Paul J. Astolfi

• Represented CDPQ with respect to its investment in Leading Light, the Invenergy-sponsored New York Bight offshore wind project.
• Represented CDPQ in connection with the proposed acquisition of a cash equity position in Invenergy Renewable’s Calhoun Solar Project in Michigan. Calhoun is a novel solar facility involving bespoke offtake arrangements.
• Represented CDPQ in the $546 million acquisition of a 30 percent indirect equity interest in The Dayton Power and Light Company (d/b/a AES Ohio), an Ohio energy generation company that provides electricity across West Central Ohio.
• Represented CDPQ in connection with the refinancing of One Team Partners’ existing senior term loan facility with HPS. 
• Represented the lenders on an Arizona BESS financing. The project is a 250MW SA BESS in Mesa, Arizona with a 20 year PPA with investment grade offtaker. The project will NTP in Feb 2025 and COD April 2026.

• Represented Allianz Global Investors in a $760 million debt financing transaction, in the form of a bond, to finance a portion of a portfolio of solar projects held by 8point3 Energy Partners. The deal was awarded 2019 North America Renewable/ Battery Project Finance Deal of the Year by Power Finance & Risk.

• Represented the coordinating lead arrangers in a $200 million letter of credit facility and $100 million revolving borrowing base credit facility to support early stage (pre-NTP) transmission and renewable energy generation projects developed by energyRe, LLC, including an initial portfolio of over 20 wind and solar projects along with a transmission line (Clean Path New York, an approximately 175-mile facility that will deliver renewable power from upstate New York to New York City), with built-in expansion facilities to further grow the portfolio of projects and up-size lenders' commitments in the future.
• Represented the lenders in construction, bridge, and term loan facilities for a 150 MW (AC) Solar Generation Facility in Hardin County, Ohio.
• Represented the lenders in construction, bridge, and term loan facilities for a 250 MW (AC) solar generation facility in Hardin County, Ohio.
• Represented Rabobank, as administrative agent, collateral agent, a lender and an issuing bank, and CIBC, as a lender and an issuing bank, in a senior secured bridge loan facility to AES Corporation. AES used the proceeds of the loan to further support the construction and operation of certain solar photovoltaic energy projects.
• Represented Morgan Stanley with respect to its potential investment in a residential solar portfolio under development by Palmetto Corporation.
• Represented a private equity firm as purchaser in an approximately $111 million investment tax credit transfer transaction for a utility-scale wind generation project and associated infrastructure in Mississippi (Tunica County) owned by subsidiaries of The AES Corporation. The project is Mississippi’s first utility-scale wind farm.
• Represented First-Citizens Bank & Trust Company in a $4.6 million upsizing of an existing $78.6 million term loan and $7 million letter of credit facility for subsidiaries of CleanCapital HC4 Borrower LLC, supporting a 46.7 megawatt portfolio of 59 commercial and industrial solar photovoltaic energy projects in California, Massachusetts and New Jersey.
• Represented a private equity firm as purchaser in an approximately $112 million investment tax credit transfer transaction for two utility-scale solar and storage projects in Kern and Los Angeles Counties, California.
• Represented Banco Santander, S.A., Société Générale and CaixaBank in a roughly USD 355 million construction loan, bridge loan and letter of credit facility to finance the construction of Samson I, an approximately 250 MW (AC) solar generation facility in Lamar County, Texas being developed by Invenergy Renewables Global LLC.
• Represented Banco Santander, S.A., Société Générale and CaixaBank in a roughly USD 330 million construction loan, bridge loan and letter of credit facility to finance the construction of Samson III, an approximately 250 MW (AC) solar generation facility in Lamar County, Texas being developed by Invenergy Renewables Global LLC.
• Represented Banco Santander, S.A., New York Branch, in its provision of construction loan, tax equity bridge loan, back-leverage loan and letter of credit facilities to Lone Star Solar, LLC, a subsidiary of energyRe, LLC, for the construction and operation of an approximately 66 MW solar photovoltaic energy generation plus approximately 198 MWh BESS storage project.
• Represented an investment banking company in their tax equity investment in a portfolio of approximately 1,900 residential solar projects.
• Represented Nomura in connection with approximately $500 million of construction, bridge, and term loan facilities for a 300 MW (AC) Solar Generation Facility in Lamar, Franklin, Hopkins and Red River Counties, Texas.
• Represented Bank of America and The Bank of Nova Scotia in the provision of a $75 million term loan facility and $37 million LC facility for ArcLight Capital in its acquisition of Duke Energy's distributed generation solar portfolio.
• Represented a leading private equity firm as purchaser in an investment tax credit transfer transaction for two utility-scale solar and storage projects in California (Kern and Los Angeles Counties) owned by subsidiaries of The AES Corporation.
• Represented MUFG, as lead arranger, in the construction loan for Kings Point Wind Farm (150 MW) and North Fork Wind Farm (150 MW), sponsored by Algonquin being developed in Missouri. The Kings Point and North Fork wind farms will generate a total of about 300 MW.
• Represented MUFG and Santander in the construction loan for Neosho Wind Farm (301 MW) sponsored by Algonquin being developed in Kansas.
• Represented Global Atlantic Financial Group providing term debt for five utility-scale solar projects in Culberson County, Texas and Riverside County, California with an approximately 1.7 gigawatts (GWp) being developed by SoftBank Energy Corp.
  • Athos I – 250 MW
  • Athos II – 200 MW
  • Juno – 300 MW
  • Titan – 270 MW
  • Aragorn – 260 MW
• Represented Norddeutsche Landesbank Girozentrale, New York Branch and Cooperatieve Rabobank UA, New York Branch in the construction, tax equity bridge, and back-leverage financing of Concho Valley Solar, an approximately 160 MWac solar photovoltaic generation facility located in Tom Green County, Texas.
• Represented Norddeutsche Landesbank Girozentrale, New York Branch as sole Lead Arranger for a USD 189 million senior secured loan facility and a USD 53.8 million letter of credit facility related to the construction of an approximately 336 MW wind project in Texas.
• Represented Santander Bank, S.A., Bank of America, National Association and Sumitomo Mitsui Banking Corporation in an approximately USD 348 million construction, tax equity bridge, and back leverage financing of Great Pathfinder Wind in Iowa, a 225 MW wind project sponsored by Apex Clean Energy Holdings.
• Represented Acciona Energia in connection with bond financing for two 102MW wind farm projects in Oaxaca, Mexico.
• Represented US Ex-Im Bank in a $225 million portfolio of Ontario solar PV projects.
• Represented US Ex-Im Bank in a $210 million portfolio of Canadian solar PV projects.
• Represented Acciona Energy regarding the US aspects of its financing for the Lameque Wind Farm in New Brunswick, Canada.
• Represented the sponsor in a $100 million debt financing of Acciona Energy’s EcoGrove Wind Farm.
• Represented JPMorgan Capital Corporation in the financing for the 150MW Settlers Trail Wind Farm in Illinois.
• Represented Acciona Energy in a $381 million tax-equity financing of the Tatanka Wind Farm in the Dakotas.
• Represented Acciona Energy in a $280 million construction loan to provide temporary financing for the Tatanka Wind Farm project, a 180 MW wind farm electric generating facility located in the Dakotas.
• Represented Acciona Energy in a $266 million leveraged sale-leaseback to provide permanent financing for Nevada Solar One, a 64 MW solar thermal electric generating facility.
• Represented Acciona Energy in a $266 million construction loan for Nevada Solar One, a 64 MW solar thermal electric generating facility.
• Represented JPMorgan Chase Bank in a $2 billion revolving credit facility in connection with the acquisition by a consortium of private equity funds of midstream oil and gas assets from El Paso Corporation.
• Represented Bank of America regarding the financing for Petro Harvester’s acquisition of oil and gas assets from Denbury Resources.
• Represented JPMorgan Chase Bank regarding the financing for the acquisition of a several hundred million dollar portfolio of oil and gas assets by KKR related funds.
• Represented the Bank of Montreal in the $57 million financing of Peregrine Pipeline and Peregrine Field Services.
• Represented the buyer in the acquisition of Mid-Georgia Cogen, LP.

Prior to Mayer Brown

• Represented GMAC in an approximately 11 billion financing to successfully stave off GMAC’s potential insolvency in connection with GM’s bankruptcy proceeding.
• Represented Madison Dearborn Partners in connection with debt and equity investments in UPC Wind and various of its wind energy projects.
• Represented Madison Dearborn Partners in connection with wind energy asset acquisitions and financings in New England ISO.
• Represented Madison Dearborn Partners in connection with transmission line asset financing.
• Represented Constellation Energy in connection with financial planning and structuring to achieve non-consolidation treatment.
• Represented Astoria Generating Company in connection with various non-consolidation issues and related financings.
• Represented Perennial Power Holdings in connection with restructuring advice.
• Represented GGP LP in connection with approximately 180 project financings for various mall assets across the US.
• Represented Marubeni Power International in connection with PPA and acquisition financing in connection with Sempra Energy Trading assets.
• Represented Acciona Energy and affiliates in connection with eight year litigation defending non-compete claims exceeding $1 billion.
• Represented Acciona Energy North America in connection with JV arrangements covering Southwest Power Pool assets.
• Represented Acciona Energy North America in connection with concentrating solar power project PPA.
• Represented New Energy Corp in connection with DOE loan restructuring.

Leveraged Acquisitions

• Represented a major private equity fund in a $300 million leveraged investment in a national chain of dentist practices.
• Represented a hedge fund in a $200 million mezzanine debt and equity investments in an international manufacturer of shipping cases.

IPOs

• Represented a US based foreign currency fund (n/k/a CurrencyShares Euro Trust with net assets of nearly $1 billion) in its initial public offering, advising on the structure of its UK banking relationship and as to compliance with US banking and finance law.
• Represented a US based foreign currency fund (n/k/a CurrencyShares British Pound Sterling Trust with net assets of nearly $100 million) in its initial public offering, advising on the structure of its UK banking relationship and as to compliance with US banking and finance law.