Energy: renewable/alternative power in United States

Latham & Watkins LLP

Headed by Los Angeles-based partner Jeffrey Greenberg , under the umbrella of the firm's global project development and finance group, Latham & Watkins LLP is 'at the cutting-edge of transactions' for developers, sponsors, funds and lenders across the spectrum of renewable energy matters. The team is particularly accomplished at structuring financing transactions in the sector, where it is able to leverage strong institutional ties with some of the leading commercial banks in the space, including Citibank, which it advised in connection with KKR’s convertible equity investment in a NextEra Partners portfolio of solar and wind energy projects. 'Truly best in class', New York-based partner Eli Katz was also involved in the aforementioned deal and is particularly strong at ensuring deals are structured in such a way as to maximize tax subsidies. Also based in New York, Matthew Henegar is a key member of the team and provides 'unmatched legal structuring and transaction management' to banks, developers and private equity funds on renewable financings, including ones featuring highly complex intercreditor arrangements.

Practice head(s):

Jeffrey Greenberg

Testimonials

The team is at the cutting-edge of transactions and checks all boxes from an in-house counsel perspective.

The team has the sophistication and legal chops necessary to properly advise on complicated transactions.

The lawyers are always available and have unmatched responsiveness to client demands – no email goes unanswered for more than one hour.

Eli Katz is in a small community of sophisticated tax attorneys and is truly best in class.

Matthew Henegar has unmatched legal structuring and transaction management skills.

Key clients

Energy Capital Partners

Sempra Energy

Citibank

Vivint Solar, Inc.

Ares Energy Investors

Foard City Holdings

DTE Energy

Santander Bank

Morgan Stanley Bank

Bayerische Landesbank

KeyBank National Association

MUFG Union Bank

Work highlights

  • Advised Energy Capital Partners on its $90m acquisition of Convergent Energy + Power, a developer of large-scale energy storage assets for industrial customers and utilities.
  • Represented the lenders on the project financing in connection with KKR’s convertible equity investment in a NextEra Partners’ portfolio of solar and wind energy projects with a combined total capacity of 1383.85-MW located throughout the US.
  • Represented the sponsor on the project development, financing and tax equity financing in connection with the acquisition of the Aviator Wind Project, a wind power facility with an approximately 525-MW nameplate capacity located in Coke County, Texas.
  • Represented the sponsor/borrower on a term loan facility and letter of credit facility for the construction of a proposed 400 MW wind farm in Schuyler and Adair Counties, Missouri.
  • Advised Vivint Solar, Inc. and its wholly owned subsidiaries on various project financings, as well as upsizing for tax equity investments in connection with residential photovoltaic solar panels located in the US.

Milbank

Led from New York by Daniel Bartfeld and Jonathan Green, and also able to tap into substantial resources both nationally and globally (throughout Asia, Europe and Latin America), Milbank's project, energy and infrastructure finance team has the resources and know-how to provide excellent coverage to clients throughout the renewables energy value chain, including as it relates to the acquisition, divestiture and financing of portfolios of renewable assets. An eclectic roster of clients, which includes debt and equity investors, lenders, developers and sponsors, ensures that the team is able to provide a 'balanced and commercial' service across both onshore and offshore projects. Los Angeles-based partner Karen Wong  has vast experience for both lenders and sponsors in relation to development, financing and acquisition transactions involving solar, wind, hydroelectric, geothermal, biomass, and other renewable energy facilities. New York-based partner Roland Estevez has a particular niche advising on Latin America-related renewables projects and is a key member of the team that also includes 'terrific' Los Angeles-based partner Timothy Wendling, who is 'very effective on the finance side'.

Practice head(s):

Daniel Bartfeld; Jonathan Green

Testimonials

The team provides a balanced and commercial service.

The terrific Timothy Wendling is very effective on the finance side.

Key clients

BAML

MUFG

Onyx Renewable Partners

Goldman Sachs

Pattern Energy (designated counsel for lenders)

Royal Bank of Canada

Inter-American Development Bank

Work highlights

  • Represented the secured hedge provider in the Oberon Solar Project in Texas.
  • Represented the lenders in connection with the holdco financing for a 584 MW portfolio of New England hydroelectric assets by Great River Hydro Finance, LLC.
  • Represented Northfield Mountain in a private placement associated with its pumped storage hydro project.
  • Represented FirstLight Power Resources, Inc., a portfolio company of PSP Investments, to assist it in a corporate reorganization in order to ready their assets, consisting of hydroelectric assets in the Northeastern United States.
  • Represented BlackRock’s Global Renewable Power Fund in its acquisition of GE’s Commercial and Industrial Solar Platform.

Norton Rose Fulbright

'A real force to be reckoned with', Norton Rose Fulbright's 'diversified renewables offering' sees it instructed by developers, investors and lenders across the gamut of corporate and financing activity in the sector. The firm is, however, perhaps best-known for its work on the borrower/sponsor side and is regularly involved in some of the biggest-ticket M&A mandates in the market, including its work for Danish wind energy powerhouse Ørsted on its $510m acquisition of Deepwater Wind Holdings from DE Shaw. Spearheaded by the 'dean of the energy tax worldKeith Martin from Washington DC, the team is also at the forefront of the tax equity market and is frequently the first port-of-call to clients seeking the most commercial and creative solutions to maximize the tax benefits within the sector. New York-based partner Benjamin Koenigsberg co-heads the projects team alongside Martin and is 'very active in the space' for lenders and borrowers, with a particularly strong track record in relation to transactions in the off-shore wind sector. The 'fantasticTodd Alexander is also a key member of the team and handles a significant amount of work for Hannon Armstrong, a leading investor in climate change solutions.

Testimonials

The team is a real force to be reckoned with and provides a diversified offering.

Keith Martin is a dean of the energy tax world.

Keith Martin is the guru of tax equity structures.

Benjamin Koenigsberg is very active in the renewables space.

Todd Alexander is fantastic.

Key clients

Ørsted North America

Ullico

8minute Solar Energy

Origis Holdings USA

Hannon Armstrong

Copenhagen Infrastructure Partners

Work highlights

  • Represented Danish wind energy powerhouse Ørsted on its $510m acquisition of Deepwater Wind Holdings.
  • Represented insurance and investment firm Ullico in numerous acquisitions, including the acquisition of combined 24% equity stake of AES and Alberta Investment Management in the 1.3 GW renewable operating portfolio of sPower.
  • Represented Origis Energy on the sale of a 20% interest in its US subsidiary and a development pipeline of 12 utility-scale solar projects in the US to Global Atlantic.
  • Represented 8minute Solar Energy on the $204.5m debt and tax equity financing and hedging agreements for its 200 MW Holstein Solar Project under development in Nolan County, Texas and the subsequent sale of the project to Duke Energy Renewables.
  • Represented Copenhagen Infrastructure Partners on the equity investment into the 400 MW closed loop Gordon Butte Pumped Storage Hydro Project in Meagher County, Montana to be developed by Absaroka Energy, LLC.

Orrick, Herrington & Sutcliffe LLP

Led out of San Francisco by Les Sherman and also able to call upon renewables-specific M&A, financing, environmental, regulatory and litigation expertise throughout the firm's domestic network of offices, including New York and Washington DC,  Orrick, Herrington & Sutcliffe LLP has a 'very strong reputation' across the project life cycle of matters relating to solar, wind, hydro, geothermal and battery storage. Sherman manages the firm's relationship with many of the most important clients in the space, including EDF Renewables and Macquarie Capital, advising the latter on the establishment of its Green Investment Group (GIG) platform (and in its subsequent M&A activity). Noted for his tax and cash equity financing of solar and wind space projects, Mark Weitzel has also recently handled a significant amount of work for GIG, including acting for it on the acquisition of the solar and energy storage unit of Tradewind Energy. Although he is active across a range of renewable energy work for developers and investors, Eric Stephens has a particular niche in relation to distributed solar projects. All practitioners named are based out of the firm's San Francisco office.

Practice head(s):

Les Sherman

Key clients

Recurrent Energy

Sempra Renewables

Macquarie Capital

Pattern Energy

EDF Renewable Energy

Energy Investors Funds / Ares Capital Corporation

ConEdison Development

E.On Renewables

Direct Energy

ENGIE North America

MEAG

sPower

Calpine

BP Wind Energy North America

Solar Frontier

Intersect Power

Eurus Energy

Clearway Energy, Inc.

Lincoln Clean Energy

Work highlights

  • Represented Macquarie Capital in a series of high-profile buy-side M&A and JV transactions to establish Macquarie’s Green Investment Group’s (GIG) North American renewable energy platform companies.
  • Represented Clearway Renew and an affiliate of Southern Power Company on the formation of a joint venture to develop production tax credit (PTC) qualified greenfield and repowering wind projects.
  • Represented ENGIE North America on several matters, including the sale of, and joint venture arrangements for, a 75% interest in ENGIE’s nationwide portfolio of distributed generation solar assets to Hannon Armstrong for $45m.
  • Represented EDP Renewables North America in its first ever renewables-plus-storage power purchase agreement, which will provide East Bay Community Energy with 100 MW of solar power and 30 MW of storage for 20 years.
  • Represented major solar power company Recurrent Energy in several solar transactions, including in the sale of its interests in five solar photovoltaic projects in California.

Winston & Strawn LLP

Benefiting from 'amazing touch points within the industry across all types of projects and counter parties', Winston & Strawn LLP provides 'unparalleled knowledge' to sponsors, lenders, developers and investors across the spectrum of renewables-based M&A and financing. Lawyers within the firm's West Coast offices are particularly strong on the project development front and provide 'commercial and common-sense' advice across the gamut of power purchase contracts and other off-take and transmission agreements. Los Angeles-based partner Laurae Rossi has strong relationships with commercial banking clients, which she regularly advises as lenders across a broad range of renewables-related projects, including on tax equity, back-leverage and portfolio financings. Out of New York, Jonathan Birenbaum and Tara Greenberg 'have tremendous knowledge in all aspects of projects from investing to contract review, debt and equity' and both regularly advise funds and strategic investors on M&A and financing in the sector. Rich Shutran and Joe Karp  head the overarching energy group from New York and San Francisco and both 'handle some very good work' in the renewables space.

Practice head(s):

Rich Shutran; Joe Karp

Testimonials

The firm benefits from amazing touch points within the industry across all types of projects and counter parties.

The team has unparalleled knowledge in the sector.

The team offers commercial and common-sense advice.

Jonathan Birenbaum and Tara Greenberg have tremendous knowledge in all aspects of projects from investing to contract review, debt and equity.

Rich Shutran and Joe Karp handle some very good work in the area.

Joe Karp has decades of experience, is super sharp, diplomatic and has a great sense of humor.

Joe Karp is top notch on Power Purchase Agreements, and makes himself personally available to work on matters.

The super sharp Tom Solomon has particularly good knowledge of the CAISO tariff and markets as they relate to utility contracts and regulation.

Lisa Cottle is an outstanding lawyer.

Key clients

Quinbrook Infrastructure Partners

Cubico Sustainable Investments Ltd

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

Basalt Infrastructure Partners

San Francisco Bay Area Rapid Transit District

AxInfra US

Peninsula Clean Energy

Santander Bank

Capital Power

Work highlights

  • Representing London-based Cubico Sustainable Investments on the acquisition and tax equity financing and back leverage financings of a portfolio of solar projects.
  • Represented independent infrastructure firm Basalt Infrastructure Partners in connection with its investment in a portfolio of commercial and industrial and small utility-scale solar projects being developed by Soltage LLC throughout the US.
  • Advised John Hancock Life Insurance Company in connection with the debt and equity financing of eight solar projects being developed in Rhode Island by Captona Partners.
  • Representing San Francisco Bay Area Rapid Transit District (BART) in connection with the full range of regulatory and commercial issues associated with BART’s energy portfolio.
  • Represented Axium Infrastructure US Inc. in connection with the acquisition of an 80 percent equity stake in a portfolio of onshore wind farms in the US and Canada.

Akin Gump Strauss Hauer & Feld LLP

Tapping into a 'very strong project finance' and M&A capability spread throughout the firm's network of offices on the East and West coasts, Akin Gump Strauss Hauer & Feld LLP provides a 'very high-quality of service and work product' to clients engaged in the acquisition, disposal and financing of all aspects of renewables and sustainability projects. Washington DC-based partner John Marciano  is co-head of the firm's global project finance group and provides an 'exceptional service' to developers and financiers engaged in solar and wind energy projects. Both Marciano and Los Angeles-based partner Matthew Nesburn are particularly adept at advising on tax equity financings, an area where they are noted for their ability to 'balance legal skill with an exceptional commercial sense that is rare among big-law lawyers'. Los Angeles-based global project finance co-head Daniel Sinaiko  combines his very strong financing capability with a growing M&A deal flow across a wide range of energy projects, including many renewables mandates.

Practice head(s):

John Marciano; Daniel Sinaiko

Testimonials

The firm has a very strong project finance offering.

The firm is very well-versed in all aspects of renewable energy which include project financing, tax law implications, partnership structuring as well as fund structuring.

The firm has both the depth and breadth in talent and experience, and provides a very high quality of service and work product.

John Marciano and Matthew Nesburn know the market inside out and balance legal skill with an exceptional commercial sense that is rare among big-law lawyers.

Matthew Nesburn and John Marciano are amongst the most knowledgeable experts in the renewable energy space.

Key clients

SunPower Corporation

Engie North America, Inc.

Sunnova

Goldman Sachs Renewable Power

PNC Energy Capital

SunTrust Bank

Royal Bank of Canada

Distributed Solar Development (a GE Renewable Energy Venture)

CIT Bank

NRG Energy

Cubico Sustainable Investments

AES

Lincoln Clean Energy

Ørsted

D.E. Shaw Renewable Investments

Work highlights

  • Representing GlassPoint Solar in the financing and development of the Belridge solar thermal power plant in California.
  • Represented Amp Solar Group, a leading global developer of flexible clean energy infrastructure, in its approx $200m financing led by ZOMA Capital.
  • Represented Lincoln Clean Energy in its acquisition of a 103 MW construction-ready wind project in South Dakota from Pattern Energy Group.
  • Represented Cubico Sustainable Investments in its acquisition of five solar projects totalling 580 MW from Cypress Creek Renewables.
  • Advised SunPower Corporation in connection with the Hannon Armstrong “SunStrong Capital Holdings” joint venture, facilitating the deconsolidation and optimization cash flows of SunPower’s entire residential solar lease portfolio.

Baker Botts L.L.P.

Co-headed by Jeff Kayes  and Michael Didriksen out of San Francisco and New York, respectively, and also able to tap into a significant pool of resources throughout the firm's national and international network of offices, Baker Botts L.L.P. is well-placed to advise a wide array of stakeholders throughout the life cycle of solar, wind and hydro projects. The team is noted for its 'coordinated and commercial approach', which sees it resource transactions utilizing both corporate and finance lawyers, as well as lawyers with complementary skill-sets across regulatory, environmental, tax structuring, real estate and litigation. San Francisco-based environmental partner Chris Carr is a pivotal member of the team and is able to leverage his considerable former governmental and private practice experience to secure the necessary local, state and federal permits and their associated environmental review documents for some of the largest renewables and alternative energy projects in the country.

Practice head(s):

Michael Didriksen; Jeff Kayes

Testimonials

The team provides a coordinated and commercial approach.

Key clients

ITC Holdings

Hannon Armstrong Sustainable Infrastructure Capital, Inc.

Centaurus Renewable Energy

Con Edison Development

EDF Renewables

Terra-Gen

Work highlights

  • Advised Hannon Armstrong on its $52m preferred equity investment into a fund of residential solar assets originated by Vivint Solar.
  • Advised Con Edison Development in local, state and federal permitting and environmental review for the 250 MW Panoche Valley Solar projects.
  • Advising EDF Renewables, Inc on species and water quality permitting and environmental review for utility-scale solar PV projects in Kern County, California.
  • Advising US-based renewable energy developer Terra-Gen on a range of complex protected species permitting issues, specifically, in connection with the California Endangered Species Act and the federal Endangered Species Act.
  • Advised Hannon Armstrong in connection with a loan to SunPower for the acquisition of solar panels at the 30% ITC tax rate.

Gibson, Dunn & Crutcher LLP

Led out of New York by Peter Hanlon and Nicholas Politan, and drawing upon the expertise of industry-focused M&A, financing, projects and regulatory lawyers spread across the firm's network of offices, Gibson, Dunn & Crutcher LLP's power and renewables team provides a full-service offering to clients engaged in the sector. The firm is particularly accomplished at advising investor/sponsor clients on utility-scale wind and power projects. Hanlon has a longstanding relationship with Berkshire Hathaway and along with Politan has been involved in a raft of solar and windfarm investments on behalf of its renewables energy arm, BHE Renewables. The firm's offering on the corporate front was further enhanced in January 2019 by the arrival of Washington DC-based partner Gerald Farano from Jones Day.

Practice head(s):

Peter Hanlon; Nicholas Politan

Key clients

Berkshire Hathaway Energy Company

WGL Holdings

Sojitz Corporation of America

Carlyle Power Partners

Avista

Terna Energy

Saguaro Power Northern Natural Gas

Morgan Stanley

Guggenheim Partners

Deutsche Bank

J.P. Morgan

MUFG Securities Americas

Vestas Wind Systems

Algonquin Power and Utilities Corp.

Softbank Energy

Government of Barbados

I Squared Capital

Gilead Sciences

KIRKBI Invest

Orion Energy

Intel

Tesla

Emera Electric

NRG Energy, Inc.

Clearway Energy, Inc.

South Carolina Department of Administration

UBS O’Connor Capital Solutions

SolarEdge

Work highlights

  • Represented Berkshire Hathaway group in numerous separate solar and wind power-related transactions, including the tax equity investment in Tahoka Wind project, a 300 MW wind farm located in Texas.
  • Represents GE Capital in the sale of a $1bn portfolio of equity investments to funds managed by affiliates of Apollo Global Management.
  • Representation of Terna Energy, a Greek renewable energy company, in connection with the acquisition of the Bearkat I wind project, a 200 MW wind farm in Texas, from Copenhagen Infrastructure Partners.
  • Representing WGL Holdings in its $6.4bn sale to AltaGas, Ltd.
  • Represented Terna Energy in the construction financing, tax equity, back leverage and hedge for 158MW Gopher Creek wind project in Texas.

Hunton Andrews Kurth LLP

Led from Washington DC by Jeffrey SchroederEric Pogue and David LowmanHunton Andrews Kurth LLP has a strong track record for developers, sponsors, end-users and investors engaged in the financing, development and acquisition of renewable energy and clean power projects and portfolios. Although the practice is fairly broad-based, it has developed a particularly strong reputation on behalf of commercial banks, including Goldman Sachs, JP Morgan and Morgan Stanley, on tax equity financings, both from a single project and portfolio perspective.

Key clients

Allianz Renewable Energy Partners of America

Bank of America

DTE Power & Industrial

Duke Energy Corporation

GE Energy Financial Services, Inc.

Goldman Sachs

JPMorgan Chase

Morgan Stanley

Work highlights

  • Represented Duke Energy on its sale of a minority interest in its commercial renewable energy portfolio to John Hancock.

Morgan, Lewis & Bockius LLP

Co-headed by Richard Filosa  and John Klauberg  from Boston and New York, respectively, Morgan, Lewis & Bockius LLP's project finance, infrastructure and natural resources team provides a 'phenomenal' service to developers, investors and lenders engaged in the financing, development and acquisition of utility-scale and distributed solar and wind projects. New York-based partner James Tynion has longstanding corporate and finance expertise, particularly as it relates to wind and solar projects. Praised for her 'exceptional judgement and subject matter knowledge', Chicago-based partner Elizabeth Hanigan 'truly delivers on work product' and handles M&A, development and financing transactions in the solar and wind sectors, in particular. 'Very strong' Los Angeles-based partner Wayne Song  is also recommended, in particular for his sponsor side work on M&A and financing mandates across the renewables space. Closely aligned to growing trends in the market, the firm has also been particularly active from a transactional and thought-leadership perspective in relation to the growing importance of energy storage.

Practice head(s):

Richard Filosa; John Klauberg

Testimonials

The renewables team is phenomenal and one of the best in the industry.

Elizabeth Hanigan has exceptional judgement and subject matter knowledge, and truly delivers on work product.

If you are looking to build, buy, sell, finance or do any transactions in the renewable space, call Elizabeth Hanigan.

Key clients

ALLETE Clean Energy

AES

Bank of America

Invenergy

EnBW

Northland Power

National Grid

Starwood Energy Group

Longroad Energy

Korea Electric Power

Work highlights

  • Represented ALLETE Clean Energy in a build transfer-related $84m sale of wind energy project assets to Montana-Dakota Utilities Co.
  • Represented AES in the development of a 100 MW/400 MWh battery storage system resource and related PPA negotiation with APS in response to 2018 APS RFP for critical peaking capacity in Arizona.
  • Representing esVolta in connection with the portfolio financing of the approximately $150m construction and term loan debt for energy storage projects.
  • Prudential Capital Group and its investment funds in a $44.3m lending facility for Citizens Solar Holdings IX.
  • Representing Bank of America in its tax equity financing of a 200MW wind energy project located in Texas and known as the Mesteno Wind Project.

Sheppard, Mullin, Richter & Hampton LLP

Sheppard, Mullin, Richter & Hampton LLP has a significant focus on renewables transactions, with expertise not only from a financing and corporate perspective, but also in adjacent but pivotal areas including environmental, permitting and land rights. Much of the firm's transactional work for developers, sponsors and financiers is driven by tax considerations, including advice on structuring equity investments for the monetization of investment tax credits or production tax credits, special allocations in partnership arrangements, implementing tax advantaged financing and acquisition techniques. Led out of Chicago by Katherine Gillespie  on the transactional front and Andrew Ratts  for bespoke tax advice, the firm has recently advised many project developers in relation to the financing of wind project portfolios throughout the country. Gillespie co-heads the team alongside Chicago-based partner Tony Toranto .

Key clients

NextEra Energy Resources

Wells Fargo

Invenergy

Clearway (formerly NRG)

E.ON Climate and Renewables North America

EDF Renewable Energy

Lincoln Clean Energy

Longroad Energy

Capital Power Corporation

USBank

Greenbacker Renewable Energy

Alterra Solar

GoldWind

TerraForm Power

CIT

Innogy Renewables US LLC

X-Elio

174 Power Global

Allete Clean Energy

Alterra Power U.S.A.

ENGIE (including SoCore)

sPower

TerraForm Power

Excelsior Energy Capital

Open Road Renewables

ConnectGen

Work highlights

  • Represented E.ON Climate & Renewables North America on the negotiation of commitment documents, credit support and an operating agreement for a tax equity investment in the 201MW Stella wind project in Kenedy County, Texas.
  • Represented Invenergy in its acquisition of the development rights in the Grain Belt Express transmission project, and in negotiating certain commercial contracts with respect to the project.
  • Represented NextEra Energy Resources as project developer in connection with financing of the Maverick portfolio of wind projects in Kansas, Oklahoma and Iowa totalling 477MW.
  • Represented NextEra Energy Resources as project developer in connection with the tax equity financing of the Vaquero portfolio of wind projects located in Texas, Oklahoma and Michigan totalling 618 MW.
  • Represented Wells Fargo in connection with a tax equity investment in the 185MW Hill Topper wind farm in Illinois.

Simpson Thacher & Bartlett LLP

Although New York-based heavyweight Simpson Thacher & Bartlett LLP may lack the degree of industry specialization and critical mass of some of the firms in the rankings, its ties with many of the leading worldwide financial institutions and funds clients ensures that it regularly handles big-ticket corporate and financings across the gamut of solar, wind, geothermal and biofuel projects. Led by David Lieberman, the team is praised for its 'ability to provide guidance to lenders on renewable energy transaction risks' and regularly advises lenders and borrowers on syndicated financings to facilitate big-ticket M&A in the space.

Practice head(s):

David Lieberman

Testimonials

Strong sponsor relationships with good knowledge of precedent transaction terms.

Good ability to provide guidance to lenders on renewable energy transaction risks and documentation terms to address.

Key clients

American Electric Power Company, Inc.

Aqua America, Inc.

BlackRock Energy and Power Infrastructure Group

Blackstone

Blue Water Worldwide

Citibank

Edison International

GFL Environmental Inc.

Global Infrastructure Partners

Harsco Corporation

Kohlberg Kravis Roberts & Co.

Mountain Sunrise Portfolio, LLC (a subsidiary of NextEra Energy Inc.)

Riverstone Credit Partners

Stonepeak Partners L.P.

Terra-Gen LLC

Western Renewables Partners LLC

Work highlights

  • Representation of Western Renewables Partners (an affiliate of a fund managed by BlackRock Global Energy & Power Infrastructure) on its $750m convertible equity portfolio financing to NEP Renewables, LLC in connection with NEP Renewables’ acquisition of approximately 1,388MW of contracted renewables projects.
  • Representation of Credit Agricole Corporate and Investment Bank and Mizuho Bank, as lenders in relation to a $54m credit agreement to finance three solar renewable projects by Mountain Sunrise.
  • Representation of the underwriters, led by Bank of America Merrill Lynch, in connection with a registered secondary offering of 8,000,000 shares of common stock of Vivint Solar, Inc. by an affiliate of The Blackstone Group.
  • Representation of Stonepeak Infrastructure Partners in connection with its initial equity commitment of up to $200m in Madison Energy Investments, a newly formed solar distributed generation company.
  • Representation of Citibank, as administrative agent, in connection with Edison International’s $1bn 364-day term loan credit agreement, which will be used for general corporate purposes.

Skadden, Arps, Slate, Meagher & Flom LLP

Benefiting from a core group of energy specific transactional and regulatory lawyers spread across the firm's national patchwork of offices, and also able to call upon the expertise of lawyers from within its market-leading M&A and finance practices, Skadden, Arps, Slate, Meagher & Flom LLP is regularly engaged in big-ticket renewables-related mandates. Led out of Washington DC by Lance Brasher, who heads up the firm's energy and infrastructure offering, the scope of the firm's renewables work is broad and includes advice to strategic investors, funds, developers and lenders on solar, wind, biomass and hydroelectric projects.

Practice head(s):

Lance Brasher

Work highlights

  • Advised Alberta Investment Management Corporation in a number of transactions, including ongoing work in connection with adding projects to its warehouse financing with an affiliate of D. E. Shaw Renewable Investments.
  • Acted for BlackRock in the sale of its controlling interest in the Community Wind South project in Minnesota to Greenbacker Renewable Energy Corporation.
  • Represented Brookfield in connection with the $199m refinancing of the Smoky Mountain Hydropower portfolio in North Carolina and Tennessee.
  • Advised Citigroup in two separate private placements of senior secured notes issued by sPower — totalling nearly $1bn — to finance the operations of its portfolio of renewable energy generating facilities and to refinance back-leverage debt facilities in place for the construction and early operations of many of the facilities.
  • Advised EDP Renewables North America in securing $400m of tax equity financing for the 200MW Meadow Lake VI and 199 MW Prairie Queen wind power generation facilities.

Vinson & Elkins LLP

Texas-based energy heavyweight Vinson & Elkins LLP has successfully followed the market and has continued to keep abreast of the fast-changing renewables sector, enabling it to provide a compelling combination of 'excellent subject matter asset knowledge', allied to strong product expertise relating to the M&A, financing and the day-to-operational needs of a primarily investor/borrower focused client base. As the principal adviser to Goldman Sachs' renewable power group, the team has been kept extremely busy over the past 18 months, advising the fund on numerous high-profile transactions, including its $350m acquisition of South Jersey Industries' solar portfolio. Located out of Houston, John Connally and Kaam Sahely co-head the firm's overarching energy transactions and projects group, with Sahely regularly involved in renewables work for core investor clients and a key member of the team that also includes the 'excellentDanielle Patterson. Patterson has significant coverage across both transactional and commercial work in the sector, and as well as regularly handling renewables asset M&A, also regularly advises on commercial contracts in the sector, including on power purchase agreements (PPA) and joint development agreements. The team was strengthened on the finance front by the arrival in January 2019 by New York-based partner Eamon Nolan from Linklaters LLP.

Practice head(s):

John Connally; Kaam Sahely

Testimonials

The team displays excellent subject matter asset knowledge.

Danielle Patterson is excellent.

Key clients

Babson Capital

Enviva Development Holdings

Global Atlantic Financial Group

Goldman Sachs Asset Management Renewable Power Group

Macquarie Infrastructure and Real Assets

Morgan Stanley Infrastructure

Pattern Energy Group Holdings

Riverstone Holdings

TPG Sixth Street Partners

Tyr Energy, Inc.

Work highlights

  • Advised affiliates of Global Atlantic Financial Group in the $1.175bn acquisition from Southern Power of a 33% minority interest in its solar portfolio.
  • Advised Goldman Sachs’ renewable energy fund on its approximately $350m acquisition from Marina Energy, a subsidiary of South Jersey Industries, of its solar portfolio.
  • Advised Riverstone Holdings in connection with the formation of Onyx Strategic Investment Management I BV, a newly formed European independent power producer, and its signing of an agreement to acquire a fleet of coal- and biomass-fired power stations from affiliates of ENGIE.
  • Advised Goldman Sachs in connection with its acquisition of a 142 MW portfolio of solar power generation assets from a subsidiary of Macquarie Infrastructure Corporation.
  • Represented Babson Capital Management, the investment manager of Massachusetts Mutual Life Insurance Company, in the $34.5m purchase of secured promissory notes issued by nine subsidiaries of Cypress Creek Renewables, LLC for the permanent financing of each issuer’s utility- scale tilt solar array project in North Carolina.

White & Case LLP

Strengthened on the tax equity financing front by the arrival in June 2019 of New York-based tax partner Hagai Zaifman from General Electric, White & Case LLP provides a one-stop shop service (drawing upon practitioners from within the finance, corporate, litigation, antitrust, regulatory and environmental groups) to a range of sponsors, developers, investors and financiers.  Led out of New York by Nandan Nelivigi, the team is particularly strong on the financing front for both lenders (commercial banks and development banks) and sponsors, where it has generated 'excellent deal experience and is able to draw on numerous precedents where the team has been involved before'. 'Very efficient' New York-based partner Marius Griskonis has an 'excellent understanding of transaction mechanics' and regularly handles domestic and international renewables work as part of his broader energy, infrastructure, project and asset finance workload.

Practice head(s):

Nandan Nelivigi

Other key lawyers:

Marius Griskonis; Raymond Azar

Testimonials

The team has excellent deal experience and is able to draw on numerous precedents where the team has been involved before, for both sponsors and lenders.

Marius Griskonis has an excellent understanding of transaction mechanics.

Key clients

Avangrid Renewables, LLC

Abu Dhabi Future Energy  Company (Masdar)

Mizuho Bank

Clearway Energy Inc.

Banco Santander

The Korea Development Bank

Corporación Andina de Fomento

Neoen S.A.

KfW IPEX Bank GmbH and Kreditanstalt für Wiederaufbau

Sumitomo Mitsui Banking Corporation

EKF Denmark’s Export Credit Agency

Work highlights

  • Representation of Avangrid Renewables, LLC as cash equity investor in connection with the development, construction and financing of, and tax equity investment in the 800 MW Vineyard Wind offshore wind project, located off the coast of Massachusetts, US.
  • Representation of Mizuho Bank and The Korea Development Bank as coordinating lead arrangers in connection with the proposed project financing for, and tax equity investment in, a 60 MW solar PV project with a 42 MW battery storage component, known as Mangilao Solar Project, located in the US territory Guam, being developed by KEPCO and LG CNS.
  • Representation of Clearway Energy Inc. as sponsor in connection with the refinancing of the South Trent wind project, a 101 MW wind farm located in Texas.
  • Representation of Abu Dhabi Future Energy Company on its acquisition of John Laing Group’s cash equity interests in two wind farms in the United States — the Rocksprings wind farm in Texas and the Sterling wind farm in New Mexico with an aggregate capacity of 180 MW.
  • Representation of Banco Santander as cash equity investor in connection with a number of amendments to the existing project financing and the proposed divestiture of its equity interest in a 110 MW Crescent Dunes Solar Thermal Project located in Nevada.

Allen & Overy LLP

Led from New York by Kent Rowey and also including practitioners based out of Washington DC, Allen & Overy LLP's 'responsive' six-partner projects, energy, natural resources and infrastructure group regularly handles renewables work for lenders, sponsors, developers and project companies. Implementing a full-service approach which draws from the firm's capital markets, banking and corporate groups, the team has the capacity to handle the full spectrum of work across the asset life cycle: from creation to acquisition, capital raising (including equity and debt capital), restructuring and ongoing portfolio management. It is, however, particularly well-suited and focused on advising infrastructure funds engaged in M&A in the space, as well as handling financing work for development banks and export credit agencies on Latin America-related projects.

Practice head(s):

Kent Rowey

Other key lawyers:

Dorina Yessios; Sami Mir; Simon Clark

Testimonials

The responsive team provided a service which was consistently good but also timely, which was great for all involved.

Sami Mir is energetic, motivated and always willing to help.

Key clients

ENGIE North America Inc.

Meridiam Infrastructure North America Corporation

Inter-American Investment Corporation (IDB Invest)

Suez North America

Credit Agricole

Eksport Kredit Fonden (EKF)

Societe de Promotion et de Participation pour la Cooperation Economique S.A. (Proparco)

Work highlights

  • Advising ENGIE North America in connection with its pursuit of the long term lease and concession of University of Iowa’s utility system.
  • Advised Bancomext, BBVA, Credit Agricole, EKF, Natixis and Proparco as lenders to a portfolio financing, which has been qualified as a green loan, of four solar plants and two wind farms being developed in Mexico by ENGIE Mexico.
  • Representing IDB Invest and other senior lenders on the senior secured financing for the construction, operation and maintenance of four wind farms of a total installed capacity of 185MW in Argentina under its RenovAr Program sponsored by Envision Energy (Jiangsu).
  • Advising ENGIE North America in its bid for a long term, 50-year concession to operate, maintain and improve the Syracuse University utility system, which will include the provision of utilities to the University as well as existing and new third party customers.
  • Advising ENGIE North America in its bid for a long term, 50-year concession to operate, maintain and improve the Howard University utility system, which will include the provision of utilities to the University as well as existing and new third party customers.

Baker McKenzie LLP

Led out of New York and Chicago by James O’BrienJosé Morán and Clyde Rankin, and also able to tap into the expertise of projects and energy lawyers spread throughout the firm's international network, Baker McKenzie LLP is well-positioned to advise clients engaged in renewables and clean technology-related work, from both a domestic and international perspective. Instructed by a diverse array of stakeholders, including developers, lenders, investors and end-users, the team is able to provide a balanced perspective to clients on the corporate, tax structuring, financing and ongoing operational aspects of wind, solar, geothermal, landfill gas, biofuels, biomass, waste-to-energy and ocean energy-related matters. It also been at the vanguard of the development of corporate renewable power purchase agreements and has advised numerous Fortune 500 companies utilizing such contracts in their efforts to reduce their carbon footprint, while implementing more sustainable practices.

Other key lawyers:

Mark Tibberts; Jai Khanna

Key clients

Acciona Energía, S.A. and Acciona Energy North America Corporation

Siemens Financial Services, Inc.

Solar Reserve Vestas Mediterranean A/S and Vestas WTG Mexico, S.A. de C.V. (Vestas)

Ingeteam, Inc.

Banco Sabadell

Fiera Infrastructure

DIF Capital Partners

Ullico

EDF Renewables Inc.

Estée Lauder

Total Eren

Work highlights

  • Advising Siemens Financial Services in connection with its investment in a joint venture with SOO Green Renewable Rail and Copenhagen Infrastructure fund.
  • Represented Vestas in connection with the Supply and Installation agreements and all other ancillary documents related to a $39m supply of wind generation turbines to Punta Lima Wind Farm, LLC., an entity owned by Banco Santander.
  • Representing Acciona Energía in connection with International Finance Corporation’s plan to provide financing to Alsubh Solar Power.
  • Advised SolarReserve in its successful bid for a power purchase agreement in relation to a solar thermal power plant to supply the South Australian Government’s power needs.
  • Advised DIF Capital Partners on its acquisition of BluEarth Renewables from Ontario Teachers’ Pension Plan.

Ballard Spahr LLP

Led by Patrick Gillard out of Philadelphia and aided by numerous lawyers spread throughout the firm's national network of offices, Ballard Spahr LLP's energy team has significant involvement for developers, sponsors, tax equity investors and lenders across a myriad renewables-related project acquisitions, construction agreements, and project development and financing arrangements. Abreast of federal and state level regulations impacting on work in the space, the team continues to be very active handling M&A and financing mandates in relation to distributed generation and utility-scale solar and wind projects. The firm is also well-versed in structuring deals utilizing more bespoke and innovative mandates, including in relation to the acquisition and tax equity and debt financing of multiple community solar projects, a rapidly growing market niche.

Practice head(s):

Patrick Gillard

Bracewell LLP

With energy forming one of the cornerstones of Bracewell LLP's overarching business strategy, it is perhaps unsurprising that the firm has closely followed the growing prominence of renewables as a power source and has successfully implemented best practices from across the firm's wider energy project finance offering for developers, investors and financiers. Benefiting from transactional lawyers with industry strength across solar, wind and hydropower, as well as being able to call upon environmental, tax and restructuring experts, the firm is able to counsel clients throughout the life cycle of a project - from early stage development, through financing to acquisition and disposition. Other niche areas of expertise include renewables-related commodities transactions, as well as advice on corporate power purchase arrangements. Houston-based partner Alan Rafte heads up the firm's business and regulatory section.

Practice head(s):

Alan Rafte

Key clients

DIF Infra 5 LLC and Idaho Wind Partners I, LLC

IWP

DIF

Texas Microgrid, LLC

Cooperatieve Rabobank (New York Branch)

Marubeni Power International

South Field Energy

Sumitomo Mitsui Banking Corporation

TexGen Power LLC

Equinor Wind (f/k/a Statoil Wind)

Societe Generale

Cypress Creek

NRG

Macquarie

Tenaska

Work highlights

  • Advising DIF Infra 5 and its wholly-owned subsidiary DIF 5I Holdings LLC and DIF Holdings’ subsidiary Idaho Wind Partners I, LLC on the refinancing of IWP in connection with the acquisition by DIF from Macquarie affiliate MIC Renewable Holdings, LLC of the equity held by MICREH in IWP.
  • Represented an affiliate of Upper Bay Infrastructure Partners in a joint venture with 8minutenergy Renewables, LLC and J.P. Morgan Asset Management to provide equity capital to support the company’s 10.7 gigawatt pipeline of utility solar and storage projects.
  • Represented Sol Systems in the spin-off of its C&I solar development business to a joint venture with Capital Dynamics.
  • Represented AP Energy Holdings in the successful closing of financing and equity arrangements for the construction of the $1.3bn South Field Energy project, a 1,182 megawatt combined-cycle natural gas electric generating facility located near Wellsville, Ohio.
  • Representing Convergent in a proceeding concerning Southern California Edison’s proposal to increase the charges imposed on energy storage facilities for withdrawing energy from the grid to charge their resources.

Dentons

Led out of Washington DC by Clint VinceDentons' US energy group is best-known for its regulatory and litigation capabilities within the renewables and power sectors. This manifests itself most visibly within the public sector, where the firm is effectively able to combine knowledge of federal and state level requirements with a 'high level of commerciality', to provide a 'very strong service' to numerous US municipalities and cities on their energy requirements. The firm is also heavily engaged in thought leadership in the space, as is exemplified by the recent launch of its "Smart Cities Think Tank", aimed at developing equitable solutions for sustainable and prosperous cities and communities. As lead energy counsel for The City of New Orleans for the last three decades, the team regularly handles renewables-related mandates, including recently advising it in its evaluation of Entergy New Orleans' proposal to build a $14.85m five MW distributed generation-scale solar project in the city.

Practice head(s):

Clint Vince

Other key lawyers:

Emma Hand; Carl Steen; Matthew Bly

Key clients

City Council of the City of New Orleans

Tri-State Generation & Transmission Association

New York Power Authority

Anterix (formerly pdvWireless)

CPS Energy

NET Power

Colorado Springs Utilities

Capital Power

Clean Line Energy Partners

Tax Equity Investors

Work highlights

  • Handling a raft of work for City Council of the City of New Orleans, including in energy-related litigation and  rebuilding of the city’s electric and natural gas systems which were devastated by the levy failure caused by Hurricane Katrina.
  • Representing New York Power Authority in its arrangements with offshore wind farm developer and northeaster US utilities company in their joint bid to develop, construct, own and operate an offshore wind farm.
  • Providing strategic advice to Anterix in connection with its efforts to play a key role in the modernization of communications infrastructure in the nation’s various critical infrastructure sectors.
  • Assisting NET Power in its efforts to remove carbon dioxide from natural gas power plants through a break- through technology.
  • Helping Colorado Springs Utilities structure, implement, and expand its renewal energy RFP program.

DLA Piper LLP (US)

Forming a part of the firm's overarching projects, energy and infrastructure offering - which is led from the US by Washington DC-based partners Timothy Moran and Gregory SmithDLA Piper LLP (US) has considerable renewables credentials, both domestically and internationally - where it is able to tap into the expertise of practitioners spread across the firm's global network. The firm is well-versed at advising a myriad clients - including sponsors, lenders, equity investors and government agencies - across the spectrum of hydro, solar, onshore and offshore wind projects. A niche area of expertise relates to the team's work at the forefront of the development and financing of energy storage projects. On global energy and project financing matters, in addition to work on behalf of commercial banks, the team is also well-versed at representing export credit agencies and development finance institutions in relation to emerging markets-based transactions. Joseph Tato joined Covington & Burling LLP.

Practice head(s):

Timothy Moran; Gregory Smith

Key clients

BP Wind Energy North America

Washington State Investment Board

Work highlights

  • Represented BP Wind Energy North America on its sale of three operating wind farms in Texas to Ares Management.
  • Represented the Washington State Investment Board in a transaction involving the purchase by National Grid of a 51% interest in Geronimo Energy.

Eversheds Sutherland

Led out of Atlanta by Dorothy Black Franzoni and seamlessly able to tap into the expertise of a cross-disciplinary group of lawyers with renewables-related  corporate, finance, disputes and regulatory market knowledge throughout the country, Eversheds Sutherland is well-positioned to advise utilities, private equity and finance providers on work relating to the development, acquisition and disposition of a myriad renewables assets. The team is also well-versed in the operational aspects of projects, in addition to regularly advising on joint venture and co-ownership arrangements between sponsor entities and investors involving renewable energy facilities. The firm is also now much better placed to advise on international matters, as a result of the merger in 2017, and this is starting to bear fruit, both in terms of international inbound work and US entities looking to acquire assets or develop projects globally.

Practice head(s):

Dorothy Black Franzoni

Key clients

Consolidated Edison Clean Energy Businesses

X-Elio

Kaua’i Island Utility Cooperative

CECONY

Orange & Rockland Utilities

CET

Work highlights

  • Advised X-Elio in its acquisition of a 70MW AC solar project under development in South Carolina from National Renewable Energy Corporation.
  • Advising Kaua’i Island Utility Cooperative on a multi-phase design and build contract for a solar-powered, pumped-storage hydro generating facility to be located on the island of Kaua’i.
  • Advising Consolidated Edison Company of New York on its Renewing the Energy Vision and Non-Wires Alternatives initiatives.
  • Advising Consolidated Edison Transmission on a joint venture with Ørsted, the Denmark-based wind energy developer and Eversource, New England’s largest energy company, in connection with the Bay State Wind project.
  • Advising Consolidated Edison Clean Energy Businesses  across a variety of mandates, including on the acquisition and subsequent construction of a solar project under development in Texas.

Foley & Lardner LLP

Implementing a multi-disciplinary approach which utilizes lawyers based throughout the firm's domestic network of offices, Foley & Lardner LLP has significant expertise for clients engaged in the development, financing and acquisition of onshore and offshore wind, solar, biomass, ethanol, and biodiesel, geothermal, and hydroelectric energy assets. The firm is, however, best-known for its tax equity expertise and consequently picks up a large volume of work for developers and financial institutions seeking to realize value through the strategic tax efficient structuring of mandates within the sector. Washington DC-based energy group co-head John Eliason is one of the firm's main contacts for tax-related renewables matters.

Hogan Lovells US LLP

Benefiting from a significant national footprint and a team of lawyers with both industry specific transactional and regulatory strength, Hogan Lovells US LLP is well-placed to advise clients on work throughout the renewables projects life cycle, from project development and finance, through to buy and sell-side project M&A. The firm's Miami office has a particularly robust offering and as well as handling domestic projects, also regularly takes the lead on projects with a Latin American nexus. Miami-based partner Jorge Diaz-Silveira heads up the firm's overarching Americas infrastructure, energy, resources and projects practice out of which he regularly advises on wind and solar projects, including his ongoing work on the development of photovoltaic solar projects in Honduras and in relation to the development, finance, and construction of two hydroelectric plants in Guatemala.

Practice head(s):

Jorge Diaz-Silveira

Other key lawyers:

Brian Chappell; José Valdivia

Key clients

Santos y Compañía SA de CV

Generadora San Mateo and Generadora San Andres

Gauss Energy

Produccion De Energia Solar Y Demas Renovables SA de CV

Overseas Private Investment Corp.

Tradewind Energy/Savion

esVolta

Mabel Capital

International Finance Corp.

Work highlights

  • Assisting Santos y Compañía SA de CV with the development of photovoltaic solar projects in Honduras.
  • Representing Generadora San Mateo and Generadora San Andres in the development, finance, and construction of two hydroelectric plants in Guatemala.
  • Representing Gauss Energy in the development, finance, and construction of two photovoltaic solar plants in Mexico.
  • Representing PRODERSSA in the development, finance, and construction of a 50MW photovoltaic solar project in Honduras.
  • Advising Overseas Private Investment Corp. as senior lender in connection with a $20m financing in favor  of SIMA Off-Grid Solar and Financial Access Senior Debt Fund I.

K&L Gates

Led by Portland-based partner William Holmes and including key practitioners across the firm's Seattle and Washington DC offices, in particular, K&L Gates' 'top-notch and experienced' team provides 'responsive and efficient advice' to developers, sponsors, lenders, tax equity investors, utilities, and governmental and regulatory bodies across all aspects of the development, financing, acquisition, and operation of renewable energy projects. The firm's 'broad knowledge and experience base' is appreciated by clients, who view this as 'a significant advantage to deal structure and project development support'. The team has forged a particularly strong reputation advising on offshore wind matters (it has produced a well-received Offshore Wind handbook) and on matters relating to the growing importance of battery energy storage. Based in Seattle, the 'exceptionalDavid Hattery's 'experience ... gives him a unique understanding'.

Practice head(s):

William Holmes

Testimonials

The team is top-notch and experienced.

It provides responsive and efficient advice.

The combination of industry expertise and regional support provides us with the opportunity to take the lead in framing negotiations from the onset, saving time, resources, and ultimately providing an advantage in getting deals done.

David Hattery is an exceptional energy attorney, whose experience and knowledge in both the renewable and thermal energy industry gives him a unique understanding of not only the changes being experienced in the energy market as a whole but also insight into where markets are trending.

Key clients

Portland General Electric

Madison Energy Investments LLC

Direct Energy

MDU Resources Group, Inc.

Ørsted/Lincoln Clean Energy

Churchill Stateside Group

Key Capture Energy

PPL Electric Utilities Corporation

ENGIE

TransAlta Corporation

Work highlights

  • Advised Portland General Electric on its purchase under a build-transfer agreement of a 100 MW portion of a 300 MW wind farm from NextEra Energy.  
  • Advised Madison Energy Investments on the formation of a solar portfolio development entity and associated equity investment by New York private equity fund, Stonepeak Partners.
  • Advising Jerome Resources, a US-based privately-held project development company in the development of a portfolio of dairy biogas digester projects.
  • Advised Vista Energy in connection with the development of a portfolio of photovoltaic solar and thermal generation facilities in Mexico, with a major energy company based in Mexico.
  • Advised Churchill Stateside Group with respect to a number of matters including a development loan and a subsequent tax equity investment in a 105MW DC solar project in North Carolina, developed by Cypress Creek Renewables.

King & Spalding LLP

Deploying a multi-disciplinary approach which draws upon the expertise of corporate, tax, finance and regulatory lawyers with energy specific industry knowledge, King & Spalding LLP is best-known for its work on behalf of private equity and infrastructure funds on the acquisition and disposal of assets from across the spectrum of renewable sources, including solar, hydro and wind. Corporate partner Jonathan Melmed is regularly at the forefront of the most significant renewable energy-related private equity work handled by the team and has been pivotal to the firm's exponential growth in the area since his arrival in mid-2018 from Morrison & Foerster LLP.

Practice head(s):

Jonathan Melmed

Key clients

Axium Infrastructure

Brookfield Infrastructure Group

D.E. Shaw Renewable Investments

Atlas Holdings

InstarAGF Asset Management

Starwood Energy Group

The Carlyle Group

UBS Infrastructure

Work highlights

  • Represented Starwood Energy Group Global on its $1.23bn acquisition of a 100% interest in two combined-cycle gas turbine plants from Dominion Energy.  
  • Advised D.E. Shaw Renewable Investments on in its purchase of 100% of the membership interests of Cove Mountain Solar, LLC and Cove Mountain Solar 2, LLC, owners of a combined 180 MWac solar project portfolio located in Iron County, Utah.
  • Represented Starwood Energy Group Global on its $360m acquisition from affiliates of Calpine Corporation of 100% of the equity interests in the operating subsidiaries of two of Calpine’s natural gas and fuel oil fired power plants.
  • Represented an affiliate of InstarAGF Asset Management in its agreement to purchase a package of domestic pipeline and terminal assets for $450m.
  • Advised Tradewind Energy one of the largest wind, solar and energy storage project development companies in the U.S., as it signed and closed its divestiture of its 3GW+ wind asset portfolio, for an undisclosed amount, to Invenergy, LLC.

Mayer Brown

Led out of Houston by banking and finance partner Robert Goldberg , and from Washington DC by tax partner Jeffrey DavisMayer Brown's multi-disciplinary team excels in advising domestic and international sponsors, lenders and investors across the spectrum of transactions in the distributed generation, wind, solar, geothermal, biomass, refined coal and hydropower industries. Chicago-based partners Paul Astolfi  and Nadav Klugman  are recognized for their 'fair and balanced' approach to borrowers and lenders across a myriad projects/energy bank and bond deals often involving renewables assets.

Practice head(s):

Robert Goldberg; Jeffrey Davis

Testimonials

Paul Astolfi and Nadav Klugman provide a fair and balanced approach.

Key clients

Fengate Asset Management

John Hancock Life Insurance Co.

Leeward Renewable Energy

Longroad Energy Partners and PKA AIP

Wells Fargo

GE Energy Financial Services and Berkshire Hathaway

Global Atlantic Financial Group

ING Capital

Arroyo Energy

Work highlights

  • Represented Fengate Asset Management on the provision of a development loan and related development financing arrangements, the acquisition of the construction and the term and tax equity financing for the 72.6MW Weaver Wind project in Hancock County, Maine.
  • Represented John Hancock Life Insurance Co on its $415m acquisition of a minority interest in a commercial renewable energy portfolio owned by Duke Energy.
  • Represented Leeward Renewable Energy on the tax equity financing of the repowered Mendota Hills Wind Farm, 77 MW wind project in Lee County, Illinois.
  • Represented affiliates of Longroad Energy Partners in the sale to various Dutch pension funds managed by PKA AIP Management of an interest in the 242.8MW El Campo Wind Farm in Knox County, Texas, and represented Longroad and AIP as sponsors on the construction loan and tax equity financing for the project.
  • Represented Wells Fargo in a tax equity investment in a portfolio of distributed generation fuel cell projects being developed by Bloom Energy.

McDermott Will & Emery LLP

Now headed out of Los Angeles by the 'vastly experiencedEdward Zaelke, following his arrival from Akin Gump Strauss Hauer & Feld LLP in March 2019, McDermott Will & Emery LLP's global energy project finance group has considerable M&A and financing strength for developers and investors across a wide range of renewables transactions. Zaelke has particular expertise advising on complex domestic/international solar and wind transactions and adds further transactional firepower to a team that already includes well-known Miami-based energy tax expert Philip Tingle . Washington DC-based partner Carl Fleming , who also recently joined the team from Akin Gump Strauss Hauer & Feld LLP, affords the firm further renewables industry expertise and his credentials were recently acknowledged by the Department of Commerce, following his appointment to its advisory committee analyzing the competitiveness of US wind, solar, battery storage and electric vehicle sectors domestically and abroad.

Practice head(s):

Edward Zaelke; Philip Tingle

Testimonials

Edward Zaelke is vastly experienced.

The extremely commercial Christopher Gladbach has the powerful combination of knowing the law and the deal terms.

Key clients

Sustainable Power Group (sPower)

Scout Clean Energy

Northleaf Capital Partners

Bloom Energy

Exelon

Ameren

American Electric Power

Credit Suisse

Global infrastructure Partners

Quinbrook Infrastructure Partners

Edison Energy

Innogy renewables

Clearway Energy

Detroit Edison Company

NiSource

GAF Holdings

LS Power

NextEra

SunStreet Energy Group

Work highlights

  • Represented Sustainable Power Group in the development and finance of the approximately 220 MW Prevailing Winds wind project in South Dakota.
  • Representation of Scout Clean Energy in the negotiation of a Proxy Revenue Swap and the debt and tax equity financing of the 180 MW Heart of Texas Wind Project in Texas.
  • Representation of Northleaf Capital Partners in its acquisition and financing of the 200 MW Canadian Breaks Wind Project in Texas from Macquarie Capital.
  • Tax representation on entry by Ameren into Build Transfer Agreements for three separate wind projects: 157 MW project in Missouri; 299 MW project in Missouri; and 301 MW project in Illinois.

McGuireWoods LLP

Co-headed by Durham McCormick and Breenen Keene from Houston and Richmond, respectively, McGuireWoods LLP 's multi-disciplinary renewables practice leverages the expertise of M&A and finance lawyers with sector specific knowledge throughout the firm's network of national offices to effectively resource mandates throughout the project life cycle. As well as handling work for renewables developers, the firm also has strong traction with numerous energy utility companies, including Dominion Energy, which it serves as its go-to solar counsel across its portfolio of projects throughout the country. The firm also has a strong offering from its Chicago office, where Tim Callahan has carved out a strong practice for lenders and sponsors in complex financings of wind farms, solar plants, and other renewable facilitates.

Practice head(s):

Brennen Keene; Durham McCormick

Other key lawyers:

Tim Callahan; Michael Woodard

Key clients

Dominion Energy

Ameren Services

KeyBank National Association

Coronal Energy

Apex Clean Energy

GlidePath

York Capital Management

AltaRock Energy

Work highlights

  • Representing KeyBank National Association in numerous renewable energy-related financings, including on a $80m back-leveraged financing for a portfolio of over 80 solar projects located in California.
  • Regularly advising Fifth Third Bank in solar project financings.
  • Advising Apex Clean Energy Holdings on numerous matters, including the sale of the Dakota Range I and II wind farm projects in South Dakota with 300 MW of total capacity to Xcel Energy.
  • Representing Caprock Renewables in numerous matters, including on the acquisition of a renewable energy project in Burke County, Georgia.
  • Represented AltaRock Energy Inc. and its acquisition arm, Baseload Clean Energy Partners, in the recent acquisition of NGP Blue Mountain Holdco LLC in northern Nevada.

O'Melveny & Myers LLP

Led out of New York by the 'excellent' Junaid ChidaO'Melveny & Myers LLP's energy group provides a 'very strong service' to equity investors, financiers, sponsors, and hedge providers on their strategic investments, acquisitions, dispositions, and joint ventures across the spectrum of renewable energy projects. Marshaling a multi-disciplinary team of experts from across the firm's East and West coast offices, the team is noted for its ability to handle 'high-value and complex matters' which frequently require tax, regulatory, finance, real estate and corporate input. The team is, however, perhaps best known for its 'excellent credentials within the tax equity sphere', with Chida handling a slew of work in recent years for numerous financial institutions on their acquisition of preferred equity interests in solar and wind power projects throughout the country.

Practice head(s):

Junaid Chida

Testimonials

The excellent Junaid Chida provides a very strong service.

The team has excellent credentials within the tax equity sphere.

 

Key clients

American Airlines

California High Speed Rail Authority

Delta Air Lines

LaGuardia Gateway Partners

Oaktree Capital Management

Protea Waterfront Development

Regional Airports Improvements Corporation

Terminal One Group Association

United Airlines

Vantage Airport Group

Work highlights

  • Represented Wells Fargo Bank in its tax equity investment in a 200 MW solar facility being developed by First Solar, Inc. in Twiggs County, Georgia
  • Represented Berkshire Hathaway Energy in its preferred investment in, and project financing of, the second phase of the 158 MW Fluvanna Wind Project in Texas.  
  • Represented Wells Fargo Bank in connection with its preferred equity investment in, and project financing of, the Patriot Wind Project in Moore County, Texas.
  • Representing Citicorp North America in its equity investment in, and project financing of, the 242 MW Scioto Ridge wind power project in Hardin and Logan Counties in Ohio.
  • Represented Citicorp North America in its preferred equity investment in, and project financing of, the Mendota Hills Wind Power Project in Lee County, Illinois.

Pillsbury Winthrop Shaw Pittman, LLP

Recently strengthened by a number of notable hires, including New York-based Mona Dajani from Baker McKenzie LLP and Los Angeles-based Jorge Medina , who joined from Tesla, Pillsbury Winthrop Shaw Pittman, LLP has strong national M&A and financing coverage across the spectrum of individual transactions and portfolios of renewable projects. Co-headed from New York and San Francisco by Dajana and Robert James, the team handles work for a diverse range of clients, including sponsors, lenders developers and investors.  Although the firm has strength on projects throughout the country, it has particular expertise on renewables energy M&A and project financings for electric power generating facilities located in California and Texas, perhaps the two most important states in the country for renewable power generation.

Practice head(s):

Mona Dajani; Robert James

Key clients

1st Avenue Capital

AECOM Capital

Allianz Global Investors

Brookfield Renewable Energy Partner

Chevron

Clark Realty Capital

CMS Enterprises Company

Deutsche Bank

Duke Energy Corporation

Genentech, Inc

JP Morgan Chase

KDC Solar NF LLC

Marubeni Corporation

Mitsubishi Hitachi Power Systems Americas Inc.

MVP Capital

NextEra Energy Resources Inc

Recurrent Energy, LLC

Sonnen Inc

Tenaska, Inc.

Work highlights

  • Represented 1st Avenue Capital on its acquisition of the remaining equity interests in 8MinuteEnergy and the formation of a JV with JP Morgan to fund the acquisition and development of 8MinuteEnergy’s solar portfolio.
  • Represented NextEra in connection with its $1b+ acquisition of TransBay Cable, a 53-mile, high-voltage direct current underwater transmission cable system.
  • Represented NextEra Energy Resources in connection with the acquisition Eagle Crest Energy Company, which is developing a 1,300 MW pumped hydro energy storage project located on Eagle Mountain in Southern California.
  • Represented KDC Solar NF, as owner and developer, in a “partnership flip” tax equity financing of three solar projects.
  • Advised SunShare, a community solar developer, on a tax equity deal and tax equity insurance deal.

Clifford Chance

Led from Washington DC by Fabricio Longhin and also including lawyers based out of New York, Clifford Chance's nine-partner projects team handles a range of bank and capital markets-related finance and refinancing work for sponsors, investors and lenders, both from a domestic and international perspective. Working alongside practitioners from across the firm's broad international network, should the need arise, the team has a particular sweet-spot advising the lenders (including export credit agencies) in relation to development bank and multilateral financings of Latin American projects. Catherine McCarthy  excels in such deals and recently advised the multilateral and development finance institutions (including IDB Invest) on the $108m project financing for the Bicentenario 125,2 MW renewable wind energy power plant located in the Province of Santa Cruz, Argentina. Another area of strength is the team's work for US-based financial investors and institutions in the financing or refinancing of projects via private placements.

Practice head(s):

Fabricio Longhin

Key clients

IDB Invest

Goldman Sachs

Citibank

SMBC

JPMorgan

UBS

Santander

OPIC

Mizuho

Credit Suisse

IFC

Work highlights

  • Advised Allianz Global Investors  in connection with the fixed rate $250m 18-year 4(a)(2) private placement to refinance the Peruvian wind farms Parque Eólico Marcona S.A.C. and Parque Eólico Tres Hermanas S.A.C.
  • Represented the lenders in the financing of the 100.1 MWp PV plant being developed by Canadian Solar in the Province of Salta, Argentina.
  • Advised IDB Invest and state-owned lender Banco de la República Oriental del Uruguay (BROU) as lenders to TerraForm Power on a $175m A/B loan through IDB Invest and a $29m loan from BROU to refinance debt from the combined 90MW Carapé I and Carapé II wind farms in Uruguay.
  • Advised the Inter-American Investment Corporation – acting on behalf of the Inter-American Development Bank, as well as KfW Group, KfW IPEX-Bank GMBH and EKF Denmark’s Export Credit Agency – on the $108m project financing for the Bicentenario 125,2 MW renewable wind energy power plant located in the Province of Santa Cruz, Argentina, and developed by Argentinian company Petroquímica Comodoro Rivadavia.
  • Advised a syndicate of lenders in connection with the financing of the Cerro Dominador 110MW concentrated solar thermal and 100 MW solar PV project in northern Chile.  

Greenberg Traurig, LLP

Benefiting from a 'deep pool of knowledge of the energy industry' , from across the firm's multi-office platform, Greenberg Traurig, LLP is 'at the top of its game in transactions involving the highly-regulated energy and alternative power sectors'. The firm's expertise in relation to wind and solar energy finance and development matters was recently enhanced in July 2019 by the arrival of Jeffrey Chester  from Morrison & Foerster LLP. Chester now co-heads the firm's energy and natural resources team alongside Houston-based William Garner  and Washington DC-based Kenneth Minesinger .

Testimonials

The firm has a deep pool of knowledge of the energy industry and is at the top of its game in transactions involving the highly-regulated energy and alternative power sectors.

The firm is very organized and responds quickly to address questions and concerns.

I found the attention to detail and the expertise in our subject (renewable energy PPAs) to be meticulous and extensive.

Key clients

BayWa r.e. Wind

Apex Clean Energy

Prudential

AIG

MetLife

AEGON

Consolidated Edison, Inc.

Consolidated Edison Development, Inc.

J&J Resources, Inc.

Oak Creek Energy

Solar Frontier

Work highlights

  • Represented Prudential, AIG, MetLife and AEGON in the €50m supplemental private placement financing of the largest waste incineration and energy from waste company in the Netherlands.
  • Advised Consolidated Edison Development in a back leveraged secured financing of five wind projects.
  • Advising Apex Clean Energy in numerous transactions, including as seller of the 303 MW Diamond Springs Wind Project in Oklahoma to ALLETE Clean Energy.
  • Advising BayWa r.e. as developer, sponsor and seller in all aspects of the construction, financing and sale of the 100 MW Strauss Wind Project in California.
  • Represented BlackRock in a $31.6m secured private placement back-leveraged financing  with respect to an SPV company formed by an Australian sustainable investment fund and its affiliates to hold indirect equity interests in a project company that owns and operates a photovoltaic power project in Nevada of approximately 100 MW.

Kirkland & Ellis LLP

Benefiting from 'excellent legal acumen and market knowledge', Kirkland & Ellis LLP's growing presence in the energy space, precipitated by a number of notable hires in recent years, continues to see the firm increasingly active in relation to the acquisition, financing and refinancing of renewables assets.  Led out of Washington DC by 'superb project finance lawyerRohit Chaudhry and aided by lawyers in New York and Houston, the team has expertise in mandates throughout the capital structure, including term loan A and B debt financings and capital markets matters for lenders, as well as the firm's impressive roster of private equity sponsor clients which are increasingly prominent investors in the renewables arena.

Practice head(s):

Rohit Chaudhry

Testimonials

The team benefits from excellent legal acumen and market knowledge.

Extremely client-focused and responsive.

Rohit Chaudhry is a superb project finance lawyer.

Key clients

Ares

Blackstone

Brookfield

Crédit Agricole Corporate and Investment Bank

GenOn Energy, Inc.

Investec Bank

KKR

Macquarie Infrastructure and Real Assets

Newlight Partners

Nomura

Nomura Corporate Funding Americas

NRG Wholesale Generation

The Carlyle Group

True Green Capital

Morrison & Foerster LLP

Despite being significantly depleted by a number of high-profile departures over the past few years, including in July 2019 that of the former team head Jeffrey Chester to Greenberg Traurig LLPMorrison & Foerster LLP still maintains a not insignificant presence on the West Coast. Los Angeles-based partner Elizabeth Sluder has a focus on renewables-related project financing and San Francisco-based Susan Mac Cormac has extensive experience representing startup to late-stage private companies within the clean technology, renewable energy and sustainable space.

Nossaman LLP

Differing from many of the more corporate and finance transactional-focused firms highlighted in the ranking, Nossaman LLP's sweet-spot lies in assisting energy clients navigate the environmental and wildlife permitting issues associated with solar, wind hydro and battery storage projects throughout the country. Work includes assisting clients in relation to compliance with numerous Federal environmental and wildlife-related laws, including the Endangered Species Act and the Clean Water Act. Benefiting from 'excellent agency and political contacts', the team also excels in policy-related matters for clients, as well as protecting and promoting their interests in relation to any environmental, land use and wildlife-related disputes which may arise pursuant to a renewables-related project. Although the firm rarely handles the corporate and finance elements of major renewables projects, it is regularly brought in by other law firms to provide the necessary environmental due diligence associated with transactions they are handling. Svend Brandt-Erichsen  and Brooke Wahlberg  lead the practice from Seattle and Austin, respectively.

Testimonials

The team benefits from excellent agency and political contacts.

The firm’s wildlife practice is exceptional and is dialed in to all aspects (rule-making, litigation, political influences, etc.) and provides real-time advice which directly impacts commercial/business decisions.

The team has a depth and breadth of knowledge and provides creative and results-oriented solutions.

Key clients

Southern California Edison

Renewable Energy Systems Americas, Inc.

Avangrid Renewables, LLC

County of Siskiyou

Energy and Wildlife Action Coalition

EDP Renewables, Inc.

Pattern Energy

Electron Hydro

American Wind Energy Association

Ares Management Corp

Work highlights

  • Acting as California water rights counsel to Southern California Edison on the water rights associated with multiple hydroelectric projects throughout California.
  • Assisting Renewable Energy Systems Americas  in obtaining incidental take permits under the Endangered Species Act (ESA) and Bald and Golden Eagle Protection Act (BGEPA) for its projects in multiple states.
  • Assisting Avangrid Renewables with the development of a Habitat Conservation Plan for multiple projects, including its Blue Creek wind energy project in Ohio.
  • Assisted EDP Renewables in obtaining an incidental take permit under the Endangered Species Act for the Headwaters wind energy project in Indiana.
  • Representing Electron Hydro LLC, an owner and operator of the 112-year old Electron Hydroelectric Project located on the flanks of Mt. Rainier, in developing a Habitat Conservation Plan under the Endangered Species Act to accompany installation of a fish diversion structure to avoid and minimize impacts to ESA-listed fish species – Puget Sound chinook salmon, steelhead, and bull trout.

Reed Smith LLP

Led out of Houston by Stan Perry and Nicolle Bagnell from Pittsburgh, Reed Smith LLP's energy group handles a diverse array of transactional, operational and advisory renewables work throughout the value chain for developers, project owners, trading firms, banks and end-users. On the transactional front, as well as advising on conventional M&A and project financing work, the firm also has particular strength in relation to commodities and derivatives transactions. The Washington DC office is staffed with numerous former Energy Regulatory Commission (FERC) employees, including Colette Honorable, which affords the firm added credibility in relation to regulatory issues, both in the context of investigations and compliance.

Practice head(s):

Stan Perry; Nicolle Bagnell

Shearman & Sterling LLP

Combining strong product expertise in relation to M&A, banking and capital markets, with underlying industry knowledge across the spectrum of renewable energy sources, Shearman & Sterling LLP is well-placed to serve a diverse roster of clients engaged in domestic and international transactions. As well as handling a significant volume of private placement debt work in the space, the team has also advised the lenders on the financing of numerous renewables portfolio transactions. New York-based partner Gregory Tan is global head of the firm's project development and finance group, and alongside Robert Freedman regularly handles solar, wind and hydro-related new money deals and restructurings.

Practice head(s):

Gregory Tan

Key clients

LongWing Energy S.C.A.

Den Norske Bank

Fortress Investment Group

Mistubishi UFJ Financial Group, Inc.

OMERS Infrastructure Management, Inc.

Citigroup

BBVA Bancomer, S.A., Institución de Banca Múltiple, Grupo Financiero BBVA Bancomer

Banco Nacional de Comercio Exterior, S.N.C.

Work highlights

  • Represented LongWing Energy on the $150m senior secured financing from Overseas Private Investment Corporation of an approximately 98.1MW wind project in Zaporizhia, Ukraine, the first phase of an eventual 500 MW project.
  • Represented Fortress Investment Group in connection with the acquisition of tax equity investments in ten wind energy generation facilities located across Oklahoma, Texas, Kansas and Nebraska.
  • Represented Mistubishi UFJ Financial Group as placement agent and the investors in a private placement for a portfolio of five wind projects in Montana and South Dakota owned by Consolidated Edison.
  • Represented OMERS Infrastructure Management on the signing of its agreement to acquire Leeward Renewable Energy from affiliates of ArcLight Capital Partners.  
  • Advised MUFG Bank, as administrative agent and coordinating lead arranger, and the lenders and issuing banks in connection with the approximately $560m back leveraged financing for a portfolio of six solar projects owned indirectly by Consolidated Edison Development, Inc. located in Fresno County, California, Clark County, Nevada and Maricopa County, Arizona.

Troutman Pepper

Troutman Pepper has 'great experience within the renewables power sector from all perspectives - advising owners, tax equity investors and lenders' on their transactional and operational work across solar, hydropower and wind projects. Incorporating a multi-disciplinary approach across corporate, financing, tax and regulatory competences, the team has a 'depth of knowledge and experience' across utility-scale projects and customer-sited distributed generation. John Leonti and Craig Kline co-head the team out of Orange County and New York, respectively, with Leonti providing niche expertise in relation to hedge transactions utilizing renewables-related financial derivatives.

Practice head(s):

John Leonti; Craig Kline

Testimonials

The firm has a depth of knowledge and experience in handling situations as the transaction progresses.

The team has a clear grasp of practical ways to solve issues.

It has great experience within the renewables power sector from all perspective – advising owners, tax equity investors and lenders.

The team has been adding capabilities as the market evolves from utility PPAs to other means of securing project revenues. These new methods come with their own challenges and the Troutman Sanders team is staying ahead of the trends.

Key clients

Southern Power Company

Wells Fargo Bank

EDF Renewable Energy

Consolidated Edison  Development, Inc.

Cypress Creek Renewables

Dominion Energy

Fifth Third Bank

BNRG Renewables

M&T Bank

Geronimo Energy

Generate Capital, Inc.

Leandlease Energy Development

JP Morgan

The Huntington National Bank

NextEra Energy Resources

National Hydropower Association

I Squared Capital

Duke Energy Renewables

Berkshire Hathaway Energy Company

Avangrid Renewables

PacifiCorp

Work highlights

  • Represented Con Edison Development on the $1.54bn acquisition of a Sempra Energy subsidiary that owns 981MW AC of operating renewable electric production project.
  • Advised Southern Power Company on a $1.2bn of tax equity financing for eight wind projects located throughout the US.
  • Advised Lendlease Energy Development on its sale of the 300MW Cutlass Solar Project to Advanced Power.
  • Advised Duke Energy Renewables on the purchase and project financing (debt and tax equity) of the 200 MW Holstein solar project from 8minute Solar Energy which closed in July 2019.
  • Represented Geronimo Energy in connection with the construction debt and tax equity financing of a 209.4 MW wind farm located in South Dakota known as the Crocker Wind Farm Project.