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Clean Tech & Renewable Energy

Overview

Clean Tech lawyers advise new and established companies and their investors on issues affecting the renewable energy industry, including project development, energy regulatory counseling, debt and tax equity project finance, joint ventures, and startup counseling. Many clean tech lawyers also practice in other areas of the energy industry, or at least got their starts there. The energy regulatory landscape for companies in this sector has a lot of overlap with that of those in the traditional energy sector, so the knowledge and practice can often be very similar, though the regulations affecting renewable energy companies are still developing. The companies in this space include traditional energy and power companies that are branching out, as well as startups that are focused solely on renewable energy technologies. Clean Tech practices allow lawyers interested in combatting climate change to put that into practice in a commercial manner. As the renewable energy industry is still in its infancy and growing quickly, this is an area which is quickly developing—clean tech lawyers are in demand and have a lot of career options.

Featured Q&A's
Get an insider's view on working in Clean Tech & Renewable Energy from real lawyers in the practice area.
Roland Estevez, Partner • Carolina Walther-Meade, Partner—Global Project, Energy and Infrastructure Group
Milbank

Describe your practice area and what it entails.

We advise clients in the structuring and execution of highly structured financings involving projects and assets in the renewables 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 the operation of such projects for the source of funds from which loans will be repaid and investments returned (e.g., revenue from the sale of power from wind and solar plants or utility battery projects). The primary security for the loans consists of the assets of the project, including—most notably—the cash flow generated thereby and the contracts that assure the stability of the project’s costs and revenues. This type of structured finance is often deployed in the development of large infrastructure projects that provide clean technology and renewable energy sources.

What types of clients do you represent?

We generally 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, Amp Energy, and Brookfield. We also represent newly formed private equity funds or startup developers looking to develop an innovative, clean energy solution.

What types of cases/deals do you work on?

Our clients are involved in high-profile projects involving some of the largest transactions in the energy and infrastructure sectors across the globe. Over the last few years, we have acted as legal advisor in more than 300 transactions that have raised almost $200 billion of limited and non-recourse debt for a wide variety of renewables and conventional power, energy, infrastructure (including transportation and digital), 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 transition we are experiencing.

How did you choose this practice area?

Roland: As a summer associate, I found myself working on the financing of a project that involved the construction and launch of a communications and imaging satellite for a leading global launch services company. To me, the identification and allocation of the risks required in executing such an endeavor was the ultimate challenge and reinforced my choice in career and field of energy and infrastructure law. Milbank—and its clients—puts you at the forefront of pioneering new and innovative technology. I constantly find myself and my team challenged to think creatively and develop new skill sets. The skills learned and sector expertise gained at Milbank are focused on allowing its lawyers to advise clients on bet-the-company transactions both domestically and globally.

Carolina: Project finance—particularly in the renewables sector and, most recently, in the energy transition space—was a natural fit for my interest in international work. I enjoy working with clients either located in or developing projects throughout the Latin America region (and I appreciate the daily opportunity to speak Spanish and Portuguese!). The development aspect of this practice is also very appealing to me. 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, when we advised Cerro Dominador on the financing for its concentrated solar power plant in Chile, a first-of-its-kind project in Latin America, we supported our client in helping to incentivize green electricity generation in Chile through state-of-the-art technology.

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

Roland: My work depends largely on the stage or phase of the particular transactions I am working on. One day, I could be advising a developer in the construction phase of an industrial-scale water desalinization plant in southern Chile or a private equity fund looking to invest in residential solar portfolios of a U.S. solar company. It is also not unusual to find myself in Bogotá, Rio de Janeiro, or Beijing negotiating a transaction, restructuring an existing deal, or speaking at an energy transition conference (sometimes in the same week!).

Carolina: Every day is different! But most 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) or counsels (both counsel for the other side as well as 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, or São Paulo offices, which further 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 why. 

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

Roland: No single path will lead you to a career in the energy and infrastructure finance practice. The group at Milbank is comprised of individuals from diverse and varied academic as well as personal backgrounds. That said, I would advise seeking out academic exposure in secured transactions and bankruptcy, which would certainly facilitate developing the tools required to analyze, negotiate, and allocate risks properly within a transaction. Nonetheless, nothing replaces the work experience and client exposure one gains early on in their careers to develop and strengthen those skills.

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, a class on secured transactions, capital markets, project finance, and perhaps restructuring can be helpful in teaching you 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.

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 a hydropower plant in Peru or developing a thermal plant in Laos is very different from financing an offshore wind project in the U.S. The practice is a dynamic one that requires one to always stay at the forefront of technology and even lead the way as your clients venture into new sectors.

What misconceptions exist about your practice area?

In the past, we found that the inclusion of the word “finance” in the name dissuaded candidates without a business background from inquiring into our practice and did not convey the broad scope of what we do. In reality, we are equally as likely to find ourselves negotiating a construction and engineering contract, a guaranty, a political risk insurance policy, or a Mexican fiduciary trust as we are a loan document. Hands-on experience, client interaction, and our professional development programs will give you the finance tools you will need to be successful. We recently changed the name of our practice area to the Global Project, Energy and Infrastructure Group, to signal the breadth of our practice area and the fact that it ranges from clean tech and renewable energy to digital infrastructure and the energy transition, among others. Our practice is concentrated in energy and infrastructure, but associates learn that the work within these industries is extremely broad and affords the added challenges of working in different sectors and jurisdictions and 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. In order to make the many complicated aspects of each unique transaction come together, it is incumbent upon us to 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 moving 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 to gas and renewable power and the commodity-based economies face unprecedented challenges, our clients find themselves needing to be nimbler and more strategic than ever. We are a vital part of our clients’ environmental, social, and governance 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 workstream for a transaction. We tailor our assignments around constantly giving associates the 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 large role in risk analysis and mitigation of those risks as a component of structuring transactions early on in their career. It’s a skill lawyers will develop throughout their career and providing exposure as early as possible is a priority in the development of our associates. Finally, as a junior associate, you will find yourself taking the initial attempt at drafting the varied types of legal documentation that comprise 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.

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

Connie Gao, Associate—Projects
Norton Rose Fulbright

Describe your practice area and what it entails.

I represent sponsors, lenders, and equity investors in connection with the development and financing of renewable energy projects. 

What types of clients do you represent?

I advise a variety of stakeholders involved in project financing transactions, including sponsors and developers, who are building the projects, and lenders and investors, who are providing debt or equity financing for the projects.

What types of cases/deals do you work on?

I mainly work on construction debt and tax equity financings for utility-scale solar and wind projects, as well as portfolios of community solar and residential solar projects. I’ve also represented sponsors as sellers and buyers of renewable energy projects.

I typically get involved when the project is shovel-ready and the parties begin negotiating key terms for the financings. The majority of my day is spent drafting transaction documents, managing due diligence (either conducting diligence on behalf of financing parties or assisting with responses on behalf of a sponsor), and negotiating issues. I also stay with the project after closing to assist with portfolio management during the construction period and operations.

I’ve also worked on tax credit transfer transactions, which are fairly new given the recent regulations and guidance from the Inflation Reduction Act. These transactions have given me the chance to represent sellers and corporate buyers of tax credits that are newly active in the renewables industry.

How did you choose this practice area?

As a law student going through recruiting, I knew about Norton Rose Fulbright because of its reputation for being an industry leader in projects work. Even though I rotated through different transactional practices during my summer, I was ultimately drawn to projects. I like that project finance is fast paced but also driven by an industry that is furthering the renewables initiative. I especially appreciate that when the dust settles, there is a tangible energy project being constructed that will power homes and businesses in a community. It reminds me that what I do is not always so esoteric.

For me, the interpersonal aspect also played a big factor. The partners and associates I connected with during my summer program in 2017 are the same people I work with today.

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

There are a ton of stakeholders and third parties involved in every project finance transaction. In addition to negotiating and drafting the main transaction documents, a big part of my job as the deal lawyer is closing out a variety of open issues arising from different areas of law. Having a working knowledge of critical project finance issues related to real estate, energy regulatory, or environmental and permitting law allows me to more efficiently address problems or devise potential solutions. Clients are looking to us to close the deal as much as they are for legal advice. In the process, I get to learn something new every day in areas outside of my expertise and ultimately give better advice to my clients.

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

Typical 1L and 2L coursework doesn’t usually translate to skills needed for transactional work. You can gain a lot of fundamental knowledge from elective courses like Business Associations, Federal Income Tax, and Energy Law. To get into the weeds of practical skills, I suggest taking a contract drafting class. This will be most transferrable to what you’ll be asked to do on day one. Your law school may also offer upper-level elective courses taught by adjunct professors who are law firm partners with project finance experience. During my last semester of law school, I took a corporate finance class for MBA students. Having some basic finance knowledge will help you hit the ground running.

For the latest industry trends, I would be remiss if I didn’t make a plug for our group’s written publication, established in 1998: Project Finance NewsWire, or two podcasts: Currents and Earth, Wind and Solar. All are accessible online: https://www.projectfinance.law/.

What misconceptions exist about your practice area?

One common misconception is that clients look to lawyers only for legal advice. In reality, we’re asked to comment on what we observe in the market as much as we are responsible for our expertise in law. Political and geopolitical changes can impact many aspects of a project and we’re often the first to come across these new issues in deals and be tasked with resolving them. The volume of deals we close each year allows us to watch for common pitfalls and propose solutions that are creative and efficient. These solutions are a combination of legal and commercial and are sometimes as commercial as they are legal.

What is unique about your practice area at your firm?

The Projects Group at Norton Rose Fulbright includes experienced lawyers who work on projects at all stages of development and operations. In addition to those of us who work on debt financing and tax equity transactions, there are also folks who focus solely on project development work such as helping our clients obtain site control and negotiate project documents with equipment suppliers or construction contractors, and others who focus on M&A and assisting clients’ sell or buy projects at all stages of development and operations. The different stages of a project are all very interconnected. Every project financing involves due diligence of project documents and on the flip side, parties are motivated to make sure their documents account for financing in the future. Luckily for us, experts for project development, M&A, and financing in our group are a Teams call away.

 

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

It’s important to give summer associates an opportunity to experience what day-to-day life at the firm is like. We try to staff summer associates on client billable matters as frequently as possible. This includes sitting in on weekly checklist calls or issues list discussions to negotiate specific points in the documents. For example, summer associates have helped with due diligence and reviewing different precedent agreements to track highly-negotiated commercial points. In the past, we’ve also taken summer associates on a site visit to a nearby biogas project that our group helped finance.

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

The learning curve can be steep for a projects lawyer. The first couple of years may feel like you’re assembling a 1,000-piece jigsaw puzzle without the reference photo on the box. But once you connect the border pieces, you have the freedom to choose what areas of the puzzle to fill in based on your interests. The practice covers many types of projects and technologies across different stages of the project lifecycle, so leaders in the group are always encouraging associates to find what they like and become an expert in it. I think that’s unique to the multi-faceted nature of this practice.

Connie Gao is a senior associate based in Norton Rose Fulbright’s Los Angeles office. Her practice focuses on financing and development of renewable energy projects, including debt and tax equity financing. Connie earned her J.D. from Emory University School of Law in 2018 and her B.S. from the University of Southern California in 2013.

Walter Alarkon, Senior Associate—Energy & Infrastructure
Orrick

Describe your practice area and what it entails.

I advise clients looking to acquire, develop, and finance the construction and operation of energy and infrastructure projects. Most of the projects I work on are utility-scale solar or wind projects, though I’ve also advised on traditional and nuclear energy projects and on the acquisition of service technologies related to the renewable energy transition. Put simply, we are deal lawyers looking to close transactions for our clients. One of the great things about the work is that our deals are interesting; they are helping build out the new energy economy.

What types of clients do you represent?

We tend to represent sponsors and developers in financing energy projects. The primary parties across the table are often lenders and other financing parties.


What types of cases/deals do you work on?

Most of my deals are either M&A transactions or project financings.

In my M&A work, clients tend to be looking to acquire early-stage projects, with an eye toward developing them into operating facilities. These transactions revolve around a purchase agreement. As the renewable energy market has matured, more of our M&A work involves new technologies or services that help support the energy transition. We recently closed a transaction representing MyPower Corp. in its acquisition of Solstice Power Technologies, which specializes in the acquisition of solar energy customers and the management of community solar development.

In my project finance work, clients are looking to secure capital needed to construct the project and then operate it. These transactions focus on construction loans and tax equity financing, each of which is at the project level.

Orrick’s E&I practice is full service, so we also advise clients in the development work that bridges the acquisition of early-stage projects to their operation. This entails drafting EPC or design-build contracts; advising on real estate, tax, and regulatory matters; and documenting partnerships between the sponsors who have the capital and the developers with the technical, on-the-ground know-how.

How did you choose this practice area?

In my prior life as a journalist, I covered economic policy and was lucky enough to report on the real-life impact of public policy changes, particularly in energy. Specifically, I saw that the mix of federal tax credits, grants, and loan guarantees with state renewable portfolio standards in the late 2000s and early 2010s was helping to jumpstart wind and solar projects across the country.

I went to law school at night because I wanted to do more than just write and report—I wanted to be involved in building something tangible. Through my journalism work, I saw that energy might be that something. During law school recruiting, I focused specifically on Orrick (and, admittedly, a few other firms) because I knew Orrick was known for its E&I work. That decision has worked out, as my practice has generally been about helping clients with the buildout of energy projects since I started at Orrick.

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

In a nutshell, my typical day is about getting our team working together with clients toward a closing, whether it be an acquisition or a financing. Because energy project work involves so many moving pieces—we deal with multiple financing parties, offtakers, other third-party service providers, and government entities—collaboration is key to getting the work done. So, a lot of my day is spent syncing up with colleagues and clients and then executing on our game plan to draft agreements, negotiate them on calls, and analyze the various issues that pop up.

In M&A deals, the work revolves around the purchase agreement. In project financing transactions, we are focused on loan documents and tax equity partnership agreements.

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

During law school, look for courses on secured transactions, project finance, finance generally, tax, M&A, and anything related to financial modeling or accounting. If you can find a clinic in one of those courses that looks to replicate the experience of working on a deal, be sure to participate.

Also, read financial and energy sector-specific media so you can get familiar with the issues we encounter.

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

Doing M&A and project finance law requires each of us to be a jack-of-all-trades but also a specialist in energy. Learning how to do all of that in a coherent way can take time, but it makes you a better lawyer because you learn how to get comfortable with all sorts of issues.

What do you like best about your practice area?

We get to work on something that’s tangible and in need—the energy transition. On rougher days, it’s helpful to know that the end product we’re working toward is something necessary in a macroeconomic sense.

What misconceptions exist about your practice area?

”Energy work is regulatory work.” In reality, it’s finance, corporate/M&A, regulatory, real estate, public policy, and tax all rolled into one.

What is unique about your practice area at your firm?

We are full service, soup to nuts, and on the cutting-edge energy deals of the day. Thanks to Orrick’s tech DNA (we were founded in San Francisco), our clients have come to engage us as they adapt to innovative energy technologies and financing structures. We can turn to colleagues who may not work on energy full time but are involved in tech startup work and know the commercial and legal issues at play. The energy sector and the broader economy will be in transition as businesses and governments look to meet low-emission targets in coming years, so learning to adapt to what’s new is also something we do.

 

Walter Alarkon is a senior associate in Orrick’s New York office.  A member of the Energy & Infrastructure team, Walter’s practice focuses on renewable energy project finance, development, and M&A. He served as the 2021 Orrick Racial Justice Fellow at impact finance nonprofit Common Future, where he helped structure a lending fund for underrepresented social entrepreneurs. Orrick’s work supporting Common Future was shortlisted for a Financial Times North America Innovative Lawyers Award and the NYU Grunin Prize for Law and Social Entrepreneurship. 

Prior to practicing law, Walter was a journalist covering politics and fiscal policy at The Hill and working with author Michael Grunwald on New York Times-bestseller The New New Deal (Simon & Schuster, 2013), which documented the legacy of President Obama’s $800 billion economic stimulus.

Christopher Hutchison, Partner • Chris Folmsbee, Counsel—Energy, Transportation & Infrastructure
Sidley Austin LLP

Describe your practice area and what it entails.

Chris H: I advise various clients in all parts of the capital stack and throughout the lifecycle of a project or investment. At any given time, I work on debt financings, tax equity investments, and M&A transactions with respect to projects and businesses, or advise clients on project development matters. In particular, my role is to lead transactions on the legal side as outside counsel along with a wider team of specialists and transaction counsel, supporting whatever our client needs to advance a given matter.

Chris F: Our lawyers assist clients with buying, selling, and investing in complex, capital-intensive assets that may be subject to a myriad of regulatory regimes. At the end of the day, these types of assets serve as the backbone of our economy. From a lawyer’s perspective, this presents unique challenges and opportunities for our clients as we guide them in structuring, negotiating, and ultimately documenting all of the various contractual arrangements that underpin these assets.

What types of clients do you represent?

Chris H: We represent clients with varied interests and roles, so on any given deal, we may be advising developers, investors, lenders, or other key project or transaction participants. Clients I have represented in recent transactions include GE, I Squared Capital, Harrison Street, and Invenergy.

Chris F: Renewable energy and other infrastructure projects often have a diverse set of parties involved. Sidley lawyers may represent the lender on one deal, the owner/operator on another deal, or a tax equity investor in a third deal. My client base includes developers/owners and equity investors (i.e., generally the parties that own the residual equity of a project). Clients I represent include Invenergy as a developer/owner/operator of renewable energy projects and Macquarie Infrastructure Partners as an asset manager that invests in infrastructure assets. 

What types of cases/deals do you work on?

Chris H: My work primarily involves M&A and project finance within the renewable and conventional power sectors. Some recent matters include representing a renewable sponsor in the construction and tax equity financing of a large utility-scale solar project in ERCOT; representing GE Vernova as a tax equity investment party in its acquisition of equity interest in, and tax equity financing of, a 98 MW repowered wind project located in West Virginia; and representing I Squared Capital in its going-private acquisition of Atlantic Power Corporation.

Chris F: At a high level, my practice typically involves representing either equity capital seekers or equity capital providers in connection with buying or selling assets or making investments in energy and infrastructure assets. Recent transactions that I have worked on include Invenergy in connection with a $1 billion follow-on equity investment from funds managed by Blackstone Infrastructure Partners, and I Squared Capital in connection with the sale of the 60 MW Curtis Palmer hydroelectric portfolio to Innergex Renewable Energy Inc.

How did you choose this practice area?

Chris H: Before beginning my legal career, I worked on energy policy on Capitol Hill; I naturally gravitated toward energy transactions after getting exposure to project finance as a summer associate. While my practice has broadened over time, the energy and infrastructure space continues to allow me to pair my interest and background in government and regulated industries with sophisticated legal work. I also really enjoy working with clients to put deals together and make extremely complex projects come to life.

Chris F: To be honest, I somewhat fell into the practice by taking advantage of opportunities as they were presented. I started working in oil and gas finance at a prior firm, but I was unsatisfied with the repetitive nature of the practice. Luckily, I joined Sidley very early in my career and had the chance to work on various client matters. I have been exploring and evolving my practice ever since.

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

Chris H: Most days are a mix of calls or meetings with clients or with counterparties’ counsel to address active deal issues, while spending a substantial amount of time on reviewing and marking up documents—all while coordinating with our specialist teams and others involved in the transaction. Renewable energy transactions and projects work are a team sport; our role is typically to act as a quarterback across all aspects of the deal, such as ensuring we have the right team engaged on the deal, whether working with other colleagues in tax, real estate, environmental, or other disciplines.

Chris F: Days vary tremendously but generally involve calls with clients to discuss the issues of the day for current matters, or calls with opposing counsel to negotiate my clients’ positions. We review revised drafts of documents from opposing counsel and provide markups of drafts to be sent back. I also help coordinate my matters among the various Sidley lawyers, local counsel, and other advisers who may be involved, as well as engage in business development activities, recruiting, and training.

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

Chris H: You don’t need to be an engineer or policy expert, but it is helpful to have some understanding of and genuine interest in relevant public policy and the energy sector, as often enough, our work and the market are affected by current events (e.g., changes in law, economic conditions, or extreme weather). To be a trusted adviser, you need to be well versed in these dynamics and understand how your client’s business is going to be affected. Also, it’s a small and interconnected community, so the ability to work collaboratively and build strong relationships even when on opposite sides of a deal is crucial.

Chris F: We often interact with clients who went to business school and/or engineering school rather than law school. I recommend taking basic economics, accounting, negotiation, and transactional skills courses, if your law school offers them. For substantive law, I suggest classes in the following areas: tax, secured transactions, bankruptcy, business organizations, mergers and acquisitions, and securities regulation. These areas form the backbone of a good transactional practice, particularly for renewable energy and clean technology projects.

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

Chris H: Adaptability is critical—the fact patterns we are presented with are constantly evolving. This area is growing and changing, whether due to government policy, technology, or the economic landscape, and all of these things impact the types of transactions that our clients look for and that we like to handle. A good renewable projects lawyer needs to be flexible with how they approach deals while constantly expanding their skill set. But that’s also what makes it fun!

Chris F: The complexity of our transactions is by far the most challenging aspect. As an example, we assisted a client leading a consortium of equity investors in acquiring a portfolio of renewable energy assets. This single transaction involved negotiating the equity investment documents among the equity investors, the loan documents with the debt providers, a first-of-its-kind tax equity structure, the acquisition documents with the seller of the portfolio of assets, and a number of state, federal, and international regulatory approvals.

What do you like best about your practice area?

Chris H: I love being a trusted adviser and working closely with clients and our deal counterparts to put the puzzle pieces together on each deal. Every transaction presents new challenges or issues, and I really enjoy getting on a call or in a room with our clients to problem solve and find the way forward to a successful closing.

Chris F: I like how the energy transition is playing out live and evolving before our eyes, making it necessary for lawyers to stay on top of the latest developments and opportunities in the industry. Just in the course of my relatively short career, I’ve seen my practice shift focus from wind generation to photovoltaic generation, and now to energy storage projects. Not to mention all of the other technologies focused on carbon capture, hydrogen, and renewable fuels.

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

Chris H: Junior lawyers are involved in all aspects of deals, from the initial drafting of transaction documents, to managing checklists and coordinating specialist review, to helping the team stay organized. Every day is an opportunity to learn and then do. In a short time, they will become indispensable to our team.

Chris F: On most deals, junior lawyers will help the senior lawyers stay organized while managing the matter—typically by running a transaction checklist. The main purpose is to get junior lawyers oriented to the various pieces that go into a deal. Eventually, they will assist the senior lawyers in preparing and negotiating ancillary agreements and revising the primary transaction documents as those are negotiated. If handling a buy-side representation, they will conduct due diligence on the target asset. 

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

Chris H: The nature of our work straddles multiple disciplines, requiring you to be a more well-rounded transactional lawyer, especially given the various transaction types and issues presented on any given deal. We have to work seamlessly with colleagues across tax, real estate, environmental, employment law, and other legal areas—and sufficiently understand the issues specific to each area in order to understand what the client needs and how to deploy that team efficiently.

Chris F: I find this aspect of the practice extremely rewarding as it puts you right in the middle of these transactions while liaising with various specialists, clients, and other stakeholders. Our clients are dealing with multifaceted transactions that involve a wide range of legal and business considerations. Thus, you will learn to become a trusted adviser to your clients, putting your skills and mindset to work as you help them navigate these complex transactions.

Christopher Hutchison is a partner in the Energy practice in Sidley’s Washington, DC, office. Chris focuses on project finance, M&A, project development, equity investments and joint ventures, and related transactions in the renewable and conventional power markets, as well as for infrastructure and industrial assets. He represents sponsors, private equity, tax equity investors, lenders, financial institutions, and other key participants in connection with transactions at all stages of a project’s lifecycle.

Chris Folmsbee is a counsel in the Energy practice in Sidley’s Houston office. His practice consists of representing public and private businesses and infrastructure funds with M&A and investment transactions primarily in the energy and infrastructure space, including renewable energy and other clean technologies. With respect to renewable energy and clean technologies, Chris has been involved in buying, selling, and investing in wind and solar power generation projects, utility-scale battery storage projects, and related power transmission projects; renewable diesel and aviation fuel production; renewable natural gas projects; carbon capture and sequestration projects; and photovoltaic panel manufacturing facilities.

Taylor Pullins, Partner—Americas M&A
White & Case

Describe your practice area and what it entails.

I advise clients on matters involving environmental liabilities and regulatory compliance in business operations and transactional opportunities. Increasingly, clients come to me for guidance on complex policy and business decisions relating to evolving regulatory and societal expectations around climate change and other ESG matters. A substantial volume of my transactional work is in carbon offset projects.

What types of clients do you represent?

I represent companies in a variety of industries, from sovereigns to financial institutions, from technology and consumer products to private equity. As a resident of the Houston office at White & Case, a significant percentage of my work is for energy companies. Increasingly, the nature of work involves transactions in the energy transition space (e.g., carbon capture, hydrogen, lower carbon fuels) and renewable energy projects (e.g., wind or solar power projects, battery storage).

Representative clients include Occidental Petroleum, 1PointFive, Invenergy, CVC Capital Partners, VIA Motors, Orbia, J.P. Morgan, Saudi Aramco, Calpine, EnCap Investments, Hess Corporation, TotalEnergies Renewables USA, InterPrivate III Financial Partners, Exxon Mobil Corporation, Continental Resources, and Sixth Street Partners.

What types of cases/deals do you work on?

I work on a variety of energy transactions, projects, and financings. In addition, I work with clients on climate change strategy, carbon offset deals, and other ESG matters. Representative matters include:

  • Representation of Occidental Petroleum in the development of STRATOS, the world’s largest direct air capture (DAC) facility.
  • Representation of Aramco in its acquisition of a 100% equity stake in Esmax Distribusción SpA, a leading diversified downstream fuels and lubricants retailer in Chile.
  • Representation of EnCap Investments in its sale of Broad Reach Power LLC, one of the premier independent utility-scale energy storage and renewable energy platforms in the United States.
  • Representation of Hess Corporation in its $750 million purchase of 37.5 million jurisdictional carbon credits from Guyana in one of the largest-of-its-kind deals aimed at protecting forests to combat climate change.
  • Representation of TotalEnergies Renewables USA in its acquisition of 4 GWs of utility-scale solar and energy storage development projects across several U.S. states and power markets.
  • Representation of InterPrivate III Financial Partners Inc. (NYSE: IPVF), a SPAC, in its $2.3 billion acquisition of Aspiration Partners, Inc., a global leader in sustainability-as-a-service solutions for consumers and companies.
  • Representation of Exxon Mobil Corporation in its $1.15 billion sale of its Santoprene TPV Elastomer business, a manufacturer of rubbers used in the automotive, consumer, and construction sectors.
  • Representation of Continental Resources, Inc. in its $3.25 billion acquisition of certain assets in the Permian Basin from affiliates of Pioneer Natural Resources Company.
  • Representation of Sixth Street Partners, LLC, a global investment firm, in its $405 million acquisition of PDP assets in the Permian Basin from Laredo Petroleum, Inc.

How did you choose this practice area?

I grew up in the western United States, where water scarcity is a real concern. The frequent reminders of the need to preserve water resources were my introduction to both environmental law and principles of sustainability. Undergraduate coursework around Lake Tahoe and an introduction to the Keep Tahoe Blue campaign made strong impressions on me about the impacts of industrial water discharges. I became quite focused on learning more about the importance of responsible industrial operations and municipal planning.

Law school curriculum around environmental law has expanded and improved substantially since the time I was in school. Although the couple of courses I took introduced me to major federal environmental laws, it wasn’t until I spent a summer at a law firm after my second year that I learned what a career in environmental law could look like. To find an area of law in which I take strong personal interest was quite the refreshing revelation. Now I play a direct role in helping clients not only comply with laws, but also conduct their operations and planning in responsible, sustainable ways.

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

A typical day involves work on a variety of matters across geographies. It is common that I wake up to questions and requests in my inbox relating to projects in the Middle East or Europe. After addressing those matters early in the day, I typically focus on domestic client work. The type of work ranges from (i) providing environmental specialist support on transactions, project development work, or financings; (ii) advising clients on climate strategy or environmental compliance matters; and (iii) leading negotiations on carbon offset transactions.

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

The study of federal environmental law—as well as international environmental law—will provide a helpful baseline for those looking to enter my practice area. In addition, a strong understanding of administrative law will help attorneys advise clients on compliance matters as they see how regulatory agencies function. I also recommend that students and young attorneys seek out a variety of business transaction opportunities. Of course, a young attorney will benefit from a genuine interest in understanding the industries in which clients operate.

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

The practice of law focused on ESG & sustainability faces substantial competition across law firms and business consulting firms. It’s important for attorneys who practice in this area to be able to articulate the need for legal analysis of risks and opportunities as opposed to just “strategic advice.” In addition, effective legal service regarding ESG matters requires a close understanding of the clients’ businesses, including a grasp on what drives business strategy. Moreover, the reality of shifting societal expectations regarding the role companies should play in relation to climate change, human rights considerations, and other ESG matters adds to the challenge of growing an ESG legal practice.

What is unique about your practice area at your firm?

The ESG & Sustainability practice at White & Case benefits from a unique global network with in-depth experience in substantive areas of environmental, social, and governance areas of law in key geographic regions. The breadth of client service in ESG areas at White & Case is truly differential. It is my privilege to serve as Head of the ESG & Sustainability practice.

Prior to joining White & Case in 2021, I worked in-house at a public oil & gas company. In addition to my legal responsibilities, I fulfilled the strategic role of director of sustainability. In this capacity, I engaged with shareholders, executive team members, the company’s board of directors, and a variety of internal and external stakeholders. I learned from these experiences the value of collaboration, clear communication, and accountability for business decisions in the areas of environment and social matters. I apply to my daily routine this pragmatic experience, which clients appreciate.

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

We see strong interest for experience in sustainability-focused matters from our younger colleagues. We strive to meet this demand with meaningful growth opportunities. I regularly work with junior lawyers in tracking and summarizing regulatory developments in ESG areas. Given our firm’s global positioning, junior lawyers create legal comparison analyses to advise clients on potential applicability across jurisdictions. On carbon transactions, I often staff deals with younger associates to see the deal from term sheet to signing. On regulatory advisory work, younger colleagues can perform benchmark comparisons across peer company disclosures and policies.

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

Summer associates gain experience through research and writing opportunities in ESG areas for strategic thought leadership. In addition, we invite summer associates to participate in our monthly ESG team calls and to get involved in client-chargeable matters on contemporary ESG topics.

Taylor Pullins is a partner in the Global Mergers & Acquisitions practice of White & Case and Head of the firm’s ESG & Sustainability Specialty practice. He advises domestic and international clients, particularly in the energy industry, on a broad range of environmental, health, and safety (EHS), environmental, social, and corporate governance (ESG), and energy transition matters. Taylor’s transactional practice involves the drafting and negotiating of environmental terms and indemnity provisions in complex business transactions, including mergers, acquisitions, divestitures, project financings, security offerings, offtake agreements, and various types of carbon credit transactions. In addition, Taylor assists clients with complex policy and business decisions relating to evolving regulatory and societal expectations around climate change and other ESG matters. He is also a core partner of White & Case’s Energy Transition practice and co-leads the firm’s work in carbon markets and abatement.

Geoffrey Lorenz, Partner • Cheng Jean Liang, Associate
Hunton Andrews Kurth LLP

Describe your practice area and what it entails.

We have a sophisticated Clean Tech/Renewables practice with unmatched experience advising on the financing, development, and acquisition 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 other technologies.

We also have a premier tax equity 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 top financial institutions investing and lending into wind, solar, and other clean power projects, including Bank of America, GE-Energy Financial Services, Goldman Sachs, JP Morgan, 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? 

Most of our transactions involve the financing or acquisition of large-scale renewable energy projects across the U.S. and Latin America, whether single project or a portfolio of projects.

How did you choose this practice area?

Hunton Andrews Kurth has a long-standing history in development and energy practice and strong relationships with energy market players.

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

As energy transaction attorneys, our typical day involves:

  • negotiating and drafting transaction and ancillary documents,
  • reviewing project documents relating to a renewable energy project, such as power purchase agreements and construction agreements, and
  • managing and coordinating with other experts and local counsel in bringing the transaction to close.

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

Having an interest in the energy sector and project financing would be a good start to developing further skills and experience in this practice area.

What do you like best about your practice area?

An energy transaction attorney is exposed to and is required to have 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, FERC and energy regulatory, project development, and real estate, which allows us to provide seamless representation over the life of an energy project.

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 Tech and Renewable Energy practice includes everything from M&A to financing to tax and much more. How do you think this multi-faceted practice has helped you grow as a lawyer?

The multiple aspects of renewable energy practice develop a lawyer’s skills in becoming a well-rounded lawyer in having the required legal knowledge in different aspects of a transaction and different legal disciplines.

Geoffrey Lorenz, Partner and Cheng Jean Liang, Associate—Energy and Infrastructure (2023)

Geoff focuses his practice on the acquisition, financing, and development of electric-generating facilities employing both conventional and renewable technologies. He has advised on the financing of over 10 GW of power and is experienced in a variety of complex financing and transaction structures, including partnership flip, pay-as-you-go tax equity transactions, sale and leaseback transactions, purchase and sale agreements, build-transfer agreements, and traditional secured financings. Geoff has been recognized in Chambers Global and USA categories and is currently recognized as a leader in the field in the category of Projects: Renewables & Alternative Energy (USA – Nationwide).

Jean represents clients in connection with development and financing of conventional and renewable energy projects across the United States. She has represented financial institutions across various renewable energy partnership flip transactions on both a single project and portfolio project basis and across a range of power generating technologies, including solar, wind, battery storage, geothermal, and fuel cell. 

Justin Stolte, Partner and Global Chair—Energy & Infrastructure Group • Ashley Nguyen, Associate—Corporate
Latham & Watkins

Describe your practice area and what it entails.

Justin: I focus on transactional work within the energy and infrastructure space, and our practice advises global companies and investors on projects, transactions, and regulatory matters across the energy spectrum, including low carbon and decarbonization projects. We assist clients on matters of all sizes, from buying or selling assets or projects to forming new joint ventures to fund activities such as carbon capture. Our capabilities span from project development and finance, tax and environmental law, to capital markets and beyond.

Ashley: Like Justin, my practice includes the full scope of transactions related to the energy transition and decarbonization, including low carbon projects such as hydrogen, carbon capture, low carbon fuels, wind, solar, and battery storage. Our practice covers it all.

What types of clients do you represent? 

Ashley: We represent a diverse set of clients from all across the energy and infrastructure industry. Some clients are private equity companies looking to make investments in clean technology. For example, I recently advised a client in a carbon management joint venture. I also represent major oil and gas companies seeking to decarbonize through capture and sequestration and other low-carbon projects, as well as clean tech project developers who have developed disruptive technologies.


What types of cases/deals do you work on? 

Justin: Just as our clients are really varied, so is our work. We advise clients on the mergers, acquisitions, and joint ventures that drive the market. And as market conditions change—sometimes with incredible volatility—we have adapted to advise our clients at the vanguard of industry shifts. For example, we advised on many of the first utility-scale renewable energy projects in the U.S., helped clients forge landmark global partnerships, and execute first-of-their kind investments in advanced energy production and storage technologies. We commonly work on joint ventures between two strategic companies wanting to enter into a new space. Sometimes we represent the developers in the joint venture, and sometimes represent the capital providers sponsoring the project.

How did you choose this practice area?

Ashley: I’ve been in the legal practice for 10 years. I started in Houston in traditional oil and gas, but as time passed the market began to shift from traditional energy into clean energy, which also aligned with my interests. That realization coincided with my decision to join Latham.

Justin: Like Ashley, I originally developed my practice in traditional oil and gas. Prior to law school, I worked as a petroleum engineer and knew that I planned to focus on the energy sector. But as clients have made this shift, my practice has evolved and expanded with them, and I found I could leverage my existing capabilities and expertise to help companies solve problems in the energy transition space.

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

Justin: I find my days often divided between transactional work, discussing strategy with clients, managing business development, and chairing Latham’s Energy & Infrastructure Industry Group. A consistent element among this variety is coordinating with the talented lawyers in our practice to keep matters moving.

Ashley: As a senior associate, my days can vary greatly, but I generally focus on deal management and associate training and mentoring. For example, if we’re negotiating a draft purchase agreement, I will review the counterparty’s proposed deal terms and spend time strategizing with our client on our responsive position. Some days involve direct discussions and negotiations with opposing counsel. I also manage a team of junior associates on all aspects of the deal, from revising transaction documents to reflect negotiated terms to conducting due diligence review of target companies to identify any potential issues that could impact the valuation or closing of our deal.

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

Ashley: I recommend taking any class that relates to contracts and transactions. Additionally, if your university offers them, enroll in regulatory classes, including classes related to energy transition and regulation, since we are seeing increased regulatory impact in our energy transaction deals.


In terms of skills, writing clearly and concisely are tremendously valuable skills in our practice. We encounter so many concepts that are extremely technical from a scientific standpoint, so you need the ability to synthesize and then describe those concepts in a user-friendly manner. Maybe surprisingly, creativity is important; the relative newness of the clean tech practice means there aren’t “pre-baked” approaches to many of our matters.


Justin: More importantly than formal classes, independently develop your knowledge of the energy industry—from reading newsletters and articles to listening to energy podcasts. Even to this day, I seek out new tools and secondary resources, including many offered by Latham. Demonstrate to clients that you can converse with them about their businesses and you’ll differentiate yourself quickly.


What do you like best about your practice area?

Justin: I enjoy my clients. And I enjoy the opportunity to interact frequently with a mix of private equity firms and energy companies. Just about everyone I meet in the energy space is level headed and well intentioned. I also like that our practice allows us to assist our clients in solving problems. In clean tech, we encounter many first-of-their-kind questions and help develop ways to create precedential answers that will be used for years to come.

Ashley: I take a lot of joy in knowing that my work helps decarbonize the world. We often hear of all the actions we can take at an individual level to lessen our environmental impact—for example, avoiding plastic straws and minimizing the use of plastic bags. But our practice allows me to leverage my skills to make a bigger impact. We see the metrics associated with projects and their projected impact on carbon emissions. That aspect of the job feels extremely rewarding.

What misconceptions exist about your practice area?

Ashley: Frequently I hear the myth that you need a particular background to handle the technical nature of our practice’s work. But many people practicing in clean tech are encountering these legal concepts for the first time. This industry really welcomes people—we’re always excited to show others how this practice betters the world and environment. You can come from any background, or come from any practice, because we learn together.

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

Justin: Summer associates gain applicable, real-world experience in our practice because we staff summer associates on real projects—just as we do with our junior lawyers. For instance, we’ve had summers involved in the closing of transactions. They’re copied on every email so they can really see, in real time, what daily operations look like, how we communicate with our clients, and what issues emerge when we negotiate deal points. Summer associates also sit in on negotiation calls and contribute in a meaningful way to project documents, such as reviewing purchase agreements. The experience is hands-on, early, and representative of what their experience as a young associate would look like. Whether a summer associate or junior lawyer, our practice teaches people to fill in the gaps on a team and serve as a utility player.

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

Justin: Growing a practice that touches on so many areas of the law has equipped me to visualize the whole picture from the individual puzzle pieces. I can see how every aspect of a transaction fits together: how the regulatory aspects shape a joint venture, how the tax considerations inform the project documentation, and so forth. Learning to compile the jigsaw pieces, especially in a practice without a ton of precedent from which to work, provides me with a unique perspective that then informs the approach on the next transaction. Having that full spectrum of knowledge, and the practical application of it, has allowed me to differentiate myself and show clients I understand their businesses and objectives.

Ashley: I came from a traditional oil and gas practice, which, while a unique industry, has a narrower focus than the work I am doing now. Clean tech, on the other hand, touches on so many aspects of the law, from regulatory to environmental to tax considerations. We bring so many practice groups together, and as the deal lawyers, we quarterback all of it. Working in this practice helps me understand how our clients’ businesses run, how our adjacent practice teams operate, and how everyone contributes to the deal at the center of all this activity.

Justin T. Stolte is Global Chair of the firm’s Energy & Infrastructure Industry Group. He represents a broad range of clients in strategic transactions in the energy and infrastructure sectors, often involving novel and complex structures. Mr. Stolte is recognized by Best Lawyers in America (2021-2023), Chambers USA, America’s Leading Lawyers for Business (2014, 2019-2022), and The Legal 500 US (2018-2022), where clients praise his ability “to bring a practical business perspective” and “understand what’s important in a transaction.” 

Ashley J. Nguyen is an associate in Latham & Watkins’ Houston office and a member of the firm’s Mergers & Acquisitions Practice. Ms. Nguyen advises clients on strategic transactions across the energy and infrastructure sector. Ms. Nguyen has broad experience in domestic and cross-border transactions in the energy and infrastructure industry. She regularly advises companies, private equity firms, and venture capital investors on mergers and acquisitions, joint ventures, and development projects for oil and gas, carbon capture and sequestration, and renewables assets (including renewable natural gas, renewable fuel, and solar). Prior to Latham, Ms. Nguyen served as senior counsel for BHP in their Houston, Singapore, and Mexico City offices.

Kathryn Shurin, Partner—Real Estate, Energy, Land Use & Environmental
Sheppard Mullin

Describe your practice area and what it entails.

I represent clients in the energy space in complex energy transactions that can generally be broken down into three buckets: (1) energy finance matters, (2) commercial contract matters, and (3) mergers and acquisitions. My transactions are not limited to a particular sector in the energy space; rather, they span the conventional power, renewables and alternative energy, natural gas, and upstream oil and gas spaces.

My matters often involve highly structured, asset-backed transactions that utilize project and structured finance concepts and techniques. Understanding credit concepts and considerations is a key element of my work. I have deep experience representing clients with respect to power purchase agreements, virtual power purchase agreements and other offtake, trading and hedging transactions for power, natural gas, environmental attributes, carbon offsets, sustainable fuels, and other commodities. I also negotiate energy management agreements, O&M agreements, and other project documents for infrastructure projects, and represent clients in mergers and other business combinations, acquisitions, and divestitures of energy assets.

What types of clients do you represent?

I represent financial institutions, hedge funds, private equity funds, power and natural gas marketers, commodities trading companies, independent power producers, project sponsors and developers, and other energy companies. Because my practice is so varied, the types of clients that I represent also tend to be varied.

What types of cases/deals do you work on?

In the renewable energy space, I represent project sponsors and developers as well as corporate, commercial, industrial, and municipal buyers; and hedge providers and other offtakers in the negotiation of power purchase agreements, virtual power purchase agreements, and other offtake arrangements relating to utility scale and distributed generation wind, solar, and battery storage projects, and in the negotiation of renewable energy credit purchase and sale transactions. I also represent commodities traders, financial institutions, hedge funds, and other energy marketers in the purchase and sale of renewable identification numbers, carbon capture allowances, low carbon fuel standard credits, regional greenhouse gas initiatives, voluntary emissions reductions, and other environmental products. In the conventional power and oil and natural gas space, I represent hedge providers and other energy companies in the negotiation of financially and physically settled hedge transactions, tolling agreements, prepaid transactions, fuel purchase and sale agreements, capacity purchases, fuel storage agreements, energy management agreements, and related contracts. I also represent retail energy providers that operate in deregulated power and natural gas markets, and the financial institutions and other energy companies providing financing to such retail energy providers, in the negotiation of working capital and letter of credit facilities, financial hedging arrangements, and physical power and natural gas supply arrangements. Lastly, I have significant experience representing clients in restructuring and work-out transactions, both in and outside of bankruptcy court, and in mergers, acquisitions, and other business combinations.

How did you choose this practice area?

I started my career as a capital markets associate in New York. A few years into my practice, I needed to move to Houston for personal reasons. The law firm I worked for at the time did not have a Houston office so I needed to change firms. In the process of looking for a new law firm in Houston, I came across an opportunity for an energy transactional associate. I thought the position sounded interesting and decided to take a leap of faith and try something new. Taking that risk was the best career decision I could have made, and I have never looked back.

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

The thing I love most about my practice is that no day is ever the same. The diversity of transactions on which I work means the issues I am handling on any given day can be quite varied. At its core, I am a problem solver. My job is to help my clients achieve their business goals, which are often to close deals of one kind or another. Doing my job typically requires a lot of creative thinking, patience, and stamina. I am constantly balancing both understanding the intricacies and details of a particular transaction with keeping the broader picture in mind so that I can provide the most comprehensive advice to my clients. Each day I spend a significant amount of time on the phone talking to clients and opposing counsel. I also spend a large portion of my day reading and marking up contracts and conferring with my associates. The process is collaborative and interactive, which I love.

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

Law school curricula was not particularly well suited to prepare students for transactional law practices when I was in law school. If you can take the business law classes and practica offered at your law school, those certainly help. Bankruptcy, Secured Transactions (UCC Article 9), Tax, and privately held and publicly held business transactions classes are especially relevant to my practice. If your law school offers any energy law-related classes, journal opportunities, or clinics, those would be great to take as well. But most training is on the job. I do not expect incoming associates (or summer associates) to have any sort of baseline level of expertise in energy law or the negotiation of commercial transactions. We spend a lot of time training our associates to learn how to negotiate and draft agreements, and teaching them about the assets we are working with and energy contract and financing structures because we view that time spent as an investment that is critical to the development of our associates and long-term viability of our practice group.

What is unique about your practice area at your firm?

What is unique about the energy practice group at Sheppard is the incredible breadth and depth of experience of the attorneys in the group. My practice is just one piece of a much larger puzzle. And that puzzle is huge! It is honestly mind-blowing at times the amount of expertise we have in our group, from transactional to regulatory to litigation to restructuring to tax, and the various sectors of the energy space in which that expertise lies, from renewables and alternative energy to conventional power to oil and gas to biofuels to liquified natural gas, just to name a few. I think this is unique among law firms. Very few firms are truly full-service, one-stop-shop energy firms like we are. Being a part of a much larger whole in this regard is incredibly helpful when it comes to client service. Many of my clients have questions or transactions that are outside my particular area of expertise, and being able to refer them to my colleagues down the hall or in other offices and know that they will receive excellent legal advice is such a good feeling. It also doesn’t hurt that the Sheppard energy team is comprised of incredibly collegial and friendly folks who are always willing to be of service and are completely committed to building something bigger than just themselves or their core area of practice.

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

Typical tasks for junior lawyers include review of due diligence material, preparation of due diligence memoranda, legal research, preparation and management of closing checklists, preparation of closing certificates and other ancillary documents required for closing, interfacing with counterparts at other law firms, creation of form-trading and finance documents for clients, and review and negotiation of transaction documents based on the form documents.

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

Our goal is for the experience of our summer associates to mirror the experience of a first-year associate in our practice group as closely as possible. We want our summer associates to leave with a realistic understanding of what it means to be a part of our practice group and the firm as a whole. We view our summer associates as members of our team from day one and that is how we treat them. This means that we integrate our summer associates into our deal teams as much as possible. We maintain fairly lean deal teams to begin with and are often very busy, so there is typically no shortage of work on live transactions for our summer associates to do. Our summer associates draft ancillary transaction documents, conform drafts to term sheets, create and maintain closing checklists, manage closing documents and the closing process, perform due diligence, and prepare due diligence memoranda. Our summer associates also sit in on client calls and attend client meetings and business development events with us as well. They do most everything our junior associates are expected to do.

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

There are many career paths for lawyers in the energy space. Of course, there is the path from energy associate to energy partner. For associates seeking a different path, there are myriad in-house counsel opportunities, often arising with our clients or companies opposite our clients in a transaction with whom the associate or others at the firm are familiar. There are also opportunities for lawyers to become more active in energy policymaking by joining a governmental agency, such as FERC, NERC, the CFTC, or SEC, or a public utility commission, independent system operator, or regional transmission operator. And there are opportunities for lawyers to “switch over” to the business side and take a non-legal position with an energy company, financial institution, private equity firm, hedge fund, or other entity. The possibilities are pretty much endless!

Kathryn “Katy” Shurin is a partner in the Real Estate, Energy, Land Use & Environmental Practice Group in the firm's Houston office. Katy represents financial institutions, hedge funds, commodities trading companies, energy marketers, project sponsors and developers, and other energy companies and investors in complex energy finance and commodities trading matters, mergers and acquisitions, and other commercial transactions that span the power, renewables and alternative energy, natural gas, and upstream oil and gas sectors. Her representations often involve highly structured, asset-backed transactions that utilize project and structured finance concepts and techniques. Katy represents clients in structured transactions and hedging and other offtake arrangements involving gas-fired power plants, solar- and wind-powered facilities, and battery storage projects located in each major power market in the United States.

Katy’s experience also includes negotiating environmental products trading agreements, including with respect to renewable energy credits (RECs), renewable identification numbers (RINs), carbon capture allowances (CCAs), low carbon fuel standard (LCFS) credits, regional greenhouse gas initiatives (RGGIs), and voluntary emissions reductions (VERs). Katy is familiar with both bespoke arrangements and the master agreements used in the power, gas, and environmental products trading industries. In addition, Katy also has significant experience representing energy clients in workout and restructuring matters, both in and out of court. 

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