Clean Tech & Renewable Energy

Describe your practice area and what it entails.

I practice in Orrick’s energy and infrastructure practice group, with a strong focus on transactions that advance the clean energy and clean tech transition. Broadly, the clean tech practice spans any technology or infrastructure that reduces greenhouse gas emissions, increases energy efficiency, or accelerates the shift toward a low-carbon economy. For me, this means advising clients on the purchase, sale, or financing of renewable projects (wind, solar, hydrogen, geothermal, and storage) as well as emerging clean technologies that integrate with these assets.

My daily practice involves structuring and negotiating transactions, drafting key project agreements, and coordinating with specialists on tax, environmental, and regulatory issues. Because clean tech often sits at the intersection of traditional energy, finance, and innovation, our work is both legally complex and commercially dynamic.

What types of clients do you represent?

I represent sponsors of solar and wind portfolios, private equity funds entering joint ventures with clean tech developers, and corporations investing in hydrogen or storage as part of their decarbonization strategies. I’ve helped represent Microsoft, ENGIE, Xcel, Leeward Renewables, BP, Oracle, The Nature Conservancy, CleanCapital, and Superior Plus. The diversity of these clients gives me insight into how different stakeholders view risk and opportunity, which helps our team structure transactions that move deals forward.

What types of cases/deals do you work on?

My work is purely transactional and includes

• Portfolio acquisitions of utility-scale wind, solar, and storage assets, often involving hundreds of megawatts of capacity.
• Tax credit monetization structures under the Inflation Reduction Act, helping investors capture value from pro-duction and investment tax credits.
• Offtake agreements with corporate buyers seeking renew-able energy or clean hydrogen to meet emissions goals.

How did you choose this practice area?

I knew I wanted to work in energy before I began law school. I wanted a practice that combined high-stakes transactional work with broader societal impact. Clean energy and clean tech offered both. The work I do, especially in relation to clean tech, is highly technical, often capital-intensive, and critical to the world’s future. It’s rewarding to know that the work, while commercially rigorous, also supports decarbonization and innovation. I also enjoy how intellectually engaging the work is. The variety keeps me on my toes. One week I may be structuring a joint venture for a solar portfolio, and the next I’m negotiating a divestiture of a geothermal plant.

At Orrick, I found a team deeply embedded in this industry. The firm’s energy and infrastructure platform has long been a market leader, and expanding into new clean technologies was a natural fit. I was drawn to the challenge of working on deals that are simultaneously cutting-edge and foundational.

What is a “typical” day like and/or what are some common tasks you perform?

A typical day might include the following:

• Working with opposing counsel to resolve issues efficiently and keep a deal on track.
• Reviewing diligence on a renewable portfolio, focusing on power purchase agreements, land rights, interconnection agreements, or anything else that might kill the deal.
• Drafting and negotiating a purchase agreement or joint venture agreement.
• Coordinating with specialists on novel tax questions and the latest regulatory risks.
• Advising clients on how new policies or incentives affect deal economics.

Because clean tech deals are multidisciplinary, my work often involves translating between engineers, financiers, and lawyers to ensure everyone’s concerns are addressed.

What training, classes, experience, or skills development would you recommend to someone who wishes to enter your practice area?

Law students interested in clean energy and clean tech transition should build strong foundations in contracts, corporations, secured transactions, and energy law. Transactional Drafting courses are invaluable. Beyond coursework, following developments in energy regulation, tax incentives, and technology trends is critical to understanding how policy and markets interact.

On the skills side, the ability to synthesize technical information and communicate it clearly to non-experts is essential. Clean tech transactions often involve engineers and financiers alongside lawyers, so the lawyer’s role is to bridge disciplines. Above all, people who want to do what I do should develop skills that help them get the deal done rather than slowing the deal down.

What is the most challenging aspect of practicing in this area?

The speed of change. Technology, policy, and financing structures evolve constantly. What worked for a solar project three years ago may be outdated today in the context of storage or hydrogen. Three years ago, tax credit sales didn’t exist. Clients expect you to not only know the law but also anticipate where the market is headed. This requires continuous learning and flexibility—especially in today’s mercurial regulatory environment.

What misconceptions exist about your practice area?

The biggest misconception is that the practice is only about solar and wind. While these remain important, the sector now spans hydrogen, carbon capture, geothermal, and advanced storage, along with cross-cutting issues such as tax credit transfers, energy transition, and corporate sustainability goals. The pace of innovation means the practice is constantly evolving, and lawyers need to be versatile problem solvers, not just specialists in one technology.

Some assume clean tech work is niche or peripheral compared to other transactional practices. In truth, it’s increasingly central to global capital markets and corporate strategy. The energy transition is reshaping entire industries, and clean tech transactions are at the forefront of this change.

How do you see this practice area evolving in the future?

I expect clean tech to become even more interdisciplinary. As technologies such as hydrogen, carbon capture, and advanced storage scale, transactions will require expertise that spans regulatory law, project finance, and M&A—especially when considering cutting-edge technology requiring lots of energy capacity. I also think we’ll see more corporate participation. Companies outside traditional energy are becoming direct players in clean tech as part of the global build-out to support AI data centers and net-zero commitments. This will broaden the kinds of deals lawyers encounter.

International work will grow as well. Supply chains, tax regimes, and offtake markets for clean technologies are increasingly global. Lawyers will need to navigate both U.S. law and cross-border considerations.

The Clean Tech/Renewable Energy practice includes everything from M&A to financing and tax. How do you think this multifaceted practice has helped you grow as a lawyer?

My practice has made me a more versatile and adaptive lawyer. Because each transaction spans multiple disciplines, I’ve learned to move fluidly between M&A drafting, project development diligence, tax structuring, and financing terms. This breadth helps me see the bigger picture in a deal and take a step back when needed to make sure the deal stays on track.

Cacique Rich-Martinez helps clients close transactions across the energy sector, including wind, solar, geothermal, hydrogen, carbon sequestration, and emerging clean technologies. He advises sponsors, developers, and investors on M&A and joint ventures, with experience from early-stage development to operational portfolios.

Cacique has advised clients on transactions involving utility-scale renewable assets, distributed generation projects, and energy transition technologies that advance decarbonization. He enjoys helping clients balance innovation with commercial execution in one of the fastest-moving sectors of the global economy. Prior to joining Orrick, Cacique served as an officer in the U.S. Marine Corps. He brings the same discipline and strategic thinking to complex deal work as he did to military leadership.

Describe your practice area and what it entails.

Katie: As a transactional lawyer on the energy infrastructure and project finance team, I specialize in the financing of U.S. renewable energy projects. I advise my clients on all types of financing transactions, including project level and back-lever-age debt transactions as well as transactions that monetize the federal tax credits available for these projects (i.e., tax equity transactions and tax credit transfer transactions).

Briana: My practice focuses on energy transactional work, including structured energy transactions, energy trading agreements, and the financing of energy-related projects. A significant portion of my work involves advising on prepaid commodity transactions, which facilitate long-term power and natural gas supply arrangements through municipal bond financing.

What types of clients do you represent?

Katie: I represent sponsors who develop energy projects and sell tax credits, banks that finance energy projects, and buyers of tax credits. My sponsor clients vary from those involved in utility-scale projects to those developing community solar and distributed generation projects. My clients include Next-Era Energy Resources, EDF power solutions, Wells Fargo Bank, Hannon Armstrong Sustainable Investments, and RWE Clean Energy.

Briana: I represent financial institutions in their roles as commodity suppliers, receivables purchasers, and investment contract providers, depending on the structure of the transaction. I also work closely with municipal utilities and commodity and energy companies, which generally serve as counterparties in these transactions.

What types of cases/deals do you work on?

Katie: An example of a deal I worked on is a transaction that was named Proximo’s North American Onshore Wind Deal of the Year the year it was completed. In this transaction, I represented the sponsor in connection with the tax equity financing and construction to back a leveraged loan for the 845-MW repowered Shepherds Flat wind project.

Briana: I work on prepaid commodity transactions financed with municipal bonds, representing financial institutions that structure these transactions and facilitate long-term energy supply arrangements to municipal utilities. My role involves drafting and negotiating the principal transaction documents and working closely with all parties to ensure the successful execution of these complex, multiparty deals.

How did you choose this practice area?

Katie: I began my practice representing investors and sponsors in structured financing and leveraged leasing transactions. The market for these transactions changed significantly after 9/11, and as a young associate, I needed to retool. After trying my hand at many different corporate transactions (e.g., commercial lending, a public M&A deal, and ’34 Act securities law compliance matters) for about 18 months, the financing of renewable energy projects in the United States began in earnest. As an associate familiar with transactions where the corporate and tax lawyers worked hand in hand, I was staffed on my first renewable energy transaction representing a sponsor who was obtaining tax equity financing for a wind project. It was a great experience in a new and evolving area. This client and the others that followed were developing many projects simultaneously, which meant there were opportunities for me to learn more as a lawyer as well as increase my understanding of my clients’ business in general. This has resulted in my practice also involving strategic advice to clients with respect to new structures for financing; the role of trusted adviser is truly rewarding.

Briana: I did not have a background in energy before entering this practice area. What attracted me was the collaborative and supportive environment within the energy transactions group. The team was close-knit and enjoyed working together, which made a significant impression on me and created a positive work environment. Additionally, I found the work both challenging and interesting, offering me the opportunity to work on complex, multifaceted deals.

What is a “typical” day like and/or what are some common tasks you perform?

Katie: I spend a lot of my day negotiating transactions on behalf of my clients. This may involve reviewing transaction documents for the latest changes, discussing open issues with my clients, or having meetings to negotiate with the counterparties and their counsel. A typical day also includes many meetings and calls with associates to supervise their work and discuss important issues and strategy for our clients.

Briana: A typical day involves drafting and reviewing transaction documents, such as purchase agreements, financing agreements, bond documents, and various supporting agreements needed for the deal structure. I also spend significant time coordinating deal logistics and collaborating with others in the working group, such as counterparties and their counsel, as well as communicating regularly with our clients to keep trans-actions on track, resolve open issues, and ensure their business objectives are met as we move the deal toward closing.

What training, classes, experience, or skills development would you recommend to someone who wishes to enter your practice area?

Katie: Classes on business organizations, secured lending (including that under Uniform Commercial Code Article 9), and energy law. Practical training in negotiations would also be beneficial.

Briana: I recommend taking courses such as Business Enterprises, Secured Transactions, Corporate Finance, and Energy Law. Additionally, experiential or skills-based courses in contract drafting, negotiation, and project finance offer practical insight into how transactional practices work. Developing strong attention to detail and organizational skills is also important in this area.

What do you like best about your practice area?

Katie: I enjoy that every day is different. Because their roles as individual organizations vary, my clients often assume different roles in different transactions. This allows me to get a deeper understanding of the energy finance market from the perspective of those providing funding as well as those seeking the funding. I also like that it is, at its heart, a practice about building things that you can see from the road as you drive along the highway.

Briana: What I like best about my practice area is the highly collaborative environment. Our transactions involve a truly team effort with everyone focused on achieving a common goal. I often work with the same group of professionals across different deals, which fosters familiarity and strong working relationships. I also enjoy the fast-paced nature of transactional work and the variety it brings; every day presents new challenges. These transactions are quite unique, combining elements of finance and energy with sophisticated deal structuring, which keeps the work interesting and rewarding.

What are some typical tasks that a junior lawyer would perform in this practice area?

Katie: Junior lawyers often organize our checklists of conditions for closing a transaction; coordinate the relevant deliverables; draft, revise, and negotiate the ancillary documents; and prepare the initial drafts of major transaction documents.

Briana: Typical tasks for junior lawyers include writing the first draft (“first cut”) of deal documents, reviewing and proofreading (“scrubbing”) documents for accuracy and consistency, and drafting ancillary documents and other closing deliverables. Junior lawyers also play a key role in managing the closing process by maintaining the closing checklist, tracking closing deliverables, and coordinating with the working group to ensure that all requirements are met for a successful closing.

What kinds of experiences can summer associates gain in this practice area at your firm?

Katie: In our firm, the summer associates are asked to take on the exact type of work that would be given to first-year associates. Along with additional training programs and opportunities to observe more-senior lawyers as they practice, the summer program at Sheppard provides a clear view of what it means to practice here. There are also many opportunities to meet and socialize with others at the firm to understand our culture, work ethic, and various practice areas.

Briana: Our summer associates have the opportunity to work on active deals and take on the same types of assignments as junior associates, such as joining client calls, drafting ancillary documents, and managing closing documents and the closing process. Ideally, we would like for our summer associates to experience a deal from start to finish, giving them exposure to the full life cycle of a transaction during their summer with us.

What are some typical career paths for lawyers in this practice area?

Katie: While my practice centers on financing, there are many different career paths for a lawyer in the energy transactional space. Some of my colleagues concentrate on negotiating the contracts necessary for a project to have a predictable stream of revenue. Others practice in the regulatory space of the Federal Energy Regulatory Commission (FERC) or simi-lar state regulatory agencies. There are also attorneys who negotiate the various contracts necessary to build, obtain equipment, and operate the projects. Others specialize in M&A transactions at any stage of a project’s development. Even attorneys who specialize in financing can pursue the corporate/transactional side of the transaction or the very necessary tax practice. Many of the lawyers I work with have specialized experience in one or more of these areas.

Briana: There are many career paths for lawyers in the energy space. Attorneys may work at law firms serving as outside counsel to energy clients or move in-house to serve as counsel for energy companies, utilities, or financial institutions in this space. Additionally, there are opportunities for regulatory work, including positions at agencies such as the FERC or a state public utility commission. Some lawyers pursue careers in policy, compliance, or project development roles within the broader energy and infrastructure industry.

Katherine (Katie) Gillespie has more than 20 years of experience representing sponsors and financing parties in connection with the development, acquisition, and financing of renewable energy projects. Nationally ranked in Chambers USA (2021–2025), she is a recognized innovator in the field. Katie is Co-leader of the energy, infrastructure and project finance team.

Under her leadership, Sheppard closes financing for more than 14 GW of renewable energy and M&A projects annually. Trusted by some of the largest players in the industry, Katie advises on the cutting-edge tax credit transactions expanding available investor tax capacity and spurring renewable energy development.

Katie plays a leading role in structuring and closing a wide range of complex transactions involving wind, solar, and other renewable energy assets. She has extensive experience guiding clients through various innovative financing structures. She also advises on M&A transactions at all stages of project development and operation.

Briana Hopes is an associate in the real estate, energy, land use, and environmental practice group in the firm’s Houston office. Briana represents financial institutions, municipal utilities, commodities, and energy companies in structured energy transactions and related energy trading agreements, project and infrastructure development and finance, and other corporate transactions.

Describe your practice area and what it entails.

We have a leading clean tech/renewable energy practice with extensive experience advising on matters involving the financing, development, acquisition, and divestiture of renewable energy and clean power projects and portfolios, including wind, solar (both residential and utility-scale), geothermal, energy storage, green and blue hydrogen, carbon capture and sequestration, and microgrids and other technologies.

We also have a robust tax credit monetization practice, which is widely recognized in the market and has continued to close a high volume of transactions.

What types of clients do you represent?

We primarily represent major financial institutions investing into and lending for wind, solar, and other clean power projects, including Bank of America, GE-Energy Financial Services, Goldman Sachs, JPMorgan, and Wells Fargo.

In addition, we represent top-tier project developers, utilities, and sponsors, including American Electric Power and DTE Power & Industrial, as well as strategic investors and power end users.

What types of cases/deals do you work on?

The bulk of our transactions involves the financing, acquisition, and development of large-scale renewable energy projects across the United States and Latin America, whether as a single project or a portfolio of projects.

How did you choose this practice area?

I’ve always wanted to work in the energy space because it’s an area that is constantly evolving and keeps me intellectually engaged. Hunton Andrews Kurth has a long-standing history in project development and energy finance and strong relationships with energy market players.

What is a “typical” day like and/or what are some common tasks you perform?

As energy transactional attorneys, our typical day involves the following tasks:

• Drafting and negotiating key transaction documents and ancillary materials.
• Resolving complex questions and issues for clients in collaboration with other key stakeholders.
• Reviewing project documents to ensure bankability.
• Managing other subject matter experts and local counsel to ensure that the client receives coordinated guidance.

What training, classes, experience, or skills development would you recommend to someone who wishes to enter your practice area?

A number of our transactions are secured by interests in collateral or involve similar protective structures, so having some coursework in secured transactions would be positive.

What do you like best about your practice area?

In addition to knowing that my work directly contributes to the energy transition, I thoroughly enjoy having frequent exposure to and opportunities to develop an understanding of multiple legal disciplines, including tax, real estate, environmental, regulatory, technology, and finance.

What is unique about your practice area at your firm?

Hunton Andrews Kurth has a strong and extensive range of attorneys with experience in different areas within clean energy/renewable energy, such as financing, tax, environmental and land use, Federal Energy Regulatory Commission and energy regulations, project development, and real estate, which allows us to provide seamless representation over the life of an energy asset.

What are some typical tasks that a junior lawyer would perform in this practice area?

A junior lawyer’s role is very critical to every deal—the junior lawyer is responsible for assisting the team in managing the transaction, including drafting transaction documents and closing deliverables, tracking multiple drafts of documents, and coordinating and liaising with the clients and counterparties in bringing the deal to a successful closing.

The Clean Technology/Renewable Energy practice includes everything from M&A to financing and tax. How do you think this multifaceted practice has helped you grow as a lawyer?

The multiple aspects of our renewable energy practice have helped me develop into a more well-rounded lawyer as I’ve had to acquire and develop legal knowledge in a wide variety of practice areas in order to better serve the firm’s clients.

Henry Jin focuses his practice on project finance and development with an emphasis on renewable technologies. He has advised a mix of project developers, financial institutions, and development banks in connection with a wide variety of transactions, including complex project financings and asset acquisitions and divestitures. Henry has previously served as senior counsel for a renewable energy company where he was the primary legal advisor in connection with the development of solar, energy storage, and electric vehicle solutions.

Describe your practice area and what it entails.

We advise clients on highly structured financings involving projects and assets in the renewables, new energy, and clean technology sectors. Project finance generally focuses on the financing of a specific project in which lenders or investors look principally to the revenues generated by its operation as the sources of repayment and return on investment (e.g., revenue from the sale of power from geothermal stations, small module (nuclear) reactors, wind and solar plants, and utility scale batteries, as well as carbon capture projects). The primary security for these loans consists of the project’s assets, including the cash flow thereby generated and the contractual arrangements that assure the stability of the project’s costs and revenues. This type of structured finance is often deployed in the capitalization of large infrastructure projects aimed at developing new carbon-free energy technology and renewable energy sources.

What types of clients do you represent?

We represent developers, private equity sponsors, investors, debtors and creditors, and other major parties in both domestic and cross-border transactions. Our clients include Google, Breakthrough Energy, Equinor, Onward Energy, Brimstone, Amp Energy, and Blackstone. We also represent newly formed private equity funds and startup developers focused on developing innovative, cutting-edge, carbon-free energy technologies and solutions.

What types of deals and/or cases do you work on?

Our clients are involved in high-profile projects involving some of the largest transactions in the global energy and infrastructure sectors. Over the past few years, we have acted as legal advisor in almost 500 transactions that have raised almost $250 billion of limited and non-recourse debt for a wide variety of renewables and conventional power, energy (both conventional and renewables), infrastructure (including a significant amount in the AI-related digital infrastructure sector), metals and mining, and other large-scale infrastructure projects. Our expertise extends to asset acquisition, restructuring, portfolio securitization, and political risk mitigation techniques, making for a very interdisciplinary practice and a vital component of the global energy and digital transition we are experiencing.

How did you choose this practice area?

Carolina: Project finance—particularly in the infrastructure, renewables, and energy transition sectors—was a natural fit for my interest in international work. I enjoy working with clients located in or developing projects throughout Latin America (and I appreciate the daily opportunity to speak Spanish and Portuguese!). I also enjoy that by representing infrastructure and energy project developers, we are supporting projects that provide foreign investment and other benefits to the countries in which they’re located. For example, Milbank advised the finance providers for Aeropuertos Dominicanos Siglo XXI, S.A., a subsidiary of Vinci Airports S.A.S., in connection with the operation and expansion of six airports in the Dominican Republic that serve a diverse mix of passengers, contributing to the growth and development of transportation infrastructure in the country.

Roland: Although my interests were initially focused on litigation, thanks to the summer program rotation system, I found myself on the team in charge of financing a project that involved the construction and launch of a communications and imaging satellite for a leading global launch services company. The identification and allocation of the risks required in the negotiation and execution of such an endeavor was the ultimate challenge and reinforced my choice of career in the field of energy and infrastructure law. Milbank and its clients put you at the forefront of pioneering innovative technologies. I constantly find myself challenged to think creatively and develop new skill sets. The skills and sector expertise gained at Milbank allow lawyers to advise clients on bet-the-company transactions both domestically and internationally.

What is a “typical” day like and/or what are some common tasks you perform?

Carolina: Every day is different! Most days include a negotiation with anywhere from 5 to 30-plus people, whether with a group of clients (either developers, financial sponsors, or strategic partners, or diverse financing providers), opposing counsel, or local counsel. I also spend time strategizing with my team on deal management and training. Often, our teams are made up of Milbank attorneys across our London, Asia, and São Paulo offices, which adds to the international element of my work. My days are also spent reviewing documents prepared by associates, and we discuss my revisions and their rationale to collectively ensure that the documentation achieves what our client wants and that our deal team understands the reasoning behind it.

Roland: My work day depends largely on the stage of the transactions I am working on. One day, I could be advising a developer on the construction risks associated with an industrial-scale water desalinization plant in Latin America or advising a tech company on its investment in or power procurement arrangements from a nuclear energy developer. By its nature, this practice is dynamic and requires one to remain intellectually curious and on top of the latest sector trends. It is not at all unusual to find myself in Santiago, Chile, Rio de Janeiro, or London negotiating a transaction, restructuring an existing deal, or speaking at an energy or digital infrastructure conference—sometimes in the same week!

What training, classes, experience, or skills development would you recommend to someone who wishes to enter your practice area?

Carolina: Fortunately, junior associates are not expected to know how to structure a project finance deal—this is the kind of expertise you will acquire on the job! That said, classes on secured transactions, capital markets, project finance and restructuring can be helpful in learning the general framework and terminology in these areas of the law. More holistically, a junior associate would benefit from having a detail-oriented focus, good communication skills, and a willingness to ask questions.

Roland: No single path will lead you to a career in the energy and infrastructure finance practice. The group at Milbank comprises talented individuals from diverse academic and personal backgrounds. That said, I would advise seeking out academic exposure in secured transactions and bankruptcy to facilitate developing the skills necessary to analyze, negotiate, and allocate risks properly within the framework of a transaction. Nonetheless, nothing replaces hands-on work experience and client exposure that one gains early on in their career.

What is the most challenging aspect of practicing in this area?

The best thing about our practice is also the most challenging. You are constantly pushed out of your comfort zone as a result of the varying nuances from project to project and client to client. Financing the development and construction of a data center in Virginia, a hydropower plant in Peru, or a thermal plant in Malaysia is very different from financing an offshore wind project in the United States. The practice requires one to stay at the forefront of technology and lead the way as clients venture into new sectors and burgeoning technologies.

What misconceptions exist about your practice area?

We found that the inclusion of the word “finance” in the name dissuades candidates without a business background from inquiring into our practice or gives rise to misconceptions around the scope of what we do. We are equally as likely to find ourselves negotiating a construction and engineering contract, preferred tax equity arrangements, political risk insurance policy, or Mexican fiduciary trust as we are a loan agreement or guaranty. Hands-on experience, client interaction, our professional development programs, and the Milbank@Harvard program provide the finance tools you need to be successful. The name of our practice—the global project, energy and infrastructure group—signals the breadth of our practice area, ranging from clean energy tech and renewable energy to digital infrastructure, transportation infrastructure, and energy transition. Although our practice is concentrated in the sectors of energy and infrastructure, the work within these industries is extremely broad and affords the added challenges of working in different sectors and jurisdictions on cross-border transactions.

What is unique about your practice area at your firm?

The breadth of knowledge that an energy and infrastructure finance attorney must master extends far beyond the legal aspects of a transaction. To make the many complicated aspects of each unique transaction come together, we must have a working knowledge of the technology, industry, and country (including its political environment), as well as the various stakeholders involved in these complex transactions. Energy and infrastructure finance lawyers have to stay ahead of trends and keep track of many dynamic variables, including capital liquidity, global commodities prices, interest rates, advances in technology, geopolitical change, and changes in law. The core skills of deal architecture will translate across these spaces.

As the power infrastructure around the globe experiences a generational shift in its energy matrix and the commodity-based economies face unprecedented challenges, our clients find themselves needing to be nimble and more strategic than ever. We are a vital part of our clients’ environmental, social, and growth strategies.

What are some typical tasks that a junior lawyer would perform in this practice area?

Early in your career, you will find yourself taking control of a particular work stream for a transaction. We tailor our assignments to give associates constant opportunities to expand their skill sets. It is not unusual for junior associates to be the day-to-day interface with clients, keeping them apprised of relevant action items or answering questions. Junior associates also play a role in risk analysis and mitigating those risks as a component of structuring transactions. It’s a skill lawyers will develop throughout their career, and we prioritize providing early exposure. Finally, as a junior associate, you will take the initial attempt at drafting the various legal documentation that constitute the framework of a transaction. All of this is done within a supervised environment focused on training but also challenging associates. We all benefit from the firm’s reputation and ability to attract the most complex, world-class, and largest project financings in the world, creating unique learning opportunities for junior associates—it truly is the premier energy and infrastructure legal services platform in the market.

Roland Estevez is a partner in Milbank’s global project, energy and infrastructure finance group in New York. Mr. Estevez’s practice is primarily focused on the representation of financial institutions, multinational corporations, and developers across a broad spectrum of sectors, including renewable and conventional power, social and transportation infrastructure, and mining throughout the Americas and particularly in Latin America. He is recognized as a leading project finance lawyer by Chambers Latin America, Chambers USA, and The Legal 500.

Carolina Walther-Meade is a partner in Milbank’s global project, energy and infrastructure finance and Latin America Practice groups and is consistently recognized as a leading project finance lawyer by Chambers Latin America, Chambers USA, and Legal 500 Latin America. She has extensive experience representing clients in cross-border financings and international project finance and development, with an emphasis on transportation, oil and gas, infrastructure, mining, and energy projects throughout Latin America. Many of these transactions have been recognized as Deals of the Year by publications such as IJGlobal and LatinFinance.

Describe your practice area and what it entails.

I help major corporations and developers sell and purchase renewable energy credits and carbon removal credits in support of corporate buyers’ net zero goals. To do this, I help architect complex agreements and lead negotiations and draft long-term (10-30 year) and high-volume (utility-scale) offtake agreements. Each of these agreements enables the long-term revenue stream that a developer needs to secure financing from lenders, which in turn enables the utility-scale renewable energy, carbon free, or carbon removal or reduction project to be built and operated for the duration of the agreement. Because of the long-term nature of these agreements and the high dollar amounts involved ($100 million to

$1 billion), the terms are often highly negotiated and complex. I help my clients assess risk, understand the counterparty’s concerns, and craft solutions that meet both sides’ positions in a way that protects my client’s interests and gets the deal done.

What types of clients do you represent?

On the buy side, I represent leading corporations with worldwide carbon footprints seeking to meet their net-zero goals. This work includes the management of Microsoft’s U.S. and global portfolio of renewable purchase agreements and carbon removal agreements. Additionally, I represent other Big Tech, web-based companies and consumer goods companies, such as food, beverage, and sporting apparel companies. On the sell side, I represent major developers or high-potential startups that build, own, and operate utility-scale wind, solar, battery storage, or other carbon-free technologies and carbon removal or reduction projects.

What types of deals and/or cases do you work on?

I’ve drafted and negotiated thousands of offtake agreements in all regions of the United States and around the world. I work at the frontier of decarbonization and have had the privilege to craft and negotiate the first nuclear fusion PPA in the world, new and innovative agreements to serve Microsoft’s data center load on a 24/7 basis, the largest PPA in the world (the size of Australia’s load at 10.5 GW), the largest carbon removal purchase agreements to date from direct air capture facilities, and innovative reforestation agreements to plant trees and remove carbon dioxide from the atmosphere over a period of decades in Brazil, Panama, and other countries.

How did you choose this practice area?

After receiving my electrical engineering degree from UC San Diego, I worked at a government defense contractor where I led a team of engineers in the development of a new type of wireless technology that served both consumer

electronics and the drone known as the Predator. However, after five years, I realized that for my work to be fulfilling, it needed to mean something more to me personally. After backpacking around the world and deep soul searching, I decided to meld my passion for the natural environment with my electrical engineering background and pursue renewable energy law. I spent eight years honing my sell-side expertise as in-house counsel to a major renewable energy developer where I had the privilege of learning the complexity of the U.S. energy markets directly from the people actually delivering power into the electrical grid. After eight years, I seized an opportunity to join a titan in BigLaw renewables where I could expand my expertise to the buy side and represent major corporations purchasing renewable energy and other decarbonization efforts. It’s been five years since I joined BigLaw, and I’ve found it to be my “true” home, a place where I can work on the biggest and most exciting and impactful climate change deals in the world and manage my own “business” at the same time.

What is a “typical” day like and/or what are some common tasks you perform?

A typical day might start with a client call to advise on an agreement from the counter party with redline changes and help the client understand the implications of the risks involved. I help to find creative solutions that fulfil the client’s concerns while also appeasing the counterparty. After the call, I either draft the revisions that we discussed myself or work with an associate to draft new language. Next, I might have a few other negotiations with anywhere from 5 to 20 people via Teams, where I lead the negotiations of an agreement along with my commercial counterparts and associates. Between calls, I collaborate with associates to review their revisions and get the agreements ready to send to the counterparty. I usually have one or two internal calls each day to discuss internal team support or business development opportunities or to pitch to potential new clients.

What training, classes, experience, or skills development would you recommend to someone who wishes to enter your practice area?

The best way to gain expertise in drafting and negotiating complex legal agreements is to actually write them and go through negotiations. You need to go through every iteration of every risk (of which there are hundreds in each document) to be able to truly understand each risk and how each side views each risk. Only when you understand each side can you then craft solutions to compromise (or fight) and help your client negotiate the best deal possible for them. My advice is to get an internship, externship, or job in transactional law and do it from the ground up.

What do you like best about your practice area?

I feel a real sense of purpose and that my work is actually furthering a greater purpose in the world: tackling climate change on a large scale. The agreements I craft and negotiate are literally enabling renewable energy to be generated and carbon dioxide to be removed from the atmosphere at meaningful volumes. While the world still has a long way to go, at least I know that I am doing the most I can by helping my clients achieve their goals.

What misconceptions exist about your practice area?

People think transactional decarbonization or renewable energy law is the same as environmental law. Environmental law is more about advising on how to get a permit to build a project or navigating other types of actual environmental laws regulating land and projects. Whereas transactional decarbonization law is actually negotiating agreements between two parties to build and operate large-scale decarbonization projects, which will then allow corporates to purchase renewable energy credits or carbon removal credits from the projects.

What are some typical tasks that a junior lawyer would perform in this practice area?

A junior lawyer might be asked to listen to negotiations, take notes, and draft the revisions based on a partner’s direction. Or an associate might be asked to review an agreement’s redline changes, draft an issues list, and provide a recommendation on next steps or positions to recommend to the client. Then they would get on a call with the client and partner to hear the client’s input before revising the agreement accordingly.

How do you see this practice area evolving in the future?

I see this practice area expanding to include more types of decarbonization project agreements as the race to fight climate change becomes even more imperative. It began with wind and solar offtake agreements, then hybrid storage plus wind or solar, then standalone storage. And now, with the rise of AI, behind-the-meter carbon-free solutions are being developed to power data centers. Also, the carbon removal industry is nascent and has a lot of potential and growth. Carbon removal is very different from wind and solar because there are so many different emerging technologies to remove carbon dioxide, from different types of direct air capture and engineered solutions to nature-based solutions like reforestation, enhanced rock weathering, and ocean capture. Each solution brings its own unique risks and technical challenges, which need to be thought through in order to craft agreements that will satisfy both the sellers and the buyers and provide long-term financing to allow them to come to fruition.

Lana Le Hir represents the world’s leading corporate purchasers and developers in the negotiation of decarbonization agreements to help corporate clients meet their net zero goals. She creates first-of-their-kind utility-scale renewable power purchase agreements (PPAs) and carbon removal purchase agreements. Her work has included advising on the first 24/7 power delivery agreements, the first nuclear fusion PPA, the largest PPA in the world, stand-alone storage agreements, and innovative long-term carbon removal agreements via reforestation and direct air capture.

Lana combines deep sell-side experience as senior counsel to one of the largest renewable energy developers in the world with her corporate buy-side knowledge and background in electrical engineering to advise effectively and close deals swiftly. She and her team are at the forefront of corporate decarbonization and setting the industry standards for energy justice and ESG.

Prior to Orrick, Lana was a senior associate at an international law firm where she managed portfolio growth for corporate purchasers and developers. She also served for eight years as senior counsel to Avangrid Renewables, where she was responsible for its portfolio of U.S. PPAs. Prior to law, Lana managed a product engineering team in the development of cutting-edge wireless technology.