Energy and Infrastructure
- Represented the equity investor in connection with a New Markets Tax Credit financing related to the acquisition of 46,000 acres of timberland in Florida. The property is subject to a conservation easement, ensuring that the timberlands will be sustainably harvested and enjoyed by the public for years to come.
- Represented ING in connection with its investment in Green Pastures Wind Farm (Phase I), an approximately 150 MW wind facility in Texas that is being developed by Capital Dynamics. While a syndicate of other tax equity investors entered into a commitment to make their investment in the wind farm in 2014, ING stepped into the tax equity commitment that was being held by an affiliate of Capital Dynamics in January of 2015.
- Represented Morgan Stanley as the lender, administrative agent, lead arranger, and issuing bank in connection with a $305 million construction loan facility, $75 million letter of credit facility, and $60 million bridge loan facility (which converts to back-leverage upon commercial operation) for the construction and development of a 289 MW wind farm in Texas by a subsidiary of Invenergy Wind North America LLC.
- Represented Renewable Funding in commitment from Apollo for $300 million of PACE bonds, the proceeds of which will be used to finance solar and other residential improvements in California.
- Represented the sponsor in connection with financing a photovoltaic solar generating facility of approximately 4MW (AC) located in Palm Springs California. The transaction was the sponsor's first partnership flip transaction and involved investment by an international tax equity investor.
- Represented Sunrun in its first syndicated financing, which provided the company with over $195 million in credit facilities. The multi-tiered financing—comprised of approximately $171 million in senior facilities and a subordinated facility valued at $24 million—involved international and U.S. lenders and was secured by the company's interests in over 25,000 residential solar systems across the U.S.
- Represented a tax equity investor in connection with financing a utility scale solar portfolio involving 10 separate projects, in which over $75 million of capital is to be deployed over the course of an eight-month period. The portfolio includes over 80 MW of capacity and is comprised of PPAs with both Southern California Edison as well as Pacific Gas & Electric.
- Representing Vivint Solar, affiliate of the second-largest home alarm and automation company in the U.S., in tax equity financings and sales arrangements with U.S. Bancorp (ongoing), Bank of America (closed), The Blackstone Group (closed), Morgan Stanley (ongoing), Capital One (ongoing), Credit Suisse (ongoing), Kilowatt Financial (ongoing), and Citigroup (ongoing)—all of which will support over a billion dollars in residential solar systems and $500 million in commercial systems.
- Represented Vivint Solar in various debt facilities, including a credit line with Bank of America and currently working on a back leverage aggregation facility that would enable Vivint Solar to monetize future cash flows from its tax equity financings, providing regulatory analysis of new markets and commercial agreement support.