practice, regularly advising on major greenfield developments and acquisitions, both for funds and major utilities such as National Grid. The well-regarded team is jointly led out of Boston and New York, by Richard Filosa and John Klauberg respectively. Other key partners include New York's James Tynion, while in Boston Amy Maloney and Michael Müller have also made good names for themselves. The firm also has a strong west coast practice, with partners such as Wayne Song and Neeraj Ajora as leading figures in Los Angeles. Boston's Katie Ostman is also considered a rising star among the associates.
Other key lawyers:
‘Morgan Lewis’s Project Finance Group is the best in the business. Bottom line: they have great legal and business skills combined with amazing interpersonal skills allowing them to manage and work with a diverse group of project finance issues and individuals’
‘Rick Filosa, Mike Muller, and Katie Ostman are stars. They are always focused on striking the proper balance of closing a deal while still protecting their client’
Ares Capital/Ares EIF
- Advised Abatis and funds managed by Ares EIF in connection with the $750m development and project financing of a 620MW combined cycle gas-fired facility in Pennsylvania.
- Represented National Grid on its agreement to purchase the renewables developer, Geronimo Energy, which will become the renewables platform in the United States for newly formed National Grid Ventures.
- Assisted Caithness Energy on the development and $1.6bn project financing of the 1,850MW Guernsey Power Station project in Ohio.
- Represented Indeck Energy Services in raising over $1bn to finance the Niles Energy Center, a new 1,085MW combined-cycle natural gas electrical generation facility located in Cass County, Michigan.
- Advised Prudential Capital Group on a supplemental $30m notes issue under the existing indenture of Great Lakes Hydro America, which owns and operates several hydroelectric projects in New England.
Morrison & Foerster LLP has a well-respected projects practice with good expertise on renewables projects. The team has a good track record advising clients on greenfield developments, refinancings, tax equity investments, acquisitions, and divestitures. Corporate clients and organisations also regularly use the firm for advice on power purchase agreements, as demonstrated by the team's work for Vail Resorts. The bulk of the practice is based in Los Angeles, where practice head Elizabeth Sluder has built up a strong reputation. Julia Balas is also active in this area representing a range of renewables developers.
Other key lawyers:
Apex Clean Energy
- Advised EDF Renewables on several major renewables projects including the 157MW Brickyard Hills wind project in Missouri and the 246MW Oso Grande wind project in New Mexico.
- Assisted Vail Resorts on the first virtual power purchase agreement entered into by a recreational resort.
- Advised Apex Clean Energy on several renewables transactions including the sale of the 360MW Oslo Wind power project in Texas.
Norton Rose Fulbright US LLP is popular with both sponsors and lenders on major conventional power, renewables, and LNG projects. As well as greenfield developments, the firm is also involved in major refinancings and restructurings, as well as novel P3 structures, and debt and tax equity financings. Clients benefit from a strong presence across the firm's network of US offices, and while the bulk of the team are in Washington DC and New York, the firm also has lawyers in Houston and Austin. Keith Martin and Benjamin Koenigsberg respectively co-head the team from Washington DC and New York. In the capital, partners such as Noam Ayali have developed a strong track record for cross-border project financings, while in New York Todd Alexander and Robert Eberhardt are noted for their renewables and power expertise.
‘This practice has the smartest PF lawyers in the space. Rob Eberhardt has deep industry knowledge and excellent commercial intuition. He is reasonable and solutions oriented’
Longroad Energy Partners
Copenhagen Infrastructure Partners
8minute Solar Energy
Bank of America, NA
International Finance Corporation
- Represented Clearway Energy on the $1.5bn debt and tax equity financing, including five synthetic power purchase agreements with corporate buyers, and a commodity hedge with a financial institution, for the 419MW Mesquite Star wind project in Texas.
- Advised the US Department of Energy on up to $3.7bn in guaranteed loans to owners of the Vogtle Nuclear Power Project.
- Advised Vineyard Wind, a joint venture of Copenhagen Infrastructure Partners and Avangrid, in the $2.8bn development and financing of a 800MW offshore wind farm off the coast of Massachusetts.
- Assisted the lenders on the $800m financing of the construction of Apex Clean Energy’s Isabella wind project.
- Advised the lenders on the $570m acquisition of three natural gas fired power plants (560MW Bridgeport Energy, 283MW Tiverton Power, and 265MW Rumford Power) in New England by Carlyle Group.
Nossaman LLP has a highly experienced California-based team that works out of the firm's Los Angeles and Irvine offices. Despite the firm's west coast location, its lawyers regularly represent government and state agencies across the US and abroad. The firm has a huge market-share when it comes to advising on major transportation PPPs and is also highly experienced on the social infrastructure and utilities side, as well as on public building projects. Los Angeles-based group chair, Patrick Harder, is a leading player in the PPP market, and is backed up by a strong team of partners, including Corey Boock and Yukiko Kojima.
City of Los Angeles/Los Angeles World Airports
Indiana Finance Autority (IFA)/Indiana Department of Transportation (INDOT)
Puerto Rico Public-Private Partnerships Authority
California Department of General Services
Riverside County Transit Transportation Commission
Michigan Department of Transportation
San Bernardino County Transportation Authority
Louisiana Department of Transportation and Development
Texas Department of Transportation
Los Angeles County Metropolitan Transportation Authority
- Advising the City of Los Angeles/Los Angeles World Airports on the $4.9bn Automated People Mover train system and the $2bn consolidated rental car center at the Los Angeles International Airport.
- Assisting the Indiana Finance Authority and the Indiana Department of Transportation on three key road projects, including the $100m Sherman Minton Corridor Project, the $700m I-69 Section 6 Contract 5 Project, and the $300m I-65/I-70 North Split Project.
- Advising the Puerto Rico Public-Private Partnerships Authority on the review of a proposal to provide public safety training for entry-level employees for Puerto Rico’s law enforcement and safety agencies.
- Advising the Joint Rules Committee of the California State Legislature on the $100m construction contract for the renovation of the California State Capitol Annex.
- Representing the Michigan Department of Transportation on the project to widen and reconstruct the third section of Michigan’s Interstate 75, with a $600m capital cost.
O'Melveny & Myers LLP has a diverse practice, with a strong grounding in major transport and infrastructure PPPs, as well as in renewables. Recently the firm has been involved in several banner airport redevelopment projects, including New York's JFK and LaGuardia Airports, and its advice to the California High Speed Rail Authority is testament to its expertise on the rail side. The transport and infrastructure work is mainly for the developers, sponsors and public owners, and is largely led out the firm's Los Angeles office. Project development and finance co-chairs Eric Richards and Gregory Thorpe lead a strong team that includes active partners such as Denise Raytis and Elizabeth Dubeck. The renewable power work is largely managed out of the New York office, where Junaid Chida has established a strong track record advising banks and funds on solar and wind project financings. The practice is especially strong in tax equity investments.
California High Speed Rail Authority
Citicorp North America
Delta Air Lines
John Laing Group
LaGuardia Gateway Partners
Oaktree Capital Management
Protea Waterfront Development
Regional Airports Improvements Corporation
Terminal One Group Association
Vantage Airport Group
Wells Fargo Bank, NA
- Representing the Terminal Group One association – a joint venture between Lufthansa Airlines, Air France, Japan Airlines, and Korean Air – on the $7bn development of the new south-side terminal complex in New York’s JFK Airport.
- Advising Vantage Airport Group, RXR, and JetBlue Airways on their $3bn plans to redevelop, finance, and operate Terminal 6 and possibly Terminal 7 at New York’s JFK Airport.
- Counsel to the California High Speed Rail Authority on its multi-billion dollar project to develop a high speed passenger rail system in California.
- Representing LaGuardia Gateway Partners on its ongoing $4bn+ redevelopment of the Central Terminal at New York LaGuardia Airport.
- Advising Berkshire Hathaway Energy on its preferred investment in, and project financing of, the second phase of the 158MW Fluvanna Wind Project in Texas.
Orrick, Herrington & Sutcliffe LLP is a major player representing sponsors on major power and renewables projects, and is also a leading choice with public sector entities on major infrastructure projects. On the energy side, the firm has developed strong relationships with major clients such as ENGIE and Clearway Energy, regularly representing them on major debt and tax equity financings. The firm's strong reputation for major infrastructure developments is reflected by its advice to clients such as the Port Authority of New York and New Jersey on banner projects such as the 'Gateway' redevelopment of the Hudson River underwater rail crossings. The highly rated Daniel Mathews and Blake Winburne jointly lead the team out of New York and Houston, and New York's Young Lee is developing an excellent reputation in the market. Other key individuals include Michael Masri on the tax side and Vincent Casey who both joined the team in New York in 2019 from Norton Rose Fulbright and Ashurst LLP respectively. On the flipside, the firm will miss former co-head Tara Higgins and Noreen Phelan who joined Sidley Austin LLP.
The Port Authority of New York and New Jersey
Skanska Infrastructure Development USA
I Squared Capital
Meridiam Infrastructure North America
InfraRed Capital Partners
IFM Investors Pty
Veolia North America
Empire State Development Corporation
- Representing the Port Authority of New York and New Jersey on the $24bn redevelopment of the Hudson River underwater rail crossings and associated infrastructure.
- Advising ENGIE North America regarding the tax equity and construction financing of a wind facility in Kansas.
- Assisting the Port Authority of New York and New Jersey on contracts and financing for the redevelopment of up to five terminals at JFK Airport.
- Representing Clearway Energy on the $328m tax equity financing, with Berkshire Hathaway, for the 419MW Mesquite wind project in Teas.
- Advised Wellhead Energy in the $180m financing for the development of the 99.3MW Stanton Energy Reliability Center, a simple-cycle, natural gas-fired power plant and battery energy storage system in California.
Paul Hastings LLP
Paul Hastings LLP has an experienced team of energy and infrastructure lawyers led by the highly respected Robert Kartheiser out of the firm's New York office. The team is especially experienced in major Latin American projects where it represents both sponsors and lenders. Among the partners, several key individuals standout, including New York's Cathleen McLaughlin and Elicia Ling. Other names of note include William DeGrandis in Washington DC and Peter Weiner in San Francisco, who is active on the renewables side.
Pillsbury Winthrop Shaw Pittman, LLP is a popular choice for advice in the power and renewables sector. Its strong standing in the market is demonstrated by the calibre of its sponsor clients, including major market players such as NextEra Energy and prominent companies such as Tesla. The firm is regularly involved in complex tax equity and debt financings, and has also been involved in several significant restructurings and energy related bankruptcies. The increasingly active team is jointly led by Mona Dajani, who divides her time between New York and London, and Robert James in San Francisco. Thomas Gump, also in San Francisco, is also recommended for his strong track record advising renewables and conventional power clients, while Alicia McKnight has an increasingly prominent presence in the market.
1st Avenue Capital
Allianz Global Investors
Brookfield Renewable Energy Partner
Clark Realty Capital
CMS Enterprises Company
Duke Energy Corporation
Emirates Nuclear Energy Corporation (ENEC)
Jackson Energy Authority (JEA)
JP Morgan Chase
KDC Solar NF
Mitsubishi Hitachi Power Systems Americas
NextEra Energy Resources
- Represented 1st Avenue Capital on its acquisition of the remaining equity interests in 8minute Solar Energy and the formation of a JV with JP Morgan to provide $200m in capital to fund the acquisition and development of 8minute’s solar portfolio.
- Represented NextEra Energy Transmission on its $1bn+ acquisition of TransBay Cable, a 53-mile, high-voltage direct current underwater transmission cable system.
- Advised NextEra Energy Resources on the acquisition of Eagle Crest Energy Company, which is developing a 1,300 MW pumped hydro energy storage project located on Eagle Mountain in Southern California.
- Assisted KDC Solar, as owner and developer, in a $60m ‘partnership flip’ tax equity financing of three solar projects.
- Represented Tesla on the complex $175m tax equity and cash equity financing to fund over $400m of solar and battery storage projects in a single transaction.
Shearman & Sterling LLP's already strong projects team has increased its marketshare of the oil and gas space through the launch of an office in Houston. In doing so, the firm made several key hires which have already paid dividends through an increase in oil and gas related work, as demonstrated by its advice to Ecopetrol on its shale joint venture with Occidental Petroleum. The arrival of Hugh Tucker, Coleson Bruce, and Jeremy Kennedy from Baker Botts L.L.P. and Omar Samji and Sarah McLean from Jones Day and Thompson & Knight LLP respectively was a major statement of intent. A further opening in Dallas is likely to cement the firm's arrival in Texas and its overall energy expertise, with conventional power and renewables major staples of the firm. In this respect, New York-based practice head Gregory Tan, and fellow partners Cynthia Urda Kassis, Robert Freedman, and Alexandro Padrés are all well-established players, representing sponsors and lenders both at home and abroad (in Latin America in particular).
Other key lawyers:
‘Gregory Tan is an exceptional partner. Great experience working with him every time’
‘Robert Freedman is exceptional to work with’
Mitsubishi UFJ Financial Group
Axia Power I SA
International Finance Corporation
Frontier Midstream Solutions
BBVA Bancomer, SA, Institución de Banca Múltiple, Grupo Financiero BBVA Bancomer
Banco Nacional de Comercio Exterior, SNC
Sumitomo Mistui Banking Corporation
Orion Resource Partners
Nevada Copper Corp
- Advised Ecopetrol on its $1.5bn shale joint venture with Occidental Petroleum to develop 97,000 net acres in the Permian Basin in west Texas.
- Advised the lenders financing IFM Global Infrastructure Fund’s $10.3bn acquisition of Buckeye Partners, owner of more than 6,000 miles of pipeline and 115 terminals in the US and Caribbean.
- Advised Scotia Capital as lead arrangers for a $610m financing for two Panamanian affiliates of AES related to the development and operation of an LNG import terminal and 380MW combined cycle power plant in Colón, Panama.
- Represented IFC and KfW IPEX on the $1.2bn financing of the Acu LNG 1,298MW gas-fired combined cycle power plant in Brazil.
- Assisted Transelec Concesiones on a $358m loan facility for the construction financing of four independent tramsmission lines and associated substations in Chile.
Sidley Austin LLP
Sidley Austin LLP has a well regarded team of projects lawyers with good expertise in renewables, conventional power, oil and gas, and broader infrastructure projects. Contacts include David Asmus, Jim Rice, and Cliff Vrielink in Houston and Kenneth Irvin in Washington DC. The firm has also seen a number of new joiners of late, including Tara Higgins from Orrick, Herrington & Sutcliffe LLP and Ron Erlichman from Bracewell LLP.
Simpson Thacher & Bartlett LLP handles a broad mix of energy and infrastructure projects, and while the bulk of the firm's advice is to lenders, the team also advises sponsors on project acquisitions. New York-based practice head David Lieberman has developed an extremely good reputation for complex, high-end project financings. He works closely with lawyers such as Matt Einbinder in Houston, where the firm has an active presence on oil and gas projects, including major pipeline developments. Renewables is another strong area of focus, and the firm is often first choice as designated lenders' counsel. The team, which is smaller and more focused than those of its rivals, also has good expertise in telecoms, utilities, and port and toll road projects.
Other key lawyers:
‘David Lieberman as partner has strong ability to coordinate and manage disparate lender concerns’
BlackRock Energy and Power Infrastructure Group
Energy Capital Partners
Global Infrastructure Partners
KeyBank National Association
Kohlberg Kravis Roberts & Co.
Macquarie CAF Management
Mizuho Corporate Bank
Pan American Energy
Riverstone Credit Partners
The Royal Bank of Canada
Santander Bank NA
Société Générale SA
Stonepeak Partners LP
Tiger Infrastructure Partners
Western Renewables Partners
- Represented Goldman Sachs, ABN Amro, Mirae Asset Daewoo and the other lenders in connection with EPIC Crude Services’ $1bn seven year term loan and a $75m five year revolving credit facility to finance the development of a 700-mile Texas oil and gas pipeline.
- Assisted Stonepeak Infrastructure Partners on its $1.3bn equity investment in Venture Global’s Calcasieu Pass LNG export facility project in Louisiana.
- Advised Western Renewables Partners on the $750m convertible equity portfolio financing of BlackRock Global Energy & Power Infrastructure’s acquisition of 1,388MW worth of renewables projects from NextEra.
- Assisting Credit Agricole Corporate and Investment Bank and Mizuho Bank on the $54m financing of Mountain Sunrise’s three solar renewable projects in Texas, Vermont, and Colorado.
- Advised Alinda Capital Partners on the financing of its acquisition of a 49% interest in SemGroup Corporation’s Maurepas Pipeline.
Skadden, Arps, Slate, Meagher & Flom LLP
Skadden, Arps, Slate, Meagher & Flom LLP has a well-balanced energy and infrastructure team based largely in Washington DC that represents an even mix of sponsors and lenders. The team has been involved in several significant power transmission projects. Lawyers also have good expertise in conventional power projects, advising on the various stages of the journey, including greenfield developments, bond refinancings, and divestments. As well as banks, the firm acts for a mix of major investment funds and energy companies. Lance Brasher leads the group, which also includes highly active partners such as Paul Kraske and Ethan Schultz. The team also has several well regarded partners in New York, including Tatiana Monastyrskaya and David Armstrong, who also works in the firm's Toronto office.
- Advised Brookfield on the $199m refinancing of the Smoky Mountain Hydropower portfolio in North Carolina and Tennessee.
- Represented Citizens Energy on the financing of the proposed Sycamore-Penasquitos Transmission Project in California.
- Assisted Credit Suisse in a $30m credit facility for Canacol Energy to finance the acquisition of the Jobo 2 natural gas plant and for the expansion of Jobo 3 natural gas plant in Colombia.
- Represented DCR Transmission on the development of the proposed Ten West Link project that would transmit power between Southeast California and Southwest Arizona.
- Advised an affiliate of Emera on the development of the Maritime Link Project – a high voltage, direct current undersea transmission line which will connect Newfoundland’s southwest coast with Nova Scotia.
Sullivan & Cromwell LLP
Sullivan & Cromwell LLP enjoys a good reputation in the market, particularly for sponsor-side advice, both for US developments and cross-border projects. The New York-based team handles a broad range of natural resources, energy, and infrastructure projects, and works closely with lawyers in Hong Kong and London. Inosi Nyatta, Sergio Galvis, and Christopher Mann are all very active in this area.
Troutman Pepper comes highly recommended for its cradle-to-grave expertise in renewables projects. The firm has strong teams working out of Los Angeles and New York, with the west coast lawyers perhaps more weighted to the sponsor side, and the east coast lawyers weighted towards the lenders. The team is ultimately praised for its full service offering that encompasses greenfield project finance and tax equity investments, as well as latter stage refinancings, acquisitions, and divestments. Among the partners, Los Angeles-based co-head John Leonti is noted for his handle on related financial derivatives work, while his New York based co-head Craig Kline has a strong focus on structured finance and tax equity. Other key individuals include New York's Hayden Baker and associate Vaughn Morrison, and up-and-coming partner Christine Bynes in Los Angeles.
‘The team has great experience with the renewables power sector from all perspectives – advising owners, tax equity investors and lenders. Further, the team has been adding capabilities as the market evolves from utility PPAs to other means of securing project revenues. These new methods come with their own challenges and the Troutman Sanders team is staying ahead of the trends’
‘The Troutman team has been universally supportive of our corporate growth and consistently demonstrate their comfort across a wide breadth of legal practices including international renewable energy contracts, financing and complex corporate matters. Equally important; they are fair and flexible when it comes to fees and are open to working within the unnatural rhythm of the project development cycle’
‘Experienced, client focused and willing to step out of the way to educate and help clients about issues’
‘Very business friendly, diligent and smart. Customers like them’
‘Craig Kline and his team represent the gold standard in renewable energy counsel. Together, with John Leonti, the partners pack a punch. Equally impressive are the associates, namely Vaughn Morrison’
Southern Power Company
Wells Fargo Bank, NA
EDF Renewable Energy
Consolidated Edison Development
Cypress Creek Renewables
Fifth Third Bank
Leandlease Energy Development
The Huntington National Bank
NextEra Energy Resources
I Squared Capital
Duke Energy Renewables
- Advised Duke Energy Renewables on the purchase and debt and tax equity project financing of the 200MW Holstein solar project in Texas from 8minute Solar Energy.
- Represented Geronimo Energy on the 194MW Green River Wind Farm project, including a construction debt facility, tax equity investment, and mezzanine debt.
- Assisted Consolidated Edison Development on its $1.54bn acquisition of a Sempra Energy subsidiary that owns 981MW of renewable energy projects, as well as development rights for solar production and battery storage projects.
- Represented Southern Power Company on a $1.2bn tax equity financing for eight wind projects located throughout the US, with offtake contracts with Google, General Motors, General Utilities as well as several utilities.
- Advised Lendlease Energy Development on its sale of the 300MW Cutlass Solar Project to Advanced Power.
Vinson & Elkins LLP is best known for its market-leading expertise in the oil and gas sector, particularly through its strong Houston office where practice heads John Connally and Kaam Sahely are both based. LNG-related projects remain high on the agenda, although the team has an extremely strong reputation for sponsor-side advice in the power sector having advised on several significant conventional and renewables projects. Transport infrastructure is another area of expertise, particularly in Texas, where partners such as Mark Brasher have strong experience. Other key individuals in Houston include Keith Fullenweider and Mark Spradling, while in New York, partners such as Karen Smith, David Wicklund, and Eamon Nolan (who also has strong Latin America experience) are all very active in the market.
Other key lawyers:
‘Good client service and deep sector experience, especially in energy’
‘Very knowledgeable, professional, commercial, responsible and show deep understanding of the industry and the issues, both commercial and legal’
‘An outstanding team of individuals who go beyond the expectations to make the deal happen’
‘Key partner Eamon Nolan invests the time and effort to understand the needs of the client and work to tailor solutions. The team has a deep bench of experts that they can call upon’
‘Alan Alexander and Kaam Sahely are outstanding lawyers’
Blackstone Energy Partners
DCP Midstream and an Affiliate of Targa Resources
EagleClaw Midstream Ventures (EagleClaw), a portfolio company of Blackstone Energy Partners
Enbridge/Valley Crossing Pipeline
Enviva Development Holdings
Global Atlantic Financial Group
Gulf Coast Ammonia
Jordan Cove Energy Project
Morgan Stanley Infrastructure
New Fortress Energy
Pattern Energy Group Holdings
TPG Sixth Street Partners
- Advised Gulf Coast Ammonia on the $800m development and project financing of a hydrogen-based ammonia production facility in Texas.
- Represented Tyr Energy on the financing and development of the Hickory Run Energy Center, a 1,000MW gas-fired combined cycle power plant in Pennsylvania.
- Counsel to Babson Capital Management on the $34.5m purchase of secured promissory notes issued by subsidiaries of Cypress Creek Renewables for the financing of their utility-scale tilt solar array projects in North Carolina.
- Acted for New Fortress Energy on the development of multiple small-scale LNG export projects in the US.
- Representing Texas Central as project counsel in the development of a privately financed $15-20bn high speed rail project between Dallas and Houston.
White & Case LLP has long been a leading player in the domestic and global project finance market. The New York-based team continues in this tradition, offering lender and sponsor clients a strong mix of projects expertise that includes transport, utilities and social infrastructure projects and PPPs, as well as conventional power, renewables, and oil and gas. The expertise of its lawyers covers every stage of the process, from greenfield developments up to acquisitions and refinancings. Nandan Nelivigi's team includes an array of highly experienced partners, including Arthur Scavone , who is well versed in power, renewables, petrochemicals, mining, and oil and gas developments. Jason Webber is also noted for his strong expertise in energy and infrastructure projects, while Dolly Mirchandani is highly active on the PPP side. Other key partners include Clark Wohlferd and Elena Millerman.
‘Project finance can be very complex. It’s an expertise that we don’t have in house and White & Case provides valuable advice in this area of law. In addition to knowing the law, I think they have excellent judgement on how to proceed and provide well rounded, well thought out advice. I rely on them heavily in this area’
‘Dolly Mirchandani does it all. She is an expert on the law, policy, and politics. She has excellent judgement and the full view that she can bring to the issues is incredibly valuable and helpful. Dolly has the full confidence of not only the legal department but executive management as well. The group of associates that work for her are top notch and I feel very comfortable working with them’
MUFG Bank, CIBC, National
Bank of Canada
Federal Highway Administration of the US Department ofTransportation
Credit Agricole Corporate and Investment Bank
Carlyle Power Partners
Antin Infrastructure Partners
Korea Development Bank
- Represented MUFG Bank, CIBC, National Bank of Canada and AIG Asset Manager as lead arrangers on the $343m Consolidated Rent-A-Car project at Newark International Airport.
- Assisted the Federal Highway Administration of the US Department of Transportation on a secured $108.6m TIFIA loan to the Oklahoma Turnpike Authority to finance the Gilcrease Express West Expansion Project.
- Advised EIG Global Energy Partners on its $295m preferred equity investment in Limetree Bay Ventures, which owns a refinery and oil storage terminal in the US Virgin Islands. The total $1.25bn in finance will be used to modernize and restart the refinery.
- Counsel to Carlyle Power Partners on the $586m financing linked to three gas-fired generation facilities in Maine, Rhode Island, and Connecticut.
- Advised Antin Infrastructure Partners on the $1.25bn acquisition of Veolia Group’s district energy assets in the US, comprising steam, hot and chilled water, and electricity production plants, including cogeneration plants, and 13 networks in ten US cities.
Winston & Strawn LLP is a strong choice for high-profile transport and social infrastructure projects. The bulk of this work is led out of the New York office by well regarded co-chair Alan Hoffman and partner Michael Pikiel who represent a broad mix of PPP sponsors and lenders. Recently the firm has been involved in several significant road and port infrastructure projects, as well as social and student housing developments. Younger partners such as New York's Jason Hellwig (who alongside Hoffman also has a strong sideline in sports stadium developments) are also making a good name for themselves. There is also a strong crossover into the renewables space, where Los Angeles-based partner Laurae Rossi regularly acts for developers, sponsors, and lenders in project financings and energy tax equity partnerships. New York partner Richard Shutran is also active in the renewables and conventional power space.
‘High quality, knowledgeable, efficient, commercial team. Trust them. The most cost efficient practice in the industry. Laurae Rossi is one of the best project finance attorneys in the industry. Unparalleled problem solver‘
AxInfra US LP (Axium Infrastructure)
Canadian Imperial Bank of Commerce
Commonwealth Bank of Australia
Hawaii Electric Industries
InfraRed Capital Partners
John Laing Investments
Kiewit Development Company
Los Angeles Dodgers/Guggenheim Baseball Management
MUFG Union Bank, NA
Plenary Group USA
Sumitomo Mitsui Banking Corporation
- Advised Barclays Capital, as underwriter, on the $435m financing to Global Ports Holding for the San Juan Bay Cruise Terminal Project in Puerto Rico, including the redevelopment and operation of certain marine cruise terminals.
- Represented Brooklyn Navy Yard Cogeneration Partners on the $435m refinancing for the Brooklyn Navy Yard Cogeneration Facility, a 286MW dual fuel power plant.
- Assisted Plenary Properties Purdue on the development and maintenance of two new $125m student housing facilities at Purdue University in Indiana
- Represented qualified institutional buyers in the $100m limited private offering of senior secured notes issued by GT USA Wilmington, a subsidiary of Gulftainer Company, proceeds of which will go towards the redevelopment and expansion of the Port of Wilmington.
- Advised Longwood Energy Partners Holdings, which owns and operates a 101MW microgrid and district energy system, on a $80m senior secured notes dividend recapitalization.