Project finance in United States

A&O Shearman

‘One of the most active firms in the area of project finance’, with the ability to ‘provide a keen understanding of what’s going on in the market at any time’, A&O Shearman advises marquee industry players alongside a wealth of financial sponsors and asset managers on a broad range of renewables and energy transition assets, as well as large-scale infrastructure projects that includes airport expansion work, toll road developments, and university utility ventures – amongst others. Los Angeles’ Dorina Yessios heads up  the US projects, energy, natural resources and infrastructure practice and is lauded for her ‘ample experience in Latin American markets’. Scott Cockerham joined the Washington DC office from Orrick, Herrington & Sutcliffe LLP in 2023 to add further tax equity financing and tax credit transaction expertise to the group, with a strong focus on renewables work, while the Los Angeles-based Matthew Nesburn‘s broad skillset is frequently utilized by clients engaged with early stage energy projects. Jennifer Wnek is a key figure in New York for renewables financings, with recent work highlights heavily featuring large-scale solar portfolios. Infrastructure specialists Kent Rowey and Jillian Ashley operate out of New York and Los Angeles respectively and have extensive experience counselling on the full asset lifecycle, and boast a number of significant projects in their book of work that includes the JFK New Terminal One PPP and the SH 288 toll road in Texas. New York’s Nisim (Niso) Matari is a crucial supporting presence on infrastructure matters relating to lenders, sponsors and investors, while the Washington DC-based Michael Sykes has a growing practice primarily focused on federal income tax issues. John Marciano left the practice in October 2023. Sam Kamyans left the firm in June 2023, while Greg Lavigne departed in October 2023. Following the merger of Allen & Overy and Shearman & Sterling, the practice has further expanded its capabilities. Shearman & Sterling LLP‘s client roster comprises of a host of large-cap private sponsors, multinational lenders, and government agencies who engage the firm for representation in big-ticket, consequential PPP transactions – from the structuring, procurement, development and financing. Key components of the firm’s varied work include transport and aviation projects, domestic and international desalination facilities, microgrid developments, and university campus and utility upgrades. The practice is chaired by the highly experienced Cynthia Urda Kassis, who advises on complex cross-border energy and infrastructure projects with the capabilities to preside over bespoke financing structures. Paul Epstein is highly active and is a key name for major government agencies such as the US Department of Transport, the U.S Environmental Protection Agency, and the US Department of Energy, advising on financing and development issues. Mona Dajani  left the firm in December 2023, whereas Jorge Medina departed in January 2024 and former practice co-head Daniel Sinaiko left in April 2024.

Practice head(s):

Dorina Yessios


Other key lawyers:

Scott Cockerham; Matthew Nesburn; Jennifer Wnek; Michael Sykes; Nisim (Niso) Matari; Kent Rowey; Cynthia Urda Kassis; Paul Epstein


Testimonials

‘A&O acts as lender counsel and always attempts to keep an objective view on matters ’

‘Dorina is an exceptional professional with ample experience in Latin American markets. ’

‘A&O is one of the most active firms in the area of renewable energy project finance and can provide a keen understanding of what’s going on in the market at any time, based on a large volume of deals in this area.’

‘A truly one-stop-shop for renewable energy with an ability to support seamlessly across M&A, project finance, and tax equity. A&O has a strong understanding of historical transactions and associated terms, current market conditions, and creativity on new structures. The team’s strong relationships in the industry makes them a partner of choice leading to differentiated deal flow.’

‘The A&O team is more than just legal support, they provide true thought partnership and collaboration to innovate on transactions.’

Key clients

Clearway Energy Group LLC


The Carlyle Group


SunPower


Ørsted Onshore North America


Voya Infrastructure Management


Summit Carbon Solutions


CIM Group


Tokyo Gas


Inter-American Investment Corporation (IDB Invest)


ENGIE


Vitol Inc.


TOTALEnergies


Generate Capital


Macquarie Capital’s Green Infrastructure Group


ING Capital, LLC and RBC Community Investments, LLC


JERA Renewables


Repsol Renewables North America


Sol Systems


Carlyle Infrastructure Partners


VICO Infrastructure Company LLC


Global Infrastructure Partners


ConRAC Solutions


ENGIE North America


Kohlberg Kravis Roberts & Co. L.P. and SUEZ Water Environmental Services Inc.


Ohio State Energy Partners (JV of ENGIE and Axium)


Abertis


Bregal Sagemount


3i Group


Work highlights


  • Clearway Energy Group in relation to the debt, tax equity and cash equity financing for the development of the two-phase Texas Solar Nova solar PV project.
  • Counsel to the consortium, representing the financial sponsors (led by the Carlyle Global Infrastructure Investment Opportunities Fund, L.P., JLC Infrastructure, Ullico and Ferrovial) in connection with the design, construction, finance, operation and maintenance of Terminal One at John F. Kennedy International Airport in New York which was awarded to the consortium.
  • Advising ConRAC Solutions in connection with the development, financing and construction of a consolidated rental car facility at Reno-Tahoe International Airport in Nevada, which is being developed through a PPP.

Akin

Frequently sought out for its expertise in debt and equity energy project financing, Akin operates as lenders counsel to commercial banks, investment banks, and private equity outfits and borrower and corporate counsel to global energy producers and developers. Despite deep roots to the traditional power sector, the group is increasingly engaged with a strong body of work in the energy transition space, advising on solar, wind, battery storage and capture capture ventures along with the associated tax credit issues. Helming the practice from Houston, Matt Kapinos is able to cover the entire lifecycle of a project, overseeing the acquisition, financing, development and refinancing piece. Follow co-lead Ike Emehelu is based in New York and is chiefly recognised as a key advisor to lenders and investors engaging with renewable projects, whereas Zachary Wittenberg focuses on energy-related corporate matters from New York. Washington DC’s Shariff Barakat and Sam Guthrie are highlighted for their tax equity financing know-how, whereas Hayden Harms focuses on commercial contract negotiations and agreements from Houston. Battery storage finances have increasingly become a core part of LA attorney Dan Lynch‘s broad practice. New York’s Brad Warner represents sponsors and investors.


Practice head(s):

Matt Kapinos; Ike Emehelu


Other key lawyers:

Dan Lynch; Sam Guthrie; J. Hayden Harms; Brad Warner; Shariff Barakat


Testimonials

‘Very knowledgeable, responsive, and focused on getting a transaction to closing. Their diligence subject matter experts regarding EPC, offtake, real estate, and regulatory are very knowledgeable.’

‘Counsel Brad Warner is sharp and excellent at running a transaction. Partner Ike Emelehu is the practice chair and does a great job.’

Key clients

CenterPoint Energy, Inc.


CIT and Siemens Financial Services, Inc.


Energy Harbor Corp.


Excelsior Energy Capital


First Ammonia, LLC


HSBC


MUFG Bank, Ltd.


Ørsted


Rabobank


ReGen III Corp.


Rockwood Asset Management


Santander


Tenaska


The Guardian Life Insurance Co.


Verde Clean Fuels


Vistra


Vitol Inc.


Work highlights


  • Represented MUFG Bank, Ltd., as lender in connection with a $250 million facility to finance purchase of receivables to be delivered under an engineering, procurement and construction (EPC) contract.
  • Represented Santander, Rabobank and HSBC as lenders in connection with a $140 million revolving credit facility to DSD Renewables to fund the purchase of equipment and pre- construction expenses for energy storage and solar facilities.
  • Represented CIT, a division of First Citizens Bank, and Siemens Financial Services, Inc. innconnection with its approximately $90 million term loan to finance Aypa Power’s Wolf Tank energy storage project, a 173 MW standalone battery storage project located in Webb County, Texas

Baker Botts L.L.P.

A firm that provides a ‘perfect understanding of client needs’ and a ‘deep knowledge of the business and market situations’, Baker Botts L.L.P. is dual-equipped to advise on a variety of debt and equity transactions as well as sophisticated tax equity financings. The group is witnessing an increased flow of both domestic and cross-border mandates across a number of different sectors such as oil and LNG, clean fuels, renewables and electric transmission, working with an esteemed roster of clients that includes multinational power producers and global asset managers. Dino Barajas spearheads the group from San Francisco who compliments his financing prowess with expert asset knowledge and an extensive cross-border practice that particularly focuses on Latin American projects. New York’s Ellen Friedman works with both developers and sponsors on renewable and energy transition ventures that includes, but is not limited to, solar, wind and battery storage projects as well as blue hydrogen and carbon capture and storage facilities. Houston-based Michael Bresson‘s federal income tax expertise ensures he is frequently sought out by a wealth of investors for their tax equity financing transactions, whereas New York’s John Papaspanos, while also possessing sharp tax acumen, has engaged with a breadth of M&A and debt financing structures over the past twelve months. Also based in New York, Frank Schoen is highlighted for his project finance, leveraged finance and acquisition finance work that spans both conventional and renewable energy sources. Vladimir Fet has advised on multiple high-value financings for various large sponsors and energy providers, operating out of San Francisco.

Practice head(s):

Dino Barajas


Other key lawyers:

Ellen Friedman; Michael Bresson; John Papaspanos; Frank Schoen; Vladimir Fet


Testimonials

‘Bryan Henderson is a standout partner across all law-firms I have worked with in my 20 year career. He is a highly skilled and knowledgeable lawyer, but more importantly, he is always business-savvy and pragmatic in his approach. His client service is top notch. ’

‘Deep knowledge of the business and market situation, even in new, emerging and uncertain businesses. Perfect understanding of client needs, total flexibility to adapt to required schedules, even if very tight. Great negotiation skills with difficult partners’

‘Lots of high level partner attention and knowledge.’

‘John Papaspanos truly goes above and beyond and makes himself available when his client needs, day or night, repeatedly.’

‘Good knowledge of energy and the products that we transact. Well versed in energy enabling agreements, as well as generation project financing documentation. Very thorough in working through large documents and applying specific clauses and terms that are important to us and the deal we are working on.’

Key clients

AES Corporation, The


BKV Corporation


Blackstone Infrastructure Partners


Centaurus Renewable Energy LLC


CenterPoint Energy, Inc.


CIM Group LLC


EDPR NA Distributed Generation LLC


Global Atlantic Financial Company


Panamint Capital LLC


Parasol Renewable Energy LLC


Sunnova Energy International, Inc.


Transmission Developers, Inc.


Repsol S.A.


Air Products & Chemicals Inc.


Work highlights


  • Represented Sunnova Energy International Inc. in connection with a $3.0 billion loan guarantee agreement between Sunnova and the U.S. Department of Energy (DOE) Loan Programs Office, which equates to a 90% guarantee of up to $3.3 billion of term loans, to support solar loans originated by Sunnova under a new solar loan channel named “Project Hestia.”
  • Represented a subsidiary of BKV Corporation (BKV), in partnership with Banpu Power US Corporation, as it closed on the purchase of the Temple II power plant, a natural gas-fuelled power plant, located in Temple, Texas and the financing of such acquisition and for working capital needs of both the Temple I and Temple II projects with affiliates of Beal Bank, as seller and lender.
  • Represented Sunnova Energy (the Borrower) in a back-leverage warehouse facility to finance portfolios of residential solar assets that are held in tax equity funds.

Baker McKenzie LLP

Working across the full spectrum of projects counsel from a lenders, sponsors and borrowers focus, Baker McKenzie LLP advises on a number of debt and equity financing transactions that are largely concentrated in the renewables and energy transition space. The firm also features a formidable tax practice and applies its longstanding expertise to advise on novel tax equity financing structures. The New York and Chicago trio of Clyde Rankin, José Morán, and James O’Brien jointly chair the practice and as a collective provide extensive project finance acumen to a diverse roster of clients. Clyde has been engaged with multiple inner-city renewable installation ventures over the past twelve months, most notably involving the Jacob Javits Convention Center in New York, while José is noted for his vast cross-border practice that encompasses Latin American transport projects and renewable developments in Canada. James is highly reputed for his ability advise across an entire project lifecycle as well as his tax expertise. Further names of note include New York’s Mark Tibberts , who has recently been active on marine and manufacturing builds, Chicago’s Stan Sirot, who is a chief advisor to key client Hannon Armstrong, and Toronto’s Matthew Martin, who carries a strong PPP offering.

 

 

Practice head(s):

Clyde Rankin; José Morán; James O’Brien


Other key lawyers:

Mark Tibberts; Stan Sirot; Matthew Martin


Testimonials

‘The BM team we work with is fantastic. They are very responsive, commercial, and problem-solving oriented. Their drafting skills are also impeccable.’

‘Jim O’Brien and Stan Sirot are my primary partner contacts and they’re both excellent. They are very commercial and have a great sense of what we (their client) are trying to accomplish in our deals, and how to get the deal over the line most efficiently.’

‘The team was very responsive, professional and business-oriented.’

Key clients

Hannon Armstrong Sustainable Infrastructure Capital, Inc. – Project Lighthouse


Siemens Financial Services, Inc (Aggregation Debt Facility)


Hannon Armstrong Sustainable Infrastructure Capital, Inc.


Burnham RNG LLC


San Juan Cruise Port LLC, Global Ports Holding Plc


Work highlights


  • Represented Hannon Armstrong Sustainable Infrastructure Capital, Inc., a leading US climate solutions investor, in the acquisition of 50% interest in a portfolio of 874 megawatts (MW) of onshore wind, 192 MW of utility-scale solar, and 557 MW of utility-scale solar with 395 MW of co-located storage (seven projects in total) located in four states: California, Hawaii, Texas, and West Virginia.
  • Represented Siemens Financial Services, Inc. in closing several borrowings under an existing USD 100 million senior secured revolving credit facility provided in connection with the joint venture with Macquarie’s Green Investment Group and Siemens Industries for the development of a portfolio of commercial and industrial solar and storage projects.
  • Advised Hannon Armstrong Sustainable Infrastructure (HASI) Capital in connection with the common equity investment in an approximately 1.3GW portfolio owned and operated by the AES Corporation located across six states: Arizona, California, New York, South Dakota, Utah, and Virginia and consisting of 7 operating solar projects, and one wind project.

Ballard Spahr LLP

The projects team at Ballard Spahr LLP ‘brings outstanding insights into the nuances and intricacies of extremely complex contracts such as public private partnerships’, acting as lenders, developers and particularly government agencies on major transport developments that include toll roads, bridges, interchanges, and railway lines and stations, as well as university campus utility ventures, breakwater facility expansions, and inner-city redevelopments – amongst others. On the energy front, the team predominantly focus on providing financing, regulatory and commercial advice to energy players and investors engaging with energy transition assets, while also boasting a substantial capital markets offering. The ‘truly incredible’ John Smolen and Steve Park co-head the practice from Baltimore and Philadelphia respectively, with the duo highly praised for their ‘immense amount of experience from other projects’ and ability to counsel from a variety of perspectives. Philadelphia duo Patrick Gillard  and Randall Towers are the other two practice leads who focus on project finance transactions in the energy space, often representing lenders, borrowers and underwriters on a range of debt instruments. Donna Brady operates out of Los Angeles and largely concentrates on transport and social infrastructure and is routinely sought out by state agencies and toll operators for toll technology procurements. New York’s William Estes and Washington DC’s John Wheatley bring further design-build and P3 experience to the fore and frequently collaborate together on major transport constructions. Bruce Johnson sits in the Las Vegas office and is well regarded for his adeptness in tax equity financing.

Practice head(s):

Patrick Gillard; Randall Towers; Steve Park; John Smolen


Other key lawyers:

Donna Brady; William Estes; John Wheatley; Bruce Johnson


Testimonials

‘The Ballard Spahr team brings outstanding insights into the nuances and intricacies of extremely complex contracts such as public private partnerships and are able to communicate those to owners in manners that facilitate executive decision making. They not only understand the needs and perspectives of their client, but also are able to communicate the view point of the development entity/private sector such that “non starters” are taken off the table early and the owner has a true perspective of what is likely to occur.’

‘The individuals at Ballard Spahr were always accessible and able to fit within the tight availability constraints of the executive team. John Smollen and Steve Park were truly incredible partners. They always made themselves available for important discussions and made sure we received their work product quickly – especially when faced with nearly impossible timeframes. John and Steve came with an immense amount of experience from other projects (both on the developer and owner side) that was second to none.’

‘Steve Park and John Wheatley have been knowledgeable, quick, and accurate.’

‘The team has developed a strong understanding of its clients and peer advisors which allows it to effectively integrate into a project team.’

‘John Smollen and John Wheatley are excellent collaborators and strive to leverage the broader knowledge of multi-disciplinary teams.’

Key clients

Constellation Energy Generation LLC


Exelon Corporation


McDonald’s Corporation


University of Florida


Green Development, LLC


Virginia Department of Transportation


Pennsylvania Department of Transportation


Nebraska Department of Transportation


Georgia Department of Transportation


University of Florida


Port of Nome, Alaska


University of Idaho


Amtrak


Indiana Department of Transportation


Colorado School of Mines


Bracewell LLP

With a strong focus on the energy and infrastructure space, Bracewell LLP advises on a range of sophisticated financing structures relating to large-scale conventional and renewable projects across the United States and beyond, working for a roster of best-in-class energy players as well as multinational investment banks and financial services institutions. The team also demonstrates wider capabilities in negotiating and drafting a swathe of commercial documents as well as acting as tax counsel on renewable energy builds. Alan Rafte and Thomas Tomlinson co-lead the practice out of Houston and are routinely engaged with energy industry companies and private equity outfits, with the latter particularly noted for his extensive understanding of the oil, gas and hydrocarbons, and has been a chief lead on carbon capture facilities and natural gas conversion projects. New York’s Nicolai Sarad spearheads the firm’s infrastructure offering and works with sponsors, lenders and pubic agencies on PPPs pertaining to aviation, transport and social infrastructure, often advising in Latin America. Jeris Diana Brunette, who also operates out of New York, has been active on a number of debt financings for combined cycle power plants and LNG projects over the past twelve months, and is joined in Manhattan by Fernando Rodriguez Marin who is another key infrastructure name and who has a deep PPP understanding.

Practice head(s):

G. Alan Rafte; Thomas M. Tomlinson; Nicolai J. Sarad


Other key lawyers:

Jeris Diana Brunette; Fernando J. Rodriguez Marin


Key clients

Tallgrass Energy


Talos Low Carbon Solutions LLC


Beacon Offshore Energy Development LLC


Competitive Power Ventures, Inc.


Synovus Financial Corporation


MUFG Bank, Ltd.


Chevron Phillips Chemical Company LP


Pilot Water Solutions


Calcasieu River Bridge Project lenders


Balfour Beatty Investments


US-based airport management company


COSAPI


Work highlights


  • Representing Talos Low Carbon Solutions in its development of various carbon capture and sequestration projects along the US Gulf Coast, including the project offshore Jefferson County, Texas.
  • Advising Competitive Power Ventures in the financing of four operating wind farms in Maine acquired from Patriot Renewables and other project owners.
  • Represented Balfour Beatty Investments as the sponsor to the shortlisted consortium known as Red Soils Justice Partners in its bid for the Clackamas County Courthouse Social Infrastructure P3 Project in Oregon

Butler Snow LLP

Butler Snow LLP‘s deep bench of public finance advisors act on state and county soft and hard infrastructure builds. The group are a frequent port of call for many urban development authorities, public institutions, most notably hospital, schools and art centers, and energy developers for bond, borrower and corporate counsel. Added to this, the firm’s tax credits group is regular feature amongst practice matters, supporting clients on federal New Markets Tax Credits and state New Markets Tax Credits – amongst other tax issues. Thad Varner, Blake Sharpton, and Gregg Gumbert spearhead the team from Ridgeland, Macon, and Memphis respectively. In recent highlights, Thad has been active on port redevelopments, Blake on housing and medical builds, and Gregg on energy, manufacturing and logistics facilities. Also based in Ridgeland, Michael Russ and has been routinely instructed as bond counsel to the Mississippi Business Finance Corporation, whereas John England and Anna Watson are well-reputed for their tax advice. Birmingham’s Caitlyn Burchfield and Ridgeland’s Jetson Hollingsworth are also recommended. Michael Bradshaw left the firm in March 2024.

Practice head(s):

Thad Varner; Blake Sharpton; Gregg Gumbert


Other key lawyers:

Michael Russ; John England; Anna Watson; Caitlyn Burchfield; Jetson Hollingsworth


Testimonials

‘The firm possesses a broad range of experience and works collaboratively. More important is that they work seamlessly with in-house counsel to create a coherent team to address the legal questions or transactions. The attorneys are quite knowledgeable even down to mid-year associates. They are quite responsive to requests.’

 

Work highlights


  • Counsel to The Tennessee Energy Acquisition Corporation in connection with the issuance of $787,490,000 Gas Project Revenue Refunding Bonds, consisting of $768,035,000 Series 2023A-1, and $19,455,000 Series 2023A-2 (Taxable), issued to refinance prior debt and to finance the acquisition of an approximately 30-year supply of natural gas for sale to certain municipal utilities and joint action agencies
  • Served as bond counsel on three separate solar projects for Origis Energy with a combined par value in excess of $1,000,000,000.
  • Served as special New Markets Tax Credit and Historic Tax Credit counsel to the developer, Crosstown Arts, a nonprofit organization, in connection with the redevelopment of the Crosstown Sears Building in Memphis, Tennessee.

Clifford Chance

Clifford Chance combines the firm’s extensive international footprint with embedded project finance and development expertise to advise on a impressive portfolio of energy and infrastructure projects that span the Americas, Africa and Asia. Tax equity financings and tax credit transactions are a significant part of the workload, particularly with regard to battery storage, wind and solar projects, and the firm has also demonstrated high levels of activity engaging with carbon capture ventures. Furthermore, in the LatAm region, the group have pivoted towards refinancing existing brownfield projects with bonds, working closely with the capital markets branch of the firm. Lori Ann Bean ‘s leadership straddles both energy and infrastructure offerings and is a key representative for governmental lenders, working closely with the US Department of Energy and the US International Development Finance Corporation. Fabricio Longhin‘s focus is firmly centered on Latin America where he has overseen a number of significant transport-related mandates, often working alongside Jessica Springsteen who has also counselled a range of European lenders and export credit agencies on domestic renewable projects. Greg Jehle and Lauran Smith are further names of note due to their work with the DOE, while Alberto Haito continues to represent both banks and financial sponsors across a spectrum of energy and infrastructure developments. All practitioners operate out of Washington DC.


Practice head(s):

Lori Ann Bean


Other key lawyers:

Fabricio Longhin; Jessica Springsteen; Alberto Haito; Greg Jehle; Lauran Smith


Key clients

U.S. International Development Finance Corporation


Export-Import Bank of the United States


Build America Bureau of the U.S. Department of Transportation


U.S. Department of Energy


Inter-American Investment Corporation


International Finance Corporation


KfW


EKF


CAF


Proparco


SACE, Simest


Hermes


Corporación Financiera de Desarrollo S.A.


Financiera de Desarrollo Nacional (FDN)


Department of Commerce


Work highlights


  • Advised the DOE Loan Programs Office on a US$2.5 billion loan to Ultium Cells LLC (a joint venture between General Motors and LG Energy Solutions) to help finance the construction of new lithium-ion battery cell manufacturing facilities in Ohio, Tennessee, and Michigan.
  • Advising the DOE Loan Programs Office on the expansion of a critical mineral processing facility.
  • Advised KKCG AG, U.S. Methanol, and Liberty One Methanol on a US$150 million loan from WhiteHorse Capital Management LLC to help finance the construction and operation of a new methanol production facility in Charleston, WV.

Gibson, Dunn & Crutcher LLP

Transport projects remain a flagship component of the team’s work at Gibson, Dunn & Crutcher LLP, advising on the design, financing and maintenance of toll roads, highways and bridges, many of which are PPPs. A wider book of work includes marquee infrastructure ventures, most significantly the JFK Terminal One expansion project, as well as university campus utility redevelopments and water, energy transition, and digital infrastructure builds. Furthermore, Meridiam Infrastructure, John Laing, and Macquarie Asset Manager are some of the high-end investors and developers who regularly call upon the team. Team head Tomer Pinkusiewicz ‘is a super-complete infrastructure lawyer’ and is widely lauded by clients for his strong business acumen and extensive capabilities regarding infrastructure financing and development. Anita Girdhari‘s far reaching practice is largely concentrated on PPPs, handling transport, digital, social and waste-to-energy infrastructure assets, which is similar to Toren Murphy who also possesses deep-founded PPP knowledge that centers on transportation infrastructure. All individuals act out of New York.

Practice head(s):

Tomer Pinkusiewicz


Other key lawyers:

Anita Girdhari; Toren Murphy


Testimonials

‘Tomer Pinkusiewicz is a super-complete infrastructure lawyer. He leads transactions like no one, has an impressive business acumen and is truly charismatic.’

‘Tomer Pinkusiewicz has the ability to explain complex things in a way that everybody understands, and he has great experience in all the aspects of infrastructure projects: concession agreements, project finance, operations, etc.’

‘Very strong technical legal skills; communication skills and advocacy skills.’

‘Tomer Pinkusiewicz is a highly effective advocator and technically strong lawyer who consistently embeds himself personally in the details and provides effective and commercially minded advice. ’

‘Best in class people. Unrivalled experience.’

‘Commercially minded. Know the industry and sector and all the deals. Detailed. Competent in all aspects of law. ’

‘The team is composed of diverse highly specialized members in various legal areas They are able to provide comprehensive support in complex public-private infrastructure projects. They are available at all time and extremely responsiveness. ’

‘Tomer is definitely a problem-solving lawyer. He knows perfectly his practice. His ability to actively listening to client concerns, understanding their goals, and advocating on their behalf with dedication and commitment makes him a talented lawyer. He is able to approach problems with a sharp and strategic mind.’

Key clients

Autopistas Metropolitanas de Puerto Rico, LLC


Cintra Developments LLC


Ferrovial Agroman US Corp.


John Laing


Macquarie Asset Management


Meridiam Infrastructure North America


NTE Mobility Partners LLC


Poseidon Resources (Channelside) LP


Sacyr


Shikun & Binui Ltd.


Work highlights


  • Advised Bridging Pennsylvania Constructors, an unincorporated joint venture of Shikun & Binui – America Inc. and FCC Construction, Inc., as lead construction contractor, in connection with the design, construction, financing, and maintenance by Bridging Pennsylvania Developer I, LLC, of the first package of the Pennsylvania Department of Transportation’s Major Bridge Public-Private Partnership to replace six bridges in critical need of repair across the Commonwealth of Pennsylvania.
  • Represented Poseidon Resources LP, a private water project developer, on its US$328.5 million debt financing that will be used for various ongoing projects at the Claude “Bud” Lewis Carlsbad Desalination Plant, a 54 million gallon per day reverse osmosis desalination plant located in Carlsbad, California which supplies desalinated potable water to the San Diego County Water Authority.
  • Advising Cintra Servicios de Infraestructuras SA, John Laing Limited and Macquarie Infrastructure Developments LLC, in connection with the development, design, construction, financing, operation, maintenance, and tolling of two new tolled, access controlled express lanes in each direction on SR 400 between I-285 and McGinnis Ferry Road and one tolled, access controlled express lane in each direction from McGinnis Ferry Road to McFarland Parkway.

Hunton Andrews Kurth LLP

Hunton Andrews Kurth LLP provides a top PPP offering, adopting a multi-sector approach for a wide array of lenders, equity sponsors, procuring authorities and sub-contractors. Over the past twelve months the firm has been instructed on landmark digital infrastructure projects, interstate and intercity railway ventures, major city subway redevelopment programs, and sports and entertainment venue builds, as well as demonstrating continued excellence on highway and toll road P3s which remain a cornerstone feature of the practice. On the energy front, the team has pivoted heavily towards solar and battery storage mandates where they are increasingly utilized for their stellar tax equity financing expertise, and retains its position as a key advisor to government agencies, state-owned energy companies, and industry players engaging with nuclear assets, with the firm active on both domestic and international matters. John O’Neill leads the practice on the infrastructure P3 front from Richmond and presides on both the project development and public finance side of transactions, while Jeffrey Schroeder  is the head of the energy team and represents clients across tax equity investments and tax credit transactions from Washington D.C. Also based in Washington DC, David Horner  advises at the forefront of the P3 space and is a go-to figure for lenders, developers and public bodies for their most consequential projects. Richmond’s Laura Jones and Washington DC’s Geoffrey Lorenz are highlighted for the breadth of their financing expertise, with the duo consistently handling complex project financings and tax equity transactions, chiefly focusing on renewables work, whereas George Borovas is the key figure for nuclear work and operates from the firm’s New York office. Robert McNamara, previously an oil and gas specialist, now lends federal income tax counsel to renewable energy players from Houston. Andrej Micovic is based in Miami and oversees a number of infrastructure ventures on the East Coast, often working closely with associate Forrest Murphy , while Richmond’s Ryan Pedraza has been a key supporting presence across an array of practice mandates, particularly in the transport sector. New York’s Jean Liang, who was promoted to counsel in August 2023, has a practice that encompasses conventional and energy transition sources of power.

Practice head(s):

Jeffrey Schroeder; John D. O’Neill


Other key lawyers:

David Horner; Laura Jones; Geoffrey Lorenz; George Borovas; Robert McNamara; Andrej Micovic; Ryan Pedraza; Forrest Murphy; Jean Liang


Testimonials

‘They have a very good depth to their practice and are mainly adept as being sponsor’s or lender’s counsel. They have the ability to handle every aspect through the life of the project.’

‘David Horner is very detailed and tenacious.’

John O’Neill is incredibly knowledgeable. He has great experience and very trustworthy.’

‘Great counsel and their junior bench is strong, I have never found errors in their work, they answer questions succinctly and they understand their clients needs very well.’

Key clients

Nuclear Power Plants Authority (Egypt)


International Finance Corporation


Sacyr Infrastructure USA LLC


NextEra Energy


Star America Infrastructure Partners, LLC


City of Richmond


Commonwealth Of Virginia


Counsel to Lead Underwriter (Citibank) and Direct Purchaser (JPMorgan Bank)


Halmar International, LLC


ASTM North America


DIF


Bernhard Capital


Plenary Infrastructure


Brightline Trains Florida LLC


Arizona Commerce Authority


North Carolina Department of Transportation


Clark County Stadium Authority dba Las Vegas Stadium Authority


Work highlights


  • Served as project counsel to a consortium comprised of Sacyr Infrastructure USA LLC, Next Era, and Star America Infrastructure Partners, LLC in connection with a bid by the consortium to design, build, finance, operate, and maintain the University of Florida utility system.
  • Project counsel to the City of Richmond in connection with the development of a baseball and the associated mixed-use development of an adjacent 67-acre land parcel.
  • Advised lead underwriter and direct purchaser in the $317 million financing of the Work for Package 3–ADA Upgrades at 13 Stations Project (the “Project”) procured by the New York Metropolitan Transportation Authority (the “MTA”).

King & Spalding LLP

King & Spalding LLP‘s ‘pulse on the market’ allows it to advise on a multitude of complex, multi-faceted energy projects, acting for leading energy players, lenders and financial sponsors. Brownfield investments and acquisitions form a key component of the group’s work, yet wider mandates include refinancing instructions, bankruptcy issues, and acquisition financing. The team has taken steps to concentrate its strong position in the market with a growing body of tax equity financing activity, including overseeing novel tax equity bridge debt transactions. Sitting at the helm of the group is Brandon Dalling who possesses a multifarious practice and whose recent highlights include big-ticket acquisition financings, revolving credit and term loan facilities, and debt and tax equity financings. Brandon regularly works alongside Tristan Pelham Webb who continues to be a highly active presence in the group and demonstrates proficiency advising on both conventional and renewable asset types and across a broad range of financing structures. Other key lawyers include Ayesha Chatterjee, who is often instructed by private credit funds and private equity sponsors, as well as Daniel Tsarevsky, who is particularly skilled in acquisition financing. All practitioners operate out of New York.

 

Practice head(s):

Brandon Dalling


Other key lawyers:

Tristan Pelham Webb; Ayesha Chatterjee; Daniel Tsarevsky


Testimonials

‘I think what makes K&S’ practice unique is their attention to detail and ability to think ahead when providing solutions to their clients. The firm also has a very good pulse on the market, which is important when trying to understand what in the realm is possible and helps frame what we should be asking for.’

 

 

Key clients

Axium Infrastructure


EverWind Fuels


Ad hoc secured group in connection with the Talen Restructuring


DESRI


Nikola


Carolina Power Partners


NextDecade


Ohio Power Partners


Macquarie


PureSky Energy, Inc.


Work highlights


  • Represented Axium Infrastructurein its acquisition, financing and interest rate hedging in connection with its entry into two joint venture partnerships to acquire portions of interests in the largest combined battery storage and solar PV power plant in North America, with a $1.2 billionenterprise value.
  • Representing EverWind Fuels in connection with its development of America’s first green hydrogen ammonia production facility on the Burin Peninsula of Newfoundland and Labrador, which is expected to produce approximately 240,000 tonnes per annum of green ammonia starting in 2025, and 1.5m tonnes per annum by 2026.
  • Representing an ad hoc group of senior secured noteholders and term loan lenders holding in excess of $1 billion of pre- and post-petition debt of Talen Energy Supply, LLC,a leading energy producerwith various renewable, nuclear, gas and coal-fired facilities across the country, which sought chapter 11 protection in May 2022.

Kirkland & Ellis LLP

Advising some of the market’s largest asset managers, financial sponsors and pension funds, Kirkland & Ellis LLP covers a variety of transaction types and assets. Infrastructure engagement focuses heavily on the digital space, with the team advising on the debt and equity financings for data center and fiber ventures, whereas on the energy front the firm has a broader ambit that includes, but is not limited to, wind, solar, hydropower, gas, hydrogen and battery storage. Rohit Chaudhry leads both sides of the firm’s project finance offering and has a proven track record on solar, LNG and fiber mandates, whereas Roald Nashi, who is also equally competent across both sector strands, has predominantly focused on energy transition work such as renewables, anaerobic digestion plants and carbon capture facilities, as well as data centers. Another key individual who has a practice concentrated on energy transition work, Robert Eberhardt is especially well-regarded for his onshore and offshore wind capabilities, while Tatiana Monastyrskaya is a key contact to Blackstone, handling their development and financing instructions. Michael Masri brings a wealth of tax equity financing and tax credit transactions expertise to bear on a number of mandates, and Tatiana Monastyrskaya continues to be a critical advisor to LNG and data center projects. Olivia George is well-versed on a wide array of project finance transaction structures. Tax specialist Sam Kamyans joined the team from Allen & Overy LLP in November 2023. Chaudhry, Nashi and Kamyans operate out of Washington DC, whereas the rest of the team sit in New York.

Practice head(s):

Rohit Chaudhry


Other key lawyers:

Roald Nashi; Robert Eberhardt; Michael Masri; Tatiana Monastyrskaya; Gregory Howling; Sam Kamyans


Testimonials

‘Superstar team. Highly knowledgeable, responsive, business-friendly, collaborative and provides alternative fee structures.’

‘Tatiana Monastyrskaya is one of the best in the industry. Tatiana knows what the market is, what is important and what is not. She does what’s needed to get the deal done on time and on budget with outstanding quality. She is business-friendly, accessible, collaborative and the only person I want at my side negotiating deals.’

‘I’ve found K&E to be outstanding in their focus on delivering for the client, especially on complex transactions. A diverse skill set ensure that an expert is always available, regardless of the nature of problem.’

‘Tatiana Monastyrskaya at K&E was the driving force that enabled us to close a large, complicated financing in record time. She’s exceptionally creative, organized and focused.’

Key clients

Ares


Altus Power America Inc.


Aypa I Power LLC


BlackRock Inc.


Blackstone


Brookfield


Clearway Energy Group LLC


Global Infrastructure Partners


Intersect Power


Kohlberg Kravis Roberts & Co. L.P.


Macquarie


NorthRiver Midstream


Ontario Teacher’s Pension Plan


Orion Infrastructure Capital


Quantum Energy Partners


Santa Maria Renewable Energy


SB Energy Global, LLC


Servicios y Terminales De Tuxpan, S.A. DE C.V.


TPG Rise Climate


Viridi Energy


Vineyard Wind


Warburg Pincus


Work highlights


  • Advised Global Infrastructure Partners in the financing of its investment in RIO Grande LNG, an $18.4bn project.
  • Advised Blackstone Energy Partners III L.P. and Blackstone Capital Partners V III L.P., and their portfolio companies Transmission Developers, Inc., TDI-USA Holdings LLC, and CHPE LLC, in connection with the $6bn development and construction financing of Champlain Hudson Power Express.
  • Advising Vineyard Wind in the raising of $2.3bn to create the first U.S. commercial scale offshore wind farm off the coast of Massachusetts.

Latham & Watkins LLP

Latham & Watkins LLP is well-positioned to advise on energy transition mandates, with a particular focus on battery storage, solar and wind financings. The firm has a balanced sponsor and lenders focus, acting for both premium banks and financial services institutions and multinational energy corporations, overseeing both debt and equity financings. LNG also continues to be a large part of the firm’s workload, handling the development and financing piece of landmark facilities such as the Port Arthur LNG Phase 1 project. On the infrastructure front, the group stands out for its formidable engagement with digital assets, often instructed on major US fiber rollouts, microgrids, and battery energy storage facilities. Project development and financing specialist Jeff Greenberg helms the group on both sides of the energy and infrastructure space and is a key adviser to some of the world’s largest financial institutions such as Credit Agricole and MUFG. Jonathan Rod and Jason Webber offer particular experience relating to LNG projects, while Matthew Henegar‘s practice spans renewables, conventional energy, and infrastructure assets. Gianluca Bacchiocchi and Guido Liniado have an extensive international footprint that is predominantly centered on Central and South America where they work with a range of sponsors, underwriters and developers on project financing and capital raises. Chirag Dedania‘s data center expertise ensures that he is sought out by numerous established corporates and deal sponsors, whereas Kelly Cataldo and Omar Nazif  are particularly well-regarded for their adeptness in renewables and battery storage mandates. A popular choice for private equity sponsors, Warren Lilien is equally proficient across energy and infrastructure matters and has a strong record on gas pipeline instructions. Annelise Karreman has a growing practice in the renewables sector, working on both project financings and tax equity financings, whereas Cameron Lyons has minerals, metals and chemicals work as part of a broad portfolio of work. Renewables expert Daniel Sinaiko joined the team from A&O Shearman in April 2024. The team operates out of New York.

Practice head(s):

Jeff Greenberg


Other key lawyers:

Jonathan Rod; Jason Webber; Matthew Henegar; Gianluca Bacchiocchi; Guido Liniado; Chirag Dedania; Kelly Cataldo; Omar Nazif; Cameron Lyons; Annelise Karreman; Daniel Sinaiko


Key clients

ArcLight Capital


Avenue Capital


Aypa Power


Blackstone Energy Partners


Cheniere Energy Partners, L.P


CIBC


ConocoPhillips


Cordelio Power


Credit Agricole


Divert, Inc.


Energy Capital Partners


Global Infrastructure Partners


Innergex Renewable Energy, Inc.


Jefferies Finance LLC


KeyBank


LS Power, LLC


MUFG Bank


NextDecade Corporation


OIC


Santander


Scotiabank


SMBC


Tellurian Inc.


Terra-Gen Power, LLC


Venture Global LNG


Work highlights


  • Advised NextDecade Corporation in the total $18.5 billion financing for the Rio Grande LNG Facility.
  • Advised ConocoPhillips in the project development and $11.35 billion financing of the Port Arthur LNG Phase 1 project in Jefferson County, Texas
  • Advised Divert, a company that provides solutions for food waste management, in a US$1.1 billion debt and equity financing to fund the development of wasted food to renewable natural gas (RNG) facilities across North America.
  • Advised American Triple I as part of JFK Millennium Partners’ US$4.2 billion deal to develop the new terminal 6 at JFK Airport.
  • Advised Hybar in a US$700 million debt and equity financing to build, start up and operate a technologically advanced, environmentally sustainable scrap metal recycling steel rebar mill.

Mayer Brown

Mayer Brown remains active on behalf of premium lenders, developers and governmental bodies in a near unrivalled volume of high-end PPP mandates, demonstrating activity on some of the country’s largest interstate transportation projects, major airport developments, and university renovation and facility upgrade ventures. On the energy front, the firm is well placed to counsel on the full breadth of financing transaction structures, engaging with both the refinancing and further capital injections of operational assets as well as financing greenfield and early stage ventures. Tax equity and tax credit expertise is a strong point of the team’s offering, guiding investors through the tax equity financing of renewable projects as well as overseeing first-of-its-king PTC tax credit transfers. Paul Astolfi and Joseph Seliga lead the energy and infrastructure offerings respectively, with the former frequently instructed by financial sponsors and financial institutions on renewables financings, and the latter highly respected for his wealth of expertise on PPPs and experience counselling on each side of a project. David Narefsky, ‘has deep experience of public agencies’ and has a particular focus on rail and transit matters, while Stephanie Wagner handles a varied stream of multi-state projects with the ability to explain ‘complex issues to clients‘. Mitch Holzrichter is trusted by governments, developers and sponsors for his innovative approach to P3 mandates and has advised on first-of-its-kind long-term arrangements and revenue risk concession deals on landmark infrastructure developments. Houston’s Robert Goldberg is highly regarded in the market for his debt and tax equity financing expertise in the renewables space and is frequently approached by financial sponsors for repeat instructions, whereas Daniel Kiely is chiefly recognized for his tax-focused advice and operates out of New York. Katy McNeil predominantly focuses on renewables and cleantech matters. Nicholas Vallorano was promoted to partner in 2023 and provides valued transport knowledge to key client instructions. Eric Pogue, Samantha Leavitt, Amanda Rosenberg and Jeffrey Davis left the firm in mid-late 2023. The team operates out of Chicago unless otherwise stated. Nadav Klugman left the firm in April 2024.

Practice head(s):

Paul Astolf; Joseph Seliga


Other key lawyers:

David Narefsky; Stephanie Wagner; Mitchell Holzrichter; Robert Goldberg; Dan Kiely; Nicholas Vallorano; Katy McNeil


Testimonials

‘The Mayer Brown team provides balanced advice to both public and private sector clients on infrastructure transactions, helping develop creative solutions that work for both parties. ’

‘David Narefsky has such deep experience of public agencies. Stephanie Wagner is very good at explaining complex issues to clients.’

‘Mayer Brown stands out for its multidisciplinary approach, industry expertise, client-centric culture, and emphasis on diversity and inclusion. These strengths, combined with the firm’s delivery of exceptional legal services, make it an excellent choice for clients seeking strategic legal counsel on complex matters.’

‘Mayer Brown has exceptional professionals who are widely respected within their fields and known for their contributions to the firm and legal profession. They demonstrate a strong understanding of complex legal issues and possess the skills necessary to provide strategic advice and solutions to clients. This knowledge and experience enable them to anticipate trends, navigate regulatory complexities, and provide valuable insights to clients.’

Key clients

Apollo / Atlas Securitized Products


Ares Management


Bank of America


BlackRock


Blackstone


Brookfield Asset Management


Caisse de dépôt et placement du Québec (CDPQ)


ClearGen LLC (100% owned portfolio company of Blackstone Credit Sustainable Resources Platform)


Deutsche Bank AG


Diamond Generating Corporation


Duke Energy Corporation


ENGIE North America Inc.


Fengate Asset Management


GE Energy Financial Services, Inc


ING Capital LLC


MUFG


Nestlé


Nomura


Norddeutsche Landesbank


KKR/ Global Atlantic Financial Group


Leeward Renewable Energy


Longroad Energy


Rabobank


Santander


Tyr Energy


Wells Fargo


Acciona


ACS Infrastructure Development


Arkansas Department of Transportation


CenTrio Energy


East Interchange Builders


Gateway Development Commission (GDC)


JetBlue


Illinois Department of Transportation


J.P. Morgan Securities


KPMG


Macquarie Capital


Michigan Department of Transportation


Morgan Stanley


Plenary Americas USA Ltd.


Shikun & Binui


State of Illinois


Texas Department of Transportation


Transurban


Virgin Islands Port Authority (VIPA)


Wells Fargo Bank, National Association


Work highlights


  • Represented Caisse de Dépôt et Placement du Québec (CDPQ) in consortium with Blackstone and Invenergy to acquire renewables portfolio from AEP for $1.5 billion.
  • Represented Leeward Renewable Energy as sponsor on both debt and tax equity financing for its 102 MWac solar plus 52 MWac storage Chaparral Springs project and its 72 MWac solar plus 36MWac storage Willow Springs project in California.
  • Represented Credit Suisse in a $300 million warehouse facility that led directly to the first commercial and industrial (C&I) solar asset-backed securitization (ABS) with a significant concentration of community solar assets.

McGuireWoods LLP

McGuireWoods LLP delivers astute project finance expertise amongst the wider M&A, development, and tax work that an array of infrastructure funds, energy operators, and utilities seek assistance with. Renewables continue to be the main focus of the group, with both onshore and offshore wind, solar, and associated battery storage facilities regularly at the fore. The practice is led by tax specialist Durham McCormick; Brian Kelly, whose practice balances M&A, project development, and project finance instructions; and Brennen Keene, who has been predominantly active on wind and solar projects over the past twelve months. Timothy Callahan has overseen a variety of financing structures in recent work highlights, including portfolio financings, collateralized construction-term financings, back-leveraged financings, and refinancings, for the most part in the renewables space. Doug Lamb has a far-reaching practice that sees him handle infrastructure and PPP mandates, commercial agreement negotiations and reviews, and project financing, including tax credit work. Keene and Lamb operate out of Richmond, whereas McCormick and Kelly sit in the Houston and Baltimore offices, respectively. Callahan is based in Chicago.

Practice head(s):

Brian Kelly; Brennen Keene; Durham McCormick


Other key lawyers:

Timothy Callahan; Doug Lamb


Key clients

KeyBank National Association


Caprock Renewables


Dominion Energy, Inc.


Work highlights


  • Advised KeyBank National Association in relation to equipment, construction and permanent financings provided by KeyBank to developers of wind farms and solar plants.
  • Represented Dominion Energy on contracts with an aggregate value, to date, of approximately $7 billion to construct a 2.6-gigawatt Coastal Virginia Offshore Wind (CVOW-C) commercial project.
  • Representing Caprock Renewables, a boutique utility scale renewable energy company based in Austin, Texas.

Milbank

Milbank is well positioned to act on a host of domestic and international project financings, representing high-end banks, financial services providers, and financial sponsors on both early stage and operational assets. Infrastructure mandates form a substantial section of the firm’s workload, with impressive activity in the aviation and shipping sectors demonstrated over the past twelve months, but the team’s primary efforts focus on power and energy projects, where the group represent government lenders, debt and equity investors, and developers on both traditional and energy transition ventures. Exemplifying this in particular is practice head Daniel Bartfeld, whose expertise straddles oil and gas, digital infrastructure, transport and logistics, and renewables, which is similar to co-head Daniel Michalchuk who also frequently engaged on both energy and infrastructure mandates. The highly experienced William Bice is able to provide project finance, acquisition finance, M&A and development expertise and is therefore retained by clients throughout the entire project lifecycle, while Jeffrey Leider lends project finance and structured finance acumen to marquee lenders and sponsors, with notable activity in conventional power projects.  Sean O’Neill, who was promoted to partner in 2023, has been active on aviation-related financings and investments over the past year, whereas Kyle Smit has been engaged with natural-gas projects. All individuals are based in New York. Javad Asghari left the firm in April 2024.

Practice head(s):

Dan Bartfeld; Daniel Michalchuk


Other key lawyers:

William Bice; Jeffrey Leider; Kyle Smit; Sean O’Neill


Key clients

Arclight Capital Partners LLC


Ares Management LP


Barclays


Blackstone


LS Power


SB Energy


MUFG Bank, Ltd.


Bank of America, N.A.,


Bank of China


Citibank, N.A.,


HSBC


ING Capital LLC


Intesa SanPaolo S.p.A.,


KDB Asia Limited


KfW IPEX-Bank GmbH


Natixis


Société Générale


Sumitomo Mitsui Banking Corporation


The Bank of Nova Scotia


Apollo Capital Management, L.P.


Global Infrastructure Partners


Blackrock


Macquarie


Cathcart Rail


Work highlights


  • Represented the lenders in providing financing to a consortium formed by Invenergy, Blackstone and CDPQ for the acquisition of a portfolio of operating renewables portfolio.
  • Represented Hartree Partners, L.P. in connection with acquisition of 100% membership interests in EIF-NEC, LLC, which indirectly owns Newark Energy Center, the approximately 735 MW combined cycle natural gas-fired power generation facility in Newark, New Jersey.

Morgan, Lewis & Bockius LLP

Morgan, Lewis & Bockius LLP offers a strong bench of advisors who are ‘excellent collaborators’ and whom possess the ‘ability to provide market perspective on transactions and negotiating positions.’ The firm handles a diverse stream of financing transactions that includes debt, equity and tax equity financings as well as refinancings and acqusition financings for a wide roster of developers, investors and sponsors particularly focused on wind, solar and battery storage matters. Team lead Elizabeth Hanigan is based in Chicago and covers the transactional waterfront of renewable energy assets, whereas fellow co-head and Washington DC attorney Stephen Spina is a go-to for utility clients. Neeraj Arora has been active on construction loan financings, acqusition financings, and tax equity financings over the past twelve months, sitting in the Los Angeles office. Laura Neumeister Wright splits her time between New York and Chicago and has presided over novel novel production tax credit agreements and sustainability-linked credit facilities as part of a formidable book of renewable energy mandates. Boston’s Amy Maloney continues to be a prominent name in the practice and for sponsors, lenders and developers and has been a leading name on the firm’s large-scale gas-fired energy projects.


Practice head(s):

Elizabeth Hanigan; Stephen Spina


Other key lawyers:

Neeraj Arora; Laura Neumeister Wright; Amy Maloney


Testimonials

‘The firm are good risk advisors facilitating better decision making, and are excellent collaborators and user friendly, prompt.’

‘Ability to provide market perspective on transactions and negotiating positions.’

Key clients

Ares Management L.P.


Astoria Energy


Basalt Infrastructure Partners


Credit Agricole CIB


JPMorgan Chase Bank


MUFG


National Grid Ventures


Lotus Infrastructure


South Jersey Industries


Swift Current Energy


Invenergy


Brookfield/Luminace


Energy Capital Partners


HQI US Holding LLC/Hydro-Québec


Ashtrom


American Electric Power


CarVal Investors


CIT Group


Evergy


Osaka Gas


Pardee Renewable Energy


Work highlights


  • Advised Orion Infrastructure Capital on a debt financing for a $20 million senior secured term loan facility for Forge Nano Inc.
  • Advised hep energy USA on an approximately $9.4 million debt and approximately $9.3 million tax equity financing of a 9.8-megawatt solar project located in North Carolina.
  • Represented Ashtrom Renewable Energy (ARE) in the development, construction, and term financing of a 300 MW solar project located in Texas, including the first-of-its-kind 10-year PTC transfer agreement under the new IRA transfer scheme.

Morrison Foerster

Demonstrating cross-border capabilities and a depth of expertise across a wealth of financing transactions, Morrison Foerster advises major organisations including the US International Development Finance Corporation (DFC) and the Inter-American Investment Corporation who seek out the firm's substantial international projects that span Africa, Asia and Latin America. Greg Smith is one of two team heads and possesses a diverse book of work that includes renewable energy, digital infrastructure and social infrastructure financings, as well as overseeing debt investments into private equity and impact funds. Second group lead Ann Lilienthal is another prolific agency lender specialist and has a similarly diverse financing practice, cover a range of debt and equity transactions, taking the lead on a number of projects based in Africa, the Caribbean, and Asia. Conrad E. Proulx has been a crucial supporting presence on the full spectrum of departmental matters, building up a formidable book of work. All individuals work in Washington DC.

 

 


Practice head(s):

Gregory Smith; Ann Lilienthal


Other key lawyers:

Conrad Proulx


Key clients

Inter-American Investment Corporation


U.S. International Development Finance Corporation


U.S. Department of Energy


Export-Import Bank of the United States


International Finance Corporation


African Development Bank


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


Japan Bank for International Cooperation


European Bank for Reconstruction and Development


CDC Group plc


Export-Import Bank of Korea


Nippon Export and Investment Insurance


Central American Bank for Economic Integration


Inter-American Investment Corporation


U.S. International Development Finance Corporation


U.S. Department of Energy


Export-Import Bank of the United States


International Finance Corporation


African Development Bank


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


Japan Bank for International Cooperation


European Bank for Reconstruction and Development


CDC Group plc


Export-Import Bank of Korea


Nippon Export and Investment Insurance


Central American Bank for Economic Integration


Work highlights


  • Serves as lead counsel to the lenders on various power projects in Jordan, including the 400MW combined cycle Amman East Power Plant (IPP1), the 250MW tri-fuel AES Levant Power Plant (IPP4), the 48.7MW A M Solar Plant, and the 24MW Ma’an Solar Plant.
  • Advising IDB Invest in connection with the US$452 million expansion and upgrade of the Kingston Container Terminal which is set to increase the capacity of Jamaica’s most important port facility in the Port of Kingston.
  • Serves as lead outside counsel to DFC and CDC on the financing of the Tè power plant, a 52 MW gas-fired power project in Conakry, Guinea, which is sponsored by Endeavor Energy.

Nixon Peabody LLP

Nixon Peabody LLP‘s team of public finance lawyers possess ‘relative expertise in subsets of the infrastructure field’, resulting in a ‘skilled and well-balanced process’ during the wide breadth of PPPs they routinely engage in. A comprehensive sector focus across infrastructure results in the group acting for public and private sector clients for the procurement, financing and development piece, and also possess the ability to handle tax-related issues. The group is headed up by Virginia Wong who is particularly well-regarded for her bond counsel and has multi-billion dollar debt restructurings and tax-exempt and taxable municipal financings as part of a wide body of work. Dan Deaton predominantly acts as bond, disclosure and underwriter’s counsel on transportation matters, while Roderick Devlin offers significant experience advising the lenders to shortlisted bidders for substantial infrastructure builds. John Hutchinson is routinely sought out as lead tax counsel on P3 ventures and has been active on port developments. Chris Reitzel is another key public and project finance lawyer, commonly positioned in complex, multi-faceted projects as underwriter or bond counsel. Rudy Salo is also recommended. Deaton and Salo operate out of Los Angeles, whereas the rest of team operate from New York.

 

Practice head(s):

Virginia Wong


Other key lawyers:

Daniel Deaton; Roderick Devlin; John Hutchinson; Rudy Salo


Testimonials

‘The team of public finance lawyers are well-versed in municipal securities law and are relative experts in subsets of the field. They value service and being responsive during the process.’

‘NP seems to function well with a team approach. This translates to a skilled and well-balanced process. Some of the competitors offer on lawyer who manages the entire process. The single lawyer model is good when it’s good, but really bad when it isn’t.

Key clients

Rhode Island Public Transit Authority


Glydways


CW Matthews


Vantage Airport Group


Puerto Rico Fiscal Agency and Financial Advisory Authority


Lane Construction Group


Hudson Yards Infrastructure Corporation


Triborough Bridge and Tunnel Authority


Los Angeles County Metropolitan Transportation Authority


City and County of San Francisco


Work highlights


  • Representing Rhode Island Public Transit Authority (RIPTA) in all aspects of its Design Build Finance Operate Maintain (DBFOM) P3 to deliver a new mixed use Transit Center P3 to consolidate its service in downtown Providence, Rhode Island.
  • Served as Co-Bond Counsel to Triborough Bridge and Tunnel Authority (MTA Bridges and Tunnels) on the $1,253,750,000 Sales Tax Revenue Bonds, Series 2023A (TBTA Capital Lockbox – City Sales Tax) issuance – this was the second series of bonds issued under TBTA’s newest bond credit).
  • Served as Bond Counsel to the Puerto Rico Highways and Transportation Authority on the issuance of its Restructured Toll Revenue Senior Bonds to implement of the HTA Plan under Title III of the Puerto Rico Oversight, Management, and Economic Stability Act.

Norton Rose Fulbright

A ‘very knowledgeable’ team that combines ‘experience and competence coupled with flexibility’ to service a wide-client base, Norton Rose Fulbright handles high-end project finance and development work, demonstrating activity on large scale battery storage ventures, first-of-its-kind tax equity instructions, and multi-billion dollar digital infrastructure and power transmission projects. A strong lead arranger and lender practice is coupled with an increasing sponsor focus, working with both domestic and international infrastructure funds and asset managers. Bridge, toll road, and highway PPPs are intermixed with landmark projects such as the representing the Port Authority of New York and New Jersey on the procurement of a design-build agreement for JFK Airport, as well as a strong body of utilities-focused work. Washington’s Keith Martin and New York’s Ben Koenigsberg co-lead the energy practice, with both practitioners noted for the breadth of their asset understanding and the former also highlighted for his tax expertise, while New York’s Todd Alexander’s eminent reputation in the energy sector continues to attract an array of instructions from lenders and investors engaging with both traditional and renewable assets. Douglas M. Fried spearheads the firm’s infrastructure offering from New York and is equally well versed acting for the sponsors, developers and procuring body across a range of PPP projects, often working alongside fellow co-leads Douglas B. Buchanan who is similarly proficient across PPPs and splits his time between New York and Vancouver, and Jacob Falk, a Washington DC-based advisor who has helmed major inner-city transport redevelopments over the past twelve months. Also based in Washington DC, Noam Ayali has been the chief advisor to a consortium of arrangers engaged with the Champlain Hudson Power Express transmission line. Becky Diffen handles renewable energy, storage and transmission projects from the Austin office, while Washington D.’s Hilary Lefko provides long-standing tax equity financing expertise to an array of mandates. Rhodri Evans brings experience to bear beyond just the procurement and financial closing of infrastructure ventures, often counselling through the development and completion stage, and operates out of Seattle. Austin’s Luke Edney showcases prolific activity across the full spectrum of energy matters, with particular expertise on development and procurement work. Deanne Barrow, who acts out of San Francisco, is a key feature on the firm's energy transition and clean tech mandates.


Practice head(s):

Keith Martin; Ben Koenigsberg; Douglas M. Fried; Douglas Buchanan; Jacob S. Falk


Other key lawyers:

Jacob S. Falk; Todd E. Alexander; Noam Ayali; Rhodri Evans; Hilary Lefko; Luke Edney; Deanne Barrow


Testimonials

‘The team is very knowledgeable. Keith Martin is one of the best in the US energy sector. Not only he has a very comprehensive knowledge of the topics but he also helps to shape them while they are being drafted Again’

‘Again Keith Martin is the one that stands out over the rest of the partners. He also facilitates contacts with other peers and stakeholders ’

‘The NRF Infrastructure and PPP practice team are responsive and pragmatic. They are also very easy to talk to and their instructions are given in a clear and concise manner.’

‘NRF key qualities are experience and competence coupled with flexibility. The team’s reliability when faced with challenging deadlines is second to none.’

‘Luke Edney has an exceptional level of global legal experience coupled with personability and specific knowledge of the energy sector and real time market knowledge on a wide range of topics. Jeremy Tripp has a high level of attention to detail, reliability and flexibility under pressure.’

Key clients

NextEra Energy, Inc.


Avangrid Renewables


EDP Renewables North America LLC


EDF Renewables, Inc.


Invenergy LLC


Longroad Energy Holdings, LLC


Leeward Renewable Energy LLC


MUFG


Fengate Asset Management


Savion, LLC


Nomura Securities International, Inc.


Lightsource BP


TotalEnergies


Origis Energy


Rabobank International


Société Générale


GE Energy Financial Services


Cordelio Power Inc.


Jupiter Power LLC


Broad Reach Power, LLC


Mizuho Bank, Ltd.


CIBC


Port Authority of New York and New Jersey


InfraRed Capital Partners (US) LLC


Acciona Construction USA Corp.


Treadwell Franklin Infrastructure Capital LLC


Landmark Development Services Company


US Environmental Protection Agency


US Department of Transportation


QIC Private Capital Pty Ltd


AustralianSuper


American Triple I


Work highlights


  • Represented the Port Authority of New York and New Jersey in connection with the procurement of a US$1.24 billion design-build agreement for the Central Terminal Area Roadways, Utilities and Ground Transportation Center Project at JFK Airport.
  • Represented the Port Authority of New York and New Jersey in connection with the procurement of a logistics facility consisting of a concrete batch plant, rock crushing facility and barge terminal, which will provide services to contractors undertaking the US$19 billion JFK redevelopment program.
  • Advised a group of three sellers on the sale to ACS Group of their interests in Blueridge Transportation Group, the concessionaire in respect of the SH 288 Toll Road P3 in Texas.

Nossaman LLP

PPP specialists Nossaman LLP is a popular choice for state agencies who rely on the deep-founded financing, procurement and development expertise. Complex transport mandates continually come to the fore, and the group geared to act on both traditional infrastructure such as toll roads, bridges and airports, as well as new and emerging assets such as electric bus maintenance and storage facilities, with a notably diverse geographical spread of work. Elizabeth Cousins leads the team and has a practice that involves P3s, design-build contracts and inter-agency agreements, with matters spanning utilities, transport and social infrastructure. Possessing established financing expertise as part of a wide-set of capabilities, Corey Boock represents private sponsors and contractors alongside an extensive list of regional and local transport agencies. Andrée Blais chiefly focuses on the procurement and contracting aspect of large-scale PPP projects, and Geoffrey Yarema provides further transport-specific acumen. Washington DC’s Shant Boyajian also comes recommended. The rest of the team sits in Los Angeles.

Practice head(s):

Elizabeth Cousins


Other key lawyers:

Corey Boock; Andrée Blais; Geoffrey Yarema; Shant Boyajian


Key clients

Indiana Finance Authority / Indiana Department Of Transportation


Los Angeles County Metropolitan Transportation Authority


City and County of San Francisco and San Francisco Municipal Transportation Agency


East County Advanced Water Purification  Joint Powers Authority


City of Inglewood


Colorado Department of Transportation


City and County of San Francisco and San Francisco Public Utility Commission


City of Los Angeles Sanitation Department


Central Los Angeles Consolidated Recycling Transfer Station


Advanced Water Purification Facility


Michigan Department of Transportation


Work highlights


  • Advised LA Metro’s first application of the Pre-Development Agreement delivery method to develop the approximately $6 billion to $10 billion Sepulveda Pass Rail Transit project through one of the most congested interstate highway corridors in the nation.
     
  • Advising on the procurement of a modern bus maintenance and storage facility equipped to serve the projected future needs of SFMTA’s new battery electric bus fleet, together with a mixed residential and commercial development at the4.4 acre project site.
  • Advising on all aspects of the $1.1 billion elevated fixed guideway rail project to connect LA Metro’s Crenshaw Light Rail Line with the revitalized Market Street commercial area, the Kia Forum, the Intuit Dome and Sofi Stadium at Hollywood Park.

O'Melveny & Myers LLP

Landmark PPPs form a substantial component of the varied work the team at O'Melveny & Myers LLP routinely engages with, epitomized by its position acting as counsel to JFK Millennium Partners in their agreement to build, finance, and operate a new passenger terminal at New York’s JFK airport and the advice provided to the Puerto Rico Public-Private Partnership Authority for numerous toll road developments. This marquee mandates are part of infrastructure work that is notably focused on transport, rail, aviation and sports sectors, while on the energy front the group is consistently instructed on large-scale LNG, wind, solar and carbon capture mandates – amongst others. The group also boasts a strong tax equity financing offering. Elizabeth Dubeck, Eric Richards, and Michael Hamilton spearhead the infrastructure practice from Los Angeles, with the former duo particularly well reputed for their PPP expertise and understanding of airports, rail and surface transportation projects. Denise Raytis is the other key figure acting on the project financing and development of commercial buildings, often representing both private and public entities. Energy head and New York-based Junaid Chida is a go-to advisor for tax-equity investors and possesses a formidable cross-border practice. Austin’s Phillip Oldham‘s knowledge of federal state regulations is crucial to the wealth of early-stage conventional and renewable power projects he regularly acts on, whereas Monica Hwang is chiefly noted for her LNG and carbon capture and sequestration work, operating out of the firm’s Houston office.

 

Practice head(s):

Junaid Chida; Elizabeth Dubeck; Eric Richards; Michael Hamilton


Other key lawyers:

Monica Hwang; Phillip Oldham; Denise Raytis


Key clients

MPS Infrastructure


SK Innovation Co., Ltd.


CS Energy, LLC


Cormint Data Systems


Aera Energy


Gerdau Long Steel North America


Occidental Petroleum


Puerto Rico Public-Private Partnership Authority


JFK Millennium Partners, LLC


State of Hawaii


Avports LLC


California High Speed Rail Authority


LaGuardia Gateway Partners


Metrolink


Vantage Airport Group


LAX Community Partners, LLC


MPS Infrastructure (formerly known as Monitor Power Systems AS)


Work highlights


  • Advising MPS Infrastructure in the development and project financing of water infrastructure and related clean energy facilities in North Africa, and in the development and project financing of an LNG-fired generation facility in East Africa.
  • Advising Aera Energy on its negotiation with a third party to develop and construct a carbon capture and sequestration project, including negotiation and documentation of CO2 offtake agreements and eligibility for and assignment of carbon capture and storage credits.
  • Advising the Puerto Rico Public-Private Partnership Authority, in collaboration with the Puerto Rico Highways and Transportation Authority (PRHTA), on a long-term concession agreement for financing, operation, maintenance and improvement of four toll roads.

Orrick, Herrington & Sutcliffe LLP

The projects team at Orrick, Herrington & Sutcliffe LLP regularly handles the private and public sector side of complex, multi-faceted mandates, advising on landmark inner-city developments, pan-American and interstate infrastructure builds, and energy transition and digital asset ventures. Key marquee projects include acting for the Metropolitan Transportation Authority regarding New York City’s subway station redevelopment P3 programs, advising the developers on the PennDOT Pathways Major Bridge P3, and counselling the New York’s Department of Design and Construction on a variety of design and build contracts. These matters sit alongside an extensive book of early and late stage financing work that spans digital fiber roll outs, hospital builds, and toll-road developments, to name a few. On the energy front, the team is well-positioned to act on on a broad range of debt and equity financing structures for an enviable roster of lenders, borrowers and sponsors. Furthermore, the group boasts an impressive track record in the tax equity space, engaging with solar, wind and stand-alone battery storage facilities. Team lead Louise Gibbons is reputed for the depth of her expertise regarding renewables and energy transition assets, regularly overseeing project finance and tax equity transactions, whereas fellow practice heads Blake Winburne and Dahl Thompson spread their focus across M&A, joint ventures and financing, often working with private equity outfits and strategics. Young Lee and Daniel Mathews are the leading figures in the firm’s infrastructure practice and together are chiefly recognized for their formidable reputation in the P3 space, often acting on complex, consequential projects for an array of public and private parties. Adam Griffin is instructed by both energy developers and investment funds for their energy project financings, whereas Christopher Moore and Wolfram Pohl are critical to the team’s tax equity and tax credit transfer offering and as such as focused on energy transition work. Victoria Boyne combines experience in both fields to advise on debt and tax equity financings in the renewables space as well as serve a stellar client roster on infrastructure P3 projects, from traditional to more novel asset classes. Matthew Neuringer also utilizes specialisms in PPP and project finance to comprehensively advise on premium ventures, adding roads, rail, university social housing, and microgrids instructions, amongst others, to an already extensive book of work over the past twelve months. Thomas Glascock and John Donaleski provide further financing capabilities to a range of traditional and renewable energy builds, with the latter also often engaged with infrastructure projects. Ross McKinnon joined from Ashurst LLP in 2023 and brings P3 expertise, whereas John Eliason, who joined from Greenberg Traurig LLP in 2023, advises on hybrid deals. Vincent Casey left the firm to practice in-house at a government agency. Gibbons, Pohl, and Glascock operate out of San Francisco, while the rest are located in New York.

Practice head(s):

Blake Winburne; Dahl Thompson; Louise Gibbons; Young Lee


Other key lawyers:

Daniel Matthews; Adam Griffin; Christopher Moore; Wolf Pohl; Victoria Boyne; Matthew Neuringer; John Donaleski; Thomas Glascock; John Eliason; Ross McKinnon


Testimonials

‘One of the strengths of the Orrick, Herrington & Sutcliffe LLP team is that they are extremely knowledgeable in the construction industry. The knowledge that they have regarding P3’s and construction contracts as a whole is unmatched. They are extremely pleasant to work with and are always available when needed.’

‘All members from Orrick who I worked with were great to deal with.’

‘Victoria Boyne drove the entire process and kept everyone informed at all times. Great construction and P3 understanding.’

‘Marlowe Mitchell was beyond pleasant and always willing to assist with the P3 process.’

‘Vincent was very knowledgeable when it came to the terms and conditions of the Contract and the P3 process.’

 

Key clients

Ultium Cells


Intersect Power


Calpine Corporation


RAI Energy International


TotalEnergies


Apex Clean Energy


Swift Current Energy


Birch Infrastructure


Strata Solar Development


EDF Renewables


Primergy


ENGIE


Clearway Energy


Plus Power


D. E. Shaw Renewable Investments (DESRI)


esVolta


Generate Capital


HASI (formerly Hannon Armstrong Sustainable Infrastructure Capital)


CleanCapital


US Wind


AES Clean Energy


Apex Clean Energy


esVolta, LP


The Port Authority of New York and New Jersey


New York Metropolitan Transportation Authority


Macquarie Asset Management


Meridiam Infrastructure North America


IFM Investors


ACS Infrastructure Development


Bank of America Merrill Lynch


Transurban


New York City Health + Hospitals Corporation


abrdn (fka Aberdeen Asset Managers)


VINCI


Halmar


Shikun & Binui


The Port Authority of New York and New Jersey


New York Metropolitan Transportation Authority


Work highlights


  • Advised Ultium Cells, the battery joint venture between General Motors and LG Energy Solutions, in connection with securing a US$2.5 billion-dollar loan from the Department of Energy for the construction of new lithium-ion battery cell manufacturing plants in Ohio, Tennessee and Michigan.
  • Advised Energy-storage company esVolta on closing a tax equity financing with U.S. Bancorp Impact Finance, a subsidiary of U.S. Bank, to finance its Santa Paula Energy Storage project about 60 miles northwest of Los Angeles. The transaction represents one of the first tax equity financings structured to capitalize on the tax credits associated with standalone energy storage under the Inflation Reduction Act of 2022.
  • Advised Intersect Power, a clean energy company, in securing US$3.1 billion in project financing to fund the construction and operation of a 1.5 GW solar plus 1 GWh storage portfolio.
  • Advised Bridging Pennsylvania Developer I, a consortium of Macquarie and Shikun & Binui USA, as Sponsors’ counsel for PennDOT’s Pathways Major Bridge P3 project.
  • Advised Metropolitan Transportation Authority (MTA) on its historic US$965.2 million subway station accessibility P3 to upgrade 12 New York City stations under standards that are compliant with the American Disabilities Act.

Paul Hastings LLP

Helmed by the heavyweight duo of Gregory Tan and Robert Freedman who possess ‘both strong commercial and legal knowledge’, Paul Hastings LLP has a sponsor-driven energy and infrastructure practice that handles a wide array of financing structures, from leveraged finance and private placements to complex tax credit transactions. The firm also acts for an enviable roster of commercial banks, highlighted by its continued work with MUFG as lenders counsel in relation to both traditional and renewable assets. Freedman has demonstrated prolific activity on large-scale, multi-faceted solar developments over the past twelve months, approaching an array of transactions as from the lenders and noteholders, administrative agent and sponsor standpoint. Tan, who has also has an extensive energy practice that see him engage with assets across North and Latin America, has been the chief lead on infrastructure mandates, overseeing university campus and utility developments and LNG import terminals – amongst other instructions. Both practitioners operate out of New York.

Practice head(s):

Gregory Tan; Robert Freedman


Testimonials

Strong legal and commercial knowledge. High level of availability. Lots of experience.’

Both strong commercial and legal knowledge.’

Key clients

MUFG


KOSPO Trumbull LLC


KIND Trumbull LLC


Societe Generale


ING Capital LLC


MUFG


CIBC


SMBC


 


Shearman & Sterling LLP

Shearman & Sterling LLP‘s client roster comprises of a host of large-cap private sponsors, multinational lenders, and government agencies who engage the firm for representation in big-ticket, consequential PPP transactions – from the structuring, procurement, development and financing. Key components of the firm’s varied work include transport and aviation projects, domestic and international desalination facilities, microgrid developments, and university campus and utility upgrades. The practice is chaired by the highly experienced Cynthia Urda Kassis, who advises on complex cross-border energy and infrastructure projects with the capabilities to preside over bespoke financing structures. Paul Epstein  is highly active and is a key name for major government agencies such as the US Department of Transport, the U.S Environmental Protection Agency, and the US Department of Energy, advising on financing and development issues. Mona Dajani left the firm in December 2023, whereas Jorge Medina departed in January 2024.

 


Practice head(s):

Cynthia Urda Kassis


Other key lawyers:

Paul Epstein


Key clients

SK Group


Vanguard Renewables


S&B USA


Complete Solar


Humble Midstream


EnCap Flatrock Midstream


US Department of Energy


StratosFuel


Anglo American PLC


Carbon Engineering


The Korea Development Bank


KfW IPEX-Bank GMBH


Mizuho Bank, Ltd.


MUFG Bank, Ltd.


The Norinchukin Bank


Société Générale


SBI Shinsei Bank, Limited


Sumitomo Mitsui Banking Corporation


Sumitomo Mitsui Trust Bank, Limited


Bank of America, N.A.


Barings


Mitsubishi UFJ Financial Group


United States Department of Transportation (DOT)


Northwestern Mutual


United States Environment Protection Agency (EPA)


Canadian Imperial Bank of Commerce


Meridiam Infrastructure


Tikehau Star Infra


U.S. Department of Energy (DOE)


Sacyr Infrastructure


Abertis Infraestructuras, S.A.


National Australia Bank


Ardian Infrastructure


ING


Banco Santander


Banco Bilbao Vizcaya Argentaria, S.A.


Credit Agricole Corporate and Investment Bank


Intesa Sanpaolo S.P.A.


Work highlights


  • Advised the US Department of Energy on a US$1 billion loan to Monolith for the largest turquoise hydrogen (methane pyrolysis) project in the world.
  • Advised S&B USA in the acquisition, debt financing and tax equity financing of Brazoria West Solar Project 260MW from Savion, part of Macquarie’s Green Investment Group.
  • Advising the US Department of Transportation (DOT) on the development of the SR 400 Express Lanes Project  in the Atlanta, Georgia metropolitan area.

Simpson Thacher & Bartlett LLP

Simpson Thacher & Bartlett LLP is well positioned in the market to advise a range of premium lenders and sponsors on financings to help multi-national energy players execute their strategic growth plans, advising on sustainability-linked term loans, construction term loan facilities and revolving credit facilities, as well as project specific tax credit financing. Wider work includes counselling global asset managers and private equity outfits on acquisition financing matters and representing purchasers in multi-billion dollar capital markets transactions. With deep experience of the market, David Lieberman leads the practice and possesses a multifarious practice that spans M&A and financing work for leading players active in traditional, renewables and energy transition and digital infrastructure. Matthew Einbinder, whilst chiefly recognized as a trusted advisor to lenders, has also been active on structured investment mandates, including working with Apollo on significant capital commitments. Group lead Breen Haire has established strength on private equity transactions, and Martha Kammoun leverages previous in-house infrastructure fund expertise to advise sponsors across an array of transactions. Amy Beller is also recommended and boasts a wide-encompassing sponsors and lenders practice. Katy Lukaszewski joined from Sidley Austin LLP in September 2023 and Gabriel Silva joined from Vinson & Elkins LLP in November 2023, with the duo bringing further oil and gas and digital infrastructure capabilities to the firm respectively. Javad Asghari, who divides his time between New York and Los Angeles, from Milbank in April 2024 and possesses a cross-border practice that particularly covers the Americas and Australia and routinely sees him advise on utility-scale renewable projects, amongst others. The rest of the team operates out of Houston, with the exception of Kammoun and Silva, who sit in the New York office.

Practice head(s):

Breen Haire; Eli Hunt; Amy Mahon


Other key lawyers:

David Lieberman; Matthew Einbinder; Martha Kammoun; Amy Beller; Katy Lukaszewski; Gabriel Silva; Javad Asghari


Key clients

American Electric Power Company, Inc.


Apollo


Bank of America


Bank of Tokyo-Mitsubishi


BlackRock Energy and Power Infrastructure Group


Blackstone


Credit Agricole


Digital Colony Partners


Energy Opportunities Capital Partners LLC


EQT Infrastructure


Goldman Sachs


Global Infrastructure Partners


ITC Holdings


JPMorgan


Keybank National Association


Kohlberg Kravis Roberts & Co.


LS Power


Macquarie Infrastructure and Real Assets


Mizuho


Morgan Stanley


MUFG


NextEra Energy


Riverstone Credit Partners


The Bank of Nova Scotia


The Royal Bank of Canada


Whitewater Midstream LLC


Stonepeak Infrastructure Partners


SunPower Corporation


Terra-Gen LLC


Vistra Energy Corp.


Wells Fargo Bank


Work highlights


  • Representation of MUFG Bank, Ltd. as the administrative agent, in connection with Central Midway Holdings, LLC’s $362.5 million in term loan commitments.
  • Representation of Riverstone Credit Partners L.P., as lender, in connection with Clean Energy Fuels Corp.’s four-year $150 million sustainability-linked senior secured term loan, which it will use to execute its renewable natural gas growth strategy.
  • Representation of the Bank of Tokyo-Mitsubishi, UFJ, Royal Bank of Canada, Mizuho Corporate Bank, Ltd., and Credit Agricole as lenders in connection with $80 million of project financing for Lone Star Transmission.

Skadden, Arps, Slate, Meagher & Flom LLP

Splitting its acute energy and power advisory services across finance, development and commercial counsel, Skadden, Arps, Slate, Meagher & Flom LLP has a strong bench of practitioners situated in Washington DC, able to cover the full gamut of asset types and instructions. The team has advised on multi-billion dollar investment stakes, power purchase agreement negotiations, and construction, term and working capital financings as part of a wide body of work that includes marquee conventional, renewable and digital infrastructure companies and projects. Global head of the firm’s projects group Lance Brasher‘s practice spans M&A and financing, with highly valued tax equity financing expertise being particular crucial to the team’s strong flow of renewable energy mandates. Paul Kraske, who also possesses a broad practice, particularly focuses on regulatory and commercial issues relating to the development and operation of energy assets, with close engagement with transmission lines and pipelines in recent months. Aryan Moniri has a strong lenders and borrowers practice and is well equipped to advice on a wide range of financing structures, while Palo Alto’s Sean Shimamoto brings further tax specialisms.

 

 

Practice head(s):

Lance Brasher


Other key lawyers:

Paul Kraske; Aryan Moniri; Sean Shimamoto


Troutman Pepper

Highly regarded for its tax equity financing expertise, Troutman Pepper‘s projects practice works in relation to many of the foremost global energy players acting as both borrowers and lenders counsel. The team’s strong work in the energy transition space is benefitted by the firm’s wider tech capabilities, and as such the team boasts an extensive track record on digital infrastructure and emerging energy sources mandates, with electric vehicle, hydrogen, and battery storage instructions increasingly coming to the fore alongside continued excellence advising on solar and wind matters. John Leonti and Craig Kline co-lead the practice for Los Angeles and New York respectively, with the duo demonstrating established strength in tax equity financings as well as a variety of debt structures that includes sale leasebacks, construction finance, and leveraged transactions. Portland’s Adam Kobos is a key relationship partner for many of the firm’s most high-profile tax equity investors, project developers and sponsors, handling federal, state and local tax issues, often working alongside Christine Byrnes who sits in the Los Angeles office and possesses similar tax equity capabilities as well as an extensive debt financing practice. Richmond’s Anne Loomis is another notable name in the firm’s tax group, who utilises previous in-house experience to comprehensively advise energy and public utilities clients on a range of issues. The Atlanta-based Vaughn Henry Morrison and New-York centered MK Houston are also recommended.

 

Practice head(s):

John Leonti; Craig Kline


Other key lawyers:

Adam Kobos; Christine Byrnes; Anne Loomis; Vaughn Henry Morrison; MK Houston


Key clients

Omega Energia


Sabanci Renewables


Competitive Power Ventures


National Grid Renewables


Hull Street Energy


Duke Energy Renewables


M&T Bank


J. Aron


Huntington National Bank


Pinnacle Financial Partners


Plus Power


Vinson & Elkins LLP

Vinson & Elkins LLP predominantly focuses on project finance and development mandates in the energy and power sector, showcasing impressive asset engagement that includes, but is not limited to, minerals, oil and LNG, solar, wind and battery storage, as well as hydrogen and carbon black production facilities. The team has a balanced workload acting for lenders, sponsors and borrowers, and are regularly sought out by some of the globe’s most prominent multinational investment banks and financial services groups. The ‘professional and commercial’ Eamon Nolan leads the team out of New York and is noted for his ‘strong experience in debt financings of renewables transactions’. Michael Joyce co-leads the group out of Los Angeles and has a similarly renewables-focused practice, and has been the chief figure on some of the largest solar portfolio financings in the firm’s book of work. Asset finance specialists Sean Moran and Aaron Prince are key team members based in Austin and New York respectively and are frequently called upon by a host of investors and sponsors. Lauren Collins continues to establish her reputation in the market for advising on tax-related project finance matters, often acting on cutting-edge, first-of-its-kind deals, and sits in the Los Angeles office alongside fellow tax equity financing professional Josh Heideman.

Practice head(s):

Eamon Nolan; Michael Joyce


Other key lawyers:

Sean Moran; Aaron Prince; Lauren Collins; Josh Heideman


Testimonials

‘The global presence of the firm is a plus, allowing the firm to draw on diverse resources across the value chain. In my dealings, the firm demonstrated connectivity across offices and allocated appropriate resources regardless of base locations. Highly recommend. The staff provides counsel, guidance and serves as a peer in various topics/segments. Excellent.’

‘Knowledgeable and well connected to industry. Excellent source of information and intelligence. Extremely helpful in scenario exercises and commercial negotiations.. ’

‘Chris Terhune is very attentive to topics of significance, providing practical remedies and drafting while avoiding the common traps of academic rigor or taste and preferences that delay closing deals. ’

‘This team has a lot of experience in renewables transactions and takes a commercial approach to get clients great results in an efficient manner.’

‘Michael Joyce has tons of experience in tax equity financings and pairs that with a commercial approach that helps get things done efficiently.

‘Eamon Nolan is professional and commercial, with strong experience in debt financings of renewables transactions.’

‘Vinson & Elkins’s industry knowledge is second to none. Expertise in energy, especially in regulatory, commercial, and finance, is exceptional and should be everyone in the oil and gas exploration and production industry first and only source for legal service.’

Key clients

Macquarie Capital (USA) Inc.


IFM Investors Pty Ltd. / Swift Current Energy


The Goldman Sachs Group, Inc.


Monolith Materials, Inc.


Tortuga Fuels and Bunkering, LLC


ioneer Ltd


Acadia Renewable Energy LLC


Aligned Data Centers


Wells Fargo Central Pacific Holdings, Inc.


Vitol Inc.


Work highlights


  • Advised Swift Current Energy in the $779 million project financing for its 800 MWdc Double Black Diamond Solar project.
  • Advised ioneer Ltd. in the formation of a 50/50 joint venture with Sibanye Stillwater to develop the flagship Rhyolite Ridge Lithium-Boron Project located in Nevada and related development and financing matters, including the negotiation and finalization with DOE of a $700 million conditional commitment for the project financing of the processing facilities.
  • Advised Goldman Sachs, as financial sponsor, in the acquisition, construction and term financing of a 60MW stand-alone storage asset in Goleta, California.

White & Case LLP

Providing financing advice on a litany of projects and noted for the scale of its cross-border practice, White & Case LLP continues to be a dominant force in the energy and infrastructure market, with a strong bench of advisors well-geared to act across a range of debt, equity and hybrid structures, as well as P3s. Marquee energy project highlights include ATVM loans for lithium-ion battery resource facilities, stand-alone battery storage financings, and bridge term loans for biorefineries, green hydrogen and ammonia projects, and electric vehicle battery ventures. On the infrastructure side, the firm handles a number of of transport, social and digital-related greenfield and brownfield projects, with the team able to act as counsel on the bidding, financing, and development side of ventures including JFK International Airport, Los Angeles International Airport, and São Paulo’s metro system. Leading these substantial infrastructure mandates and the practice as a whole is Dolly Mirchandani, one of the most pre-eminent infrastructure lawyers in the market and who combines long-standing P3 knowledge alongside the ability to advise on first-of-its-kind private investment and finance structures across a range of traditional and novel infrastructure projects. Working closely with Mirchandani is Evelyn Balassiano who provides counsel to an impressive roster of infrastructure find, commercial banks and institutional lenders. In Miami, the head of the firm’s Americas energy, infrastructure, project and asset finance practice Sean Goldstein focuses on energy and infrastructure projects in Latin America. Nandan Nelivigi has overseen mezzanine credit facilities, senior construction and term credit facilities, bridge loans, and green financings relating to a plethora of asset types. Jeffrey Davis joined the practice in March 2023 and brings extensive tax experience from his tenure at Mayer Brown, while infrastructure investment expert Nadav Klugman, also formerly at Mayer Brown, joined the team in April 2024. Former practice co-head Christopher Richardson left the practice in March 2024. All listed members of the team are based in New York unless otherwise mentioned. Elena Millerman has left the firm.

Practice head(s):

Dolly Mirchandani; Sean Goldstein


Other key lawyers:

Evelyn Balassiano; Nandan Nelivigi; Jeffrey Davis; Nadav Klugman


Key clients

ING Capital LLC


KeyBank National Association


MUFG Bank, Ltd.


Standard Chartered Bank


Sumitomo Mitsui Banking Corporation


The Bank of Nova Scotia


Bank of China New York Branch


Royal Bank of Canada


JP Morgan


Mizuho Bank, Ltd


Industrial and Commercial Bank of China Limited


Landesbank Baden-Württemberg New York Branch


Siemens Financial Services, Inc.


Ridgewood Infrastructure


Cintra, Ferrovial, John Laing, and Alstom Consortium


DIF Capital Partners


LINXS consortium


Goldman Sachs


Société Générale


Vista Ridge LLC


Salaverry Terminal Internacional (STI)


Atlas Arteria Limited


Work highlights


  • Represented the sponsors, Ridgewood Infrastructure, in their unsolicited proposal to the City of Fort Lauderdale for the development of the Prospect Lake Clean Water Center.
  • Advising the senior bank lenders comprising 13 banks in connection with a non-recourse senior secured financing of the US$4.7 billion redevelopment of Terminals 6 and 7 at the JFK International Airport.
  • Representation of LINXS in connection with the Automated People Mover (APM) project of the Los Angeles International Airport (LAX).

Winston & Strawn LLP

Winston & Strawn LLP has ‘a large team of lawyers for each specific area of expertise’ that are able to ‘collaborate to find the best possible solutions in challenging transactions’. Whilst the firm has a prominent position as a premium advisor to lenders active on a litany of energy and infrastructure projects, wider work includes advising institutional investors on major sports stadium redevelopments and guiding developers through the design, financing and operating of central utility plants. Energy mandates have centered on renewables and battery storage instructions that have involved a wide array of financing structures, while infrastructure mandates span multiple sectors, most significantly sport, transport and telecoms, often with an impressive cross-border aspect. Mike Pikiel and Alan Hoffman spearhead the practice on both fronts, with the former highly regarded for his P3 knowledge and the latter as a go-to in the market for sports-related finance and development work. A key figure for developers, operators and institutional investors, Rich Shutran sits as the third energy practice head, while Miami’s Richard Puttré joins the leadership team on the infrastructure side and is notably focused on the energy-related logistics and transport matters, covering projects in both North and Latin America. The Los Angeles-based renewables specialist Laurae Rossi is another key figure of note and leads a number of the firm’s most consequential debt financings, whereas Jason Goldstein and Jason Hellwig add further sports capabilities to the group. Senior associate Dan Shapiro has built a formidable book of work through his supporting role on an impressive breadth of practice matters. All practitioners are based in New York unless otherwise stated.

Practice head(s):

Mike Pikiel; Rich Shutran; Alan Hoffman; Mike Pikiel; Rich Puttré


Other key lawyers:

Jason Goldstein; Laurae Rossi; Jason Hellwig; Dan Shapiro


Testimonials

‘Winston and Strawn had a large team involved for our project with lawyers for each specific area of expertise. They were very understanding of the cultural differences and was accommodating to time zone differences.

‘The way they collaborate to find the best possible solutions in challenging transactions, while also keeping at the top of their mind the importance my firm sees is both sides being satisfied with the end result is fantastic.’

‘Mike Pikiel is a partner of choice at W&S. He’s consistently highly professional, very knowledgeable across the industry (including providing marketing materials that support origination efforts) and highly competent.’

‘Very good coverage in US and Latin American. Best when representing sponsors and lenders. Very knowledgeable of the market. They work well together across all practice areas. ’

‘Rich Puttre is very adept at any project with a Latin American element. Has great staying power and has experienced many market cycles.

Mike Pikiel has strong US P3 and Project Finance experience. Very knowledgeable and focuses on what is important.’

‘The level of service is what sets W&S apart from their competitors. They are constantly the most responsive and ready to jump at any task law firm we work with.’

‘Jason Goldstein is the main partner who perpetuates the above level of service. Jason will make himself available at the drop of a hat and will always jump in to any issue.’

Key clients

Abertis Infraestructuras S.A.


Acciona Concessiones S.L.


ACS Infrastructure Development, Inc.


ASTM North America, Inc.


AxInfra US LP (Axium Infrastructure)


Barclays Capital, Inc.


Canadian Imperial Bank of Commerce, New York Branch


DNT Asset Trust, a subsidiary of JPMorgan Chase & Co.


Empire State Thruway Partners LLC


Fengate Capital Management, Ltd.


ING Capital, LLC


John Hancock Life Insurance Company (U.S.A.)


John Laing Investments Ltd.


Kiewit Development Company


Kiewit Meridiam Partners LLC


Meridiam Infrastructure


NTE Mobility Partners Segments 3 LLC


SH 130 Concession Company, LLC


Sumitomo Mitsui Banking Corporation


Work highlights


  • Representing the lenders and underwriters supporting one of the short-listed bidders for a project to design, build, finance, operate, and maintain the SR-400 Express Lanes Project being procured by the Georgia Department of Transportation (GDOT).
  • Represented the lenders supporting Abertis Infraestructuras, S.A. (Abertis) in connection with a multi-billion, 40-year concession to finance, operate, maintain, and improve critical toll road infrastructure in Puerto Rico, including PR-20, PR-53, PR-66, and PR-52.
  • Represented JPMorgan Chase Bank, National Association in connection with the construction financing of CPKC Stadium, the future home venue for the Kansas City Current (KC Current), a National Women’s Soccer League (NWSL) team.