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DLA Piper LLP (US)

1251 AVENUE OF THE AMERICAS, NEW YORK, NY 10020-1104, USA
Tel:
Work +1 212 335 4500
Fax:
Fax +1 212 335 4501
Web:
www.dlapiper.com

Philip Corsello

Tel:
Work +1 212 335 4784
Email:
Web:
www.dlapiper.com/en/us/people/c/philip-corsello-f/
DLA Piper LLP (US)

Work Department

Finance; Projects, Energy and Infrastructure; Energy and Natural Resources

Position

Partner

Career

Philip Corsello has represented many agents, arrangers, institutional investors, banks and other lenders in a variety of financing, lending and capital markets-related matters, including project financings, tax-equity and back-leverage financings of renewable energy assets, financings of battery storage projects, secured and unsecured loan and letter of credit facilities, private placements including Rule 144A offerings, holdco and term loan B facilities and a variety of other credit facilities and private equity investments.

Phil has also represented a number of sponsors and investors in connection with the development, financing (including tax equity and back-leverage financing) and acquisition of independent energy projects, including renewable energy projects, gas-fired power generation facilities, electricity transmission projects and natural gas storage facilities.

Phil also advises clients in connection with evaluating, structuring and negotiating intercreditor arrangements relating to a variety of project financing structures and on numerous portfolio management-related matters.

Education

J.D., Fordham University; B.A., Columbia University


United States: Finance

Project finance

Within: Project finance

DLA Piper LLP (US) 'takes a pragmatic approach' to domestic and cross-border project financing transactions, acting for a mix of lender and sponsor clients. US co-chair of projects and infrastructure and US Chair of renewable energy and energy M&A, the 'exceptional' Timothy Moran, advised Exelon Corporation on a $850m senior secured Holdco Term Loan B credit facility to leverage the sponsor's interest in a portfolio of 33 solar, wind and biomass utility-scale and distributed electric generation projects across 11 states in the US. Gregory Smith, who is US co-chair of projects and infrastructure and US chair of agency finance, led advice for OPIC and CDC on the financing of a 50MW gas-fired power project in Conakry, Guinea, which is sponsored by Endeavor Energy; he also advised NEXI, SMBC and OPIC on the financing of a 48.7MW solar project in Jordan, which is sponsored by AES Corporation and Mitsui. New York-based Charles Carroll advised Abengoa on the sale of a combined-cycle power plant in Mexico, known as Norte III, to a consortium consisting of Macquarie Capital and construction conglomerate Techint. Also recommended in the New York office are 'invaluable resource' Philip Corsello and Joseph Tato, who acts as US co-chair of projects and infrastructure. Vanessa Richelle Wilson and Amala Nath, the latter of whom joined from Norton Rose Fulbright US LLP in 2018, are also names to note. Named individuals are based in Washington DC unless otherwise stated.

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United States: Industry focus

Energy: renewable/alternative power

Within: Energy: renewable/alternative power

DLA Piper LLP (US) advises clients on energy asset transactions, in addition to the development, permitting and financing of power generation facilities spanning onshore and offshore wind, solar, biofuels and biomass, hydroelectric and geothermal projects. Jointly led by New York-based Joseph Tato, and Washington DC-based Gregory Smith and Timothy Moran, the team has 'a pragmatic approach' and is known for 'developing structures that help clients achieve a successful outcome'. Moran in particular has 'a good blend of legal expertise and commercial acumen', and New York-based Philip Corsello and Washington DC-based Vanessa Richlle Wilson also have 'serious expertise in the field'. Recent highlights have included the team acting for Exelon Corporation, as sponsor and borrower, in connection with an $850m senior secured credit facility to leverage its interest in a portfolio of 33 solar, wind and biomass utility-scale and distributed electric generation projects across 11 states in the US.

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Energy: transactions: conventional power

Within: Energy: transactions: conventional power

DLA Piper LLP (US) advises clients on transactions involving power and infrastructure assets, and also handles the development and financing of power generation facilities across multiple sectors. Based across the firm's New York and Washington DC offices, the team 'fully understands the transaction specifics and all associated risks' and takes 'a pragmatic approach' while still 'thinking outside the box'. New York-based Joseph Tato and Washington DC-based Gregory Smith and Timothy Moran jointly lead the practice group. Another New York-based contact is Philip Corsello, who is rated for his ability to 'recognize the bigger picture and simply get deals closed'. Recent highlights have included the team advising Overseas Private Investment Corporation and CDC on the $120m financing of a 50MW gas-fired power project in Conakry, Guinea, which will be the first project-financed IPP in Guinea. Other key clients include Credit Agricole, Exelon Generation and EDF Trading North America.

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Legal Developments by:
DLA Piper LLP (US)

  • Sentencing guidelines for corporate manslaughter

    In February 2010 the Sentencing Guidelines Council (the SGC) issued definitive guidelines to courts on imposing appropriate sentences for corporate manslaughter and health and safety offences causing death. The SGC states that fines imposed on companies found guilty of corporate manslaughter should not fall below £500,000, while fines in respect of health and safety offences that are a significant cause of death should be at least £100,000. Crucially, the SGC declined to provide for a fixed link between the imposed fine and the turnover or profitability of the offending company.

    - DLA Piper UK LLP

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