With ever-changing regulations, tax incentives and loan guarantees, securing financing continues to be a key driver in projects around the world. Akin Gump Strauss Hauer & Feld LLP’s global project finance team brings extensive experience in structuring both debt and equity financing in energy, renewable energy, transportation and infrastructure projects.
Our project finance team routinely represents private equity and hedge funds, project sponsors and developers and lenders in their financing activities, including syndicated loan facilities, reserve-based facilities, cross-border and synthetic leasing, public and private debt capital markets financings, securitizations and swaps, hedges and other commodity products.
In addition, our renewable energy attorneys have vast experience in the tax incentives available for renewable energy projects and related requirements, including Production Tax Credits (PTC), Investment Tax Credits (ITC) and the U.S. Treasury Grant. We have closed several high-profile projects in the United States that benefitted from the U.S. Department of Energy (DOE) Loan Guarantees.
Our debt and equity financing experience includes:
- representation of Terra-Gen Power in the development and financing of 570 MW at Terra-Gen’s Alta Phases II-V wind projects in California (which included a Rule 144A bond offering, a bank cash grant bridge facility and a forward commitment for a sale-leaseback), making this the first large portfolio of wind projects utilizing a leveraged lease finance structure in the United States. This transaction was recognized as “North American Wind Deal of the Year” by Project Finance Magazine and as “Bond Deal of the Year” by Project Finance International.
- representation of Caithness Energy and GE Energy Finance in the development and over $2 billion financing of the 845 MW Shepherd’s Flat wind project in Oregon. Debt financing is supported by a DOE loan guaranty issue under the Financial Institution Partnership Program established by the 2009 American Recovery and Reinvestment Act. When completed, this will be the largest single wind project in the United States. This transaction was recognized by Project Finance & Risk as “Best Renewables Deal” and by Environmental Finance as its “Renewable Energy Deal of the Year.”
- representation of BrightSource Energy in the development and financing of the 392 MW Ivanpah Solar Electric Generating System in San Bernardino County, California (including $1.6 billion in construction and permanent debt financing guaranteed by the DOE under the Innovative Technology Loan Guaranty Program). This financing was the largest solar financing completed under this loan guaranty program. This transaction was awarded CSP project of the year by Solar Power Generation USA.
- representation of SunPower Corporation and NRG Energy in connection with the financing of the California Valley Solar Ranch, a 250 MW solar (PV) project located in San Luis Obispo, California. Financing of this project included a $1.237 billion construction and permanent loan guaranteed by the DOE. This financing was one of the largest and one of the last projects to receive a loan guaranty under the loan guaranty programs.
- representation of Western Wind Energy Company in the construction and permanent financing totaling over $275 million for the Windstar wind energy project near Tehachapi, California
- representation of Element Power in the construction and permanent debt financing and tax equity financing from MetLife for the development and construction of the Macho I wind farm near Hatch, New Mexico
- representation of AES Corporation in the construction and permanent debt financing of the Mountain View IV wind farm in California
- representation of project developer in connection with development, construction and financing of the 2x362 MW coal-fired Meizhou Wan Power Project, which was subsequently named “Asia Pacific Power Deal of the Year” by Project Finance International
- representation of a commercial and residential electric and natural gas provider in connection with the development of a 135 MW byproduct fuel-fired, anchored merchant plant for National Steel in Michigan.