Renewable Energy

 
Benjamin J. Armour Partner (617) 338-2423 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
Sharon G. Leifer Counsel (617) 338-2821 vCard
Jerome C. Muys Jr. Partner (202) 370-3920 vCard
Mark Norris Partner +44 (0)20 7448 1003 vCard
Lewis N. Segall Partner (617) 338-2807 vCard
Joshua L. Sturtevant Associate (617) 338-2892 vCard
James R. Wrathall Counsel (202) 775-1206 vCard

Sullivan & Worcester’s Energy Group serves clients who invest and participate in the energy markets, both nationally and internationally – particularly in clean and renewable energy transactions. Our clients are engaged in virtually all aspects of the investment and energy industries, from equity investors, tax equity investors, and lenders to project developers, hedging counterparties, energy companies and other industry leaders.

We are well positioned to assist our clients in navigating an ever-changing energy landscape by efficiently and creatively structuring deals and incorporating our tax, policy, regulatory and market insights to help solve complex financing challenges in traditional regulated utility markets. As demonstrated from our representative projects listed below, our practice includes a full panoply of services ranging from individual renewable energy projects to project portfolios:

  • Purchase & sale agreements
  • Expansion & repowering projects
  • Sale/leaseback agreements
  • Permitting
  • Construction agreements
  • Transactional due diligence
  • Development agreements
  • Equity & debt financing
  • Interconnection agreements
  • Tax structuring
  • Transmission agreements
  • Governmental loan guarantees & grants
  • Mergers & acquisitions
 

Further, we bring value to our clients through our deep relationships and experience in consulting, analysis, accounting, and agency and legislative affairs. Our clients’ projects vary in size from small-scale to utility-scale; however, our team is on the leading edge of successfully scaling smaller systems into larger portfolios of projects for investors. We pride ourselves on our broad experience representing clients across a wide range of energy sectors, including:

  • Solar
  • Wind
  • Geothermal
  • Biomass
  • Biofuels
  • Hydroelectric
  • Combined heat & power
  • Batteries
  • Fuel cells
  • Energy efficiency
  • Demand response
  • Plug-in hybrid & electric vehicles
  • Electric transmission
  • Natural gas
  • Advanced coal

In addition to advising our clients, we are active participants in industry organizations and events. Our professionals frequently present key issues at energy conferences and forums and publish insights regarding policy, market trends, industry developments and the implementation of renewable energy measures in our "Energy Finance Report" and "EDGE Newsletter."

We are committed to the continued growth and expansion of the clean and renewable energy sectors and to helping our clients succeed. The transactions noted below highlight our keen understanding of the industry and the value that we create for our clients.

Representative Client Work

  • Acquisition of 215 MW Hydro Portfolio. Represented an affiliate of Cube Hydro Partners in its acquisition of four hydropower stations in North Carolina.
  • SunEdison Sale/Leaseback Financings. Represented SunEdison in a variety of sale/leaseback financings throughout the U.S. involving diverse financings entities, such as Bank of America, JP Morgan Chase, and MetLife Capital.
  • Sale of Major Interest in Solar Company to Investment Group. Represented solar company in preparing the due diligence report and negotiating and executing the sale of an interest in the company to investment group.
  • Infrastructure Fund Investment in 450 MW Wind Portfolio. Performed due diligence supporting the purchase of a controlling interest in a portfolio of three wind farms by the infrastructure fund of a major U.S. bank.
  • Distributed Generation Financing and Tax Equity. Advised a solar development company on novel financing platform for replicable small-scale solar installation deal structures, including optimization of structure for incorporating non-traditional tax equity investments.
  • Leading Private Equity Firm Investment in Solar PV and Solar Thermal Projects. Advised leading private equity firm on structured tax equity investments for photovoltaic and solar thermal facilities.
  • PTC Safe Harbor Application. Provided counsel for wind developer in its application to qualify for the Production Tax Credit “Safe Harbor.”
  • Distributed Generation for Telecommunications Infrastructure. Represented provider of energy services for telecommunications infrastructure in developing country in Asia.
  • Vehicle Fleet Leasing Transaction. Represented investor in the design and execution of phased replacement of major Midwest city's vehicle fleet with mixed fleet of plug-in hybrid and electric vehicles.
  • Abengoa Solar Project Financing and Tax Structuring. Advised Abengoa, a large European utility, on solar energy investments in the U.S. market, including project financing, renewable energy certificates, and tax structuring.
  • Large Industrial Customer Solar PV Projects. Negotiated power purchase agreement for large industrial customer and host of two multi-megawatt photovoltaic solar facilities.
  • Lockheed Martin Investment in Utility-Scale Solar Project in Southwest. Advised Lockheed Martin on financial and tax structures available for multi-billion dollar investment in utility-scale solar projects.
  • 900 MW Geyers Geothermal Facility. Advised the owner of the largest geothermal facility in the U.S. on a variety of tax and finance concerns and considerations associated with ongoing operations, expansion of, and repowering of facilities.
  • Leading IPP Turbine Supply Agreement. Represented a leading IPP in contract modifications for a turbine supply agreement, which resulted in the client realizing more than $100 million in accelerated tax benefits.
  • Geothermal Project in Midwest. Developed a heating and cooling supply agreement and ownership structure to allow realization of grant and tax benefits necessary to allow a pipeline of ground-source geothermal heat-pump installations to be financeable for equity and tax equity investors.
  • Merchant Wind in ERCOT. Advised a wind company in the negotiation of power purchase agreements, interconnection agreements, and other project financing documents.
  • Leading Solar Energy Services Provider. Advised North America’s largest solar energy services provider on a variety of project financing transactions.
  • 400 MW Wind Project in ERCOT. Represented leading European bank as lender to a nearly 400 MW wind generating facility in Texas.
  • 1 GW Wind Portfolio. Assisted in the representation of leading global infrastructure investor in the acquisition of a portfolio of wind projects in the U.S. totaling over 1 GW.
  • 550 MW Topaz Solar Project. Advised MidAmerican Energy Holdings in the $2.4 billion acquisition of the 550 MW Topaz Solar project from First Solar, the first major U.S. solar PV project without a government subsidy.
  • Tax Equity Financing for U.S. Wind Portfolio. Advised the North American subsidiary of a leading European utility on the tax equity financing by institutional banks for a portfolio of wind projects in the United States.
  • 350 MW Solar Project in Southwest. Represented solar developer in the project financing of a 350 MW solar PV project in Nevada.
  • Solar Portfolio in California. Represented leading European institutional bank on the financing of a 75+ MW portfolio of solar PV projects in California.
  • IPP Utility Scale PV Project. Represented lenders on the financing of a utility scale solar PV project in California owned by leading independent power producer.
  • 40 MW Wind Project in New England. Represented wind developer in a 40 MW project in New England.
  • 50 MW Solar Project in Southwest. Represented solar developer in the acquisition of a 50 MW solar PV project in Arizona.
  • Solar Projects in Ontario. Assisted in the representation of a leading Canadian bank in the project financing of several solar PV projects in Ontario, Canada
  • 50 MW Wind Project in Mexico. Represented the subsidiary of a leading Japanese trading company in the development of a 50+ MW wind project in Mexico.
  • 20 MW Solar Project in California. Represented lender in connection with the project financing of a 20 MW solar PV project in California.
  • Private Equity Fund Wind Portfolio. Reviewed and redesigned the financing structure for the development and ownership of a portfolio of wind companies by a leading private equity fund.
  • PV Manufacturer $65 Million Financing. Advised Konarka Technologies, Inc., a developer and manufacturer of flexible, organic photovoltaic solar films, in a $45 million preferred stock financing and commercial partnership arrangement with subsidiaries of Total, S.A.; and a $20 million preferred stock financing and commercial partnership arrangement with a large Japanese multi-national company.
  • Wind Project Development. Represented a Swedish company in the development of wind projects.
  • U.S. DOE Loan Guarantee Program. Assisted a wind turbine manufacturer, solar developer and advanced auto manufacturer with applications for the U.S. Department of Energy Loan Guarantee Program.
  • Waste-to-Energy Facility in Germany. Represented a bank subsidiary, as equity investor, in connection with a sale/leaseback of a waste-to- energy incineration facility in Germany.
  • Biomass Facility in New England. Represented an investor in the development of a biomass facility in New England.
  • Hydroelectric Dam in Mid-Atlantic. Represented the purchaser of a private hydroelectric dam in the mid-Atlantic region.
  • Utility Wind Assets. Assisted a large regulated U.S. utility to determine rate consequences of direct ownership of wind farm versus contracting for power through power purchase agreements with third party power providers.
  • Due Diligence of Turbine Supply and Related Documentation. Performed due diligence for a power generation corporation's turbine and other equipment contracts associated with the sale of a partially constructed generating facility.
  • $55 Million Facility for Biofuel Distribution Company. Represented the sole bank lender in a $55 million facility for a company in the biofuel distribution business.
  • Clean Fuel Technology Transaction. Developed a due-diligence plan for the financier and developer of clean-fuel technology for a transaction with an electric utility company.

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