Project Development & Finance

 
Hayden S. Baker Partner (212) 660-3040 vCard
J. Truman Bidwell Jr. Partner (212) 660-3032 vCard
Robert J. Gillispie Of Counsel (212) 660-3046 vCard
Van P. Hilderbrand Jr. Associate (202) 370-3928 vCard
Elias B. Hinckley Partner (202) 775-1210 vCard
Jeffrey M. Karp Partner (202) 370-3921 vCard
Merrill L. Kramer Of Counsel (202) 775-1224 vCard
Mark Norris Partner +44 (0)20 7448 1003 vCard
Nicole Rives Partner (617) 338-2433 vCard
Joshua L. Sturtevant Associate (617) 338-2892 vCard
James R. Wrathall Counsel (202) 775-1206 vCard

Sullivan & Worcester’s Project Development & Finance practice delivers solutions to its clients, whether by guiding them through complex financing or tax structures, drafting and negotiating project contracts, loan agreements, or credit enhancements, resolving regulatory obstacles, or allocating risk among project participants. Our project lawyers are known for their ability to integrate new technologies and innovative strategies into the traditional energy markets through creative financing arrangements and tax optimization. Our experienced team draws on one of the nation’s premier national tax and real estate practices, and our substantial regulatory, environmental, corporate and M&A expertise, to efficiently and effectively close complex financing transactions.

With offices in New York, Washington, D.C., Boston and London, our Project Development & Finance team can handle virtually any aspect of a domestic or international energy or infrastructure transaction. Our expertise includes public-private partnerships, acquisitions and divestitures (including privatizations), private equity offerings, debt offerings and restructurings, lease transactions, tax equity structuring and workouts. Our group has significant experience developing and financing power plants, gas pipelines, electric transmission, renewable energy, cogeneration, combined heating and power (CHP), waste-to-energy and hydroelectric projects, airports, LNG and petrochemical projects.

Representative Client Work

  • Advised a developer of a combined heating and power system (CHP) at the University of Maryland Hospital System on a power purchase agreement and separate sale of emergency demand response and ancillary services into the PJM power pool
  • Represented a project developer in negotiating power purchase agreements for 20 MW of solar projects in Oregon
  • Advised the California Transbay Joint Powers Authority (TJPA) on energy aspects of development of terminals for first high speed electric rail in the U.S.
  • Advised a developer on a $100 million securitized capital lease transaction in connection with construction of a 1200 room student dormitory at private tax-exempt university
  • Represented Allegheny Energy Supply in negotiating a 15-year tolling agreement for financing construction of a $225 million greenfield power plant
  • Structured and negotiated an emissions allowance trading agreement in connection with a $144 million Term B acquisition financing. The structure allowed for operational flexibility of the plant while complying with the European Community (EC) scheme for greenhouse gas emissions
  • Representing a distributed generation facility in negotiating the sale of demand response into the New York Independent System Operator system
  • Advised a residential solar rooftop leasing company on IPO and related financings
  • Represented Allegheny Energy Supply in $400 million sale of its Western trading portfolio to Goldman Sachs
  • Represented York County Pennsylvania Municipal Solid Waste Authority in construction, financing and sale of power from its Municipal Solid Waste and Recovery Facility
  • Advised one of the world’s largest companies on financial and tax structure for a multi-billion dollar investment in utility-scale solar projects
  • Assisted a private equity fund in designing novel financing structure for development and ownership of portfolio of wind companies
  • Advised a tax-exempt municipal-sponsored organization in structuring financing for loans to residents and businesses to reduce energy and water use and greenhouse gas emissions
  • Represented a tax equity investor in a first-of-its-kind electric vehicle tax equity investment
  • Represented a large construction company on a tax equity investment in a biomass generating facility
  • Advised the owner of the largest geothermal facility in the U.S. on tax and financing considerations associated with ongoing operations, expansion and repowering of facility
  • Assisted an independent power company in modifying a turbine supply agreement, enabling the company to realize more than $100 million in accelerated tax benefits
  • Developed a heating and cooling supply agreement and related ownership structure to optimize grant and tax benefits, thereby permitting a pipeline of geothermal heat-pump installations to be financed by equity and tax equity investors
  • Designed a lease-based platform for a tax equity advantaged fund to acquire combined heat and power facilities that could be integrated into commercial and industrial buildings
  • Negotiated electric and steam sales arrangements for approximately 1,000 MW of power sales into ERCOT market
  • Represented CalEnergy Company in its $8 billion merger with MidAmerican Energy Company
  • Represented Dynegy Inc. in the $255 million sale of 11 West Coast cogeneration projects to El Paso Corporation
  • Structured and negotiated joint venture between Credit Suisse and Glencore International to create combined platform for trading physical and financial petroleum products and derivatives
  • Represented Dynegy Inc. in its acquisition of Illinois Power Company
  • Negotiated power sales and trading agreements with California Department of Water Resources (CDWR), including a $4 billion power sales agreement with Allegheny Energy Company
  • Represented Aquila Energy in the development of a 12 billion cubic foot underground natural gas storage facility in Arizona. Prepared and filed the first ever FERC application under NGA Section 7(c) for market-based rate authority for an underground storage facility
  • Represented Royal Bank of Scotland in connection with the financing of a 100 million gallon per year ethanol plant
  • Represented MidAmerican Energy Holdings in the acquisition of the 10 MW Wailuku River Hydroelectric power project
  • Represented LS Power in hedging fuel price risks associated with acquisition of Duke Energy’s North American generating portfolio
  • Represented sixteen New York power plant owners in the landmark $9 billion restructuring, buyout and buydown of their 39 power purchase contracts with Niagara Mohawk Power Corporation
  • Advised a client on the restructuring of turbine supply for other major component system contracts for supplying a fleet of approximately thirty gas-fired combined cycle plants
  • Advised a solar development company on the use of a novel financing platform for replicable small-scale solar installations including structure to permit participation by non-traditional tax equity investors
  • Advised a private equity company on structured tax equity mezzanine investments for $70 million pool of residential solar projects
  • Represented a financial company in the financing of a 250 MW gas-fired generating facility in New York
  • Represented the financing subsidiary of a major utility in the $385 million project financing of the 440 MW generating facility in Mississippi
  • Advised a developer in connection with the financing and distribution of power from an approximately 250 MW gas-fired power plant in Nigeria
  • Represented a Turkish investor in the financing of 11 thermal power-generating facilities in Nigeria
  • Represented a developer in the financing of a $275 million coal-to-petroleum facility in Louisiana
  • Negotiated power purchase agreements and related contracts for a top-ten U.S. real estate investment trust (REIT) with holdings in Massachusetts, New York, Maryland and Washington, D.C.
  • Represented the U.S. branch and other affiliates of a major European bank as dealer in connection with the negotiation and documentation of secured and unsecured interest rate swaps, commodity hedges and other derivative transactions
  • Represented a bank-affiliated leasing company in a variety of marine barge term loan and lease financings
  • Represented an investment group in a South African infrastructure fund
  • Represented a developer in the project financing of a gas to liquid plant in Trinidad and Tobago, the first in the Western Hemisphere
  • Represented an equity investor in sale/leaseback of a thermal power facility in Cambridge, Massachusetts
  • Advised Blackstone Group in its $1.5 billion equity investment in Cheniere Energy Partners, LP, used to fund the equity costs of developing the Sabine Pass LNG liquefaction project
  • Represented an equity investor in the sale/leaseback of LNG facilities and tankers
  • Represented an owner in the financing of a drilling platform off the coast of Brazil
  • Represented bank subsidiaries as equity investors in connection with sale/leasebacks of electric transmission networks and gas transportation networks in The Netherlands

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