Project Finance

Our attorneys have advised countless project sponsors and financial institutions across the country in the development, purchase, sale, and financing of distributed and utility-scale renewable energy projects including solar, wind (on and off-shore), hydropower, combined heat and power, and transmission projects. Our history representing project developers, financial institutions and investors, specialty credit firms, and private equity extends to our founding. To round out its Project Finance practice, our attorneys now provide comprehensive tax counsel to tax equity investors and project sponsors entering into partnership flip transactions, sale-leasebacks, inverted leases and other lease financings.

Our attorneys bring to bear a holistic approach to each debt, equity, M&A, and hedge transaction, counseling clients in each legal area a project touches.

The Firm’s services include:

Structuring project financings involving debt (construction, permanent, bridge, warehouse, and mezzanine), equity and preferred equity investments, tax equity investments, leasing, securitizations, and hedges;
Negotiating complex renewable energy and infrastructure transaction documents including net metering offtake arrangements, utility power purchase agreements, corporate or virtual power purchase agreements, financial hedges for merchant projects such as fixed-volume price swaps or proxy revenue swaps, and co-development agreements;
Advising clients on the acquisition or sale of individual renewable energy projects or project portfolios;
Advising clients on international and cross-border developments of renewable energy projects;
Identifying and mitigating financing and development risk; and
Assisting with project and portfolio restructurings.

For more information about SPR’s Project Finance practice, please contact Marc Reisler.

NYSERDA – Offshore Wind

Location: New York

SPR advises NYSERDA on the various initiatives to facilitate New York State’s offshore wind program. SPR played a significant role in the development of the New York State Offshore Wind Master Plan, the first such plan in the nation, along with its 21 supporting environmental and infrastructure studies. SPR also oversaw the preparation of the environmental review required for the State’s first procurement of Offshore Renewable Energy Credits.

Equinor Wind – Empire Wind Offshore Wind Projects

Location: Long Island, NY

SPR represents Equinor Wind US in the local and state permitting and development, and aspects of federal permitting, for the Empire Wind 1 and the Empire Wind 2 offshore wind projects that will supply New York State with over 2 gigawatts of renewable energy, power 1 million homes, and provide billions of dollars of economic benefits to the State. The projects also are expected to provide tens of millions of dollars in investments in long-term port facilities, related infrastructure, and new technologies. Together, these offshore wind projects will help the State meet the renewable energy and offshore wind capacity mandates set forth in NY’s Climate Leadership and Community Protection Act, diversify NY’s energy portfolio, and reduce greenhouse gas emissions. SPR assisted Equinor acquire various properties that will support its offshore wind projects, and helps navigate the remediation of those properties thorough the Brownfield Cleanup Program. The Firm also advises Equinor on parkland alienation and conversion issues, on the development of an offshore wind port in New York City that will service Equinor’s offshore wind projects and house the onshore substation for the Empire Wind 1 project, on other required local approvals and land rights, on contractor procurement, and on diligence for private finance relating to environmental permitting and litigation risk. SPR assisted Equinor on the development of the Beacon Wind 1 offshore wind project until early 2024, when Equinor transferred its interest in that project to another offshore wind developer.

The Educational Alliance

Location: New York, NY

SPR represented the Educational Alliance, Inc. as general and construction counsel during the rehabilitation of its 124-year-old flagship building at 197 East Broadway, including serving as the Alliance's attorneys in a $44 million New Markets Tax Credits financing.

Saranac Lake Waterfront Resort – NY Green Bank

Location: Adirondack Park, NY

SPR represents an equity investor in connection with a preferred equity investment in Saranac Lake Waterfront Resort, the first Leadership in Energy and Environmental Design (LEED) certified resort in Adirondack Park, NY.

Cogentrix Valcour Intermediate Holdings – NY Green Bank

Location: New York

SPR represented a lender in a $66 million term loan facility for Cogentrix Valcour Intermediate Holdings to support the acquisition of six operating wind projects in New York State by Carlyle Power Partners, the power investment platform of The Carlyle Group.

Chautauqua Green Energy LLC – NY Green Bank

Location: New York

SPR represents a lender in connection with a $21 million landfill gas to renewable natural gas construction-to-term loan and $1 million letter of credit to Chautauqua Green Energy, LLC, a subsidiary of CGE Ventures, LLC, a joint venture of Vireo Energy, LLC, Emkey Gathering, LLC and Sumiya Investment Management.