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

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.

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.

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.

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).

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.

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.

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.

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.

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 and Timothy Moran in Washington DC jointly lead 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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.