Editorial: Project Finance in California

01 August 2007

Milbank Tweed Hadley & McCloy LLP has an international reputation in this arena, with its global project finance department comprising more than 100 dedicated project finance lawyers. In California the firm is “highly regarded by attorneys and clients alike for their ability to move transactions towards closing”. The firm fields three individuals on the following pages, one of whom - Ed Feo - received over double the nominations of his nearest competitor. He was described to researchers as an “outstanding attorney, with significant expertise in representing both developers and lenders in the energy project finance area”. As “one of the deans of the bar”, Feo has represented the sponsors in the $1.8 billion privatisation of the Chicago Skyway and an international consortium in its bid for the privatisation of the Indiana Toll-Road, a 157-mile road crossing the state. Feo is also known as “one of the major players in the renewable sector”, most specifically with regards to wind energy. He has represented the lenders in the Three Winds portfolio financing and the lenders in the $71 million financing of the Top Deer Wind Energy project. Karen Wong and Allen Marks, two “solid” and “respected practitioners”, join Feo in this chapter. Wong focuses on the financing of power, petrochemical and other infrastructure facilities in Asia, Latin America, and North America. Wong has also been involved in the financing of transactions involving satellites, telecommunications, technology companies and real estate, and is representing a current bidder in the purchase of a US refinery company. Marks also has a broad finance practice, dealing in a “calm and proficient” manner with complex infrastructure projects worldwide. Marks possesses a particular expertise in the energy, transportation and telecommunications sectors. He was recently involved in the $1.36 billion acquisition by Telefónica Móviles of Mexican wireless telco Pegaso Telecommunicaciones. 

Thelen Reid Brown Raysman & Steiner LLP also boasts three inclusions in this chapter. The firm’s strong construction, energy and utility practices contribute to the success of this “great team”. David Spielberg in San Francisco is an “excellent player”, according to one source. Spielberg’s practice sees him working on the project financing of power plants, natural gas pipelines, infrastructure projects, public facilities and arenas, and large industrial and commercial facilities in the US and abroad. He is well known for his work for Calpine. Mark Weitzel is chair of the project and asset finance group and “the best at the firm” in the eyes of one rival. Weitzel concentrates on energy and infrastructure financing, which has seen him involved in matters including the finance and development arm of a US engineering and construction company in establishing multiple strategic joint ventures for infrastructure development. The “excellent” Robert Nelson is a “whirlwind of activity” in the financing of renewable energy projects, with over 40 solar cases on the go internationally. Nelson represented the project sponsor in a $1.3 billion series of solar power projects in California and is also involved in other power project transactions. 

Latham & Watkins LLP has two individuals listed on the following pages; both of whom performed exceptionally in the research. The full-service firm is home to the “very technical and very good” Kenneth Blohm. Blohm specialises in international project finance and has extensive experience in the financing of electricity, oil and gas, petrochemical and water projects. With his “quality work” noted by one client, Blohm has been involved in large international projects that include the West Seno Deep Water Crude Oil Project in Turkey and the KEPCO Ilijan Project in the Philippines. Kelley Gale has represented major project lenders and developers in connection with co-generation projects, and many different types of small power energy projects, including geothermal, wind, solar, biomass, waste-to-energy and hydroelectric. Gale “consistently delivers at the highest level” and concludes the listing for Latham & Watkins. 

Dino Barajas from Morgan Lewis & Brockius LLP is a “hard worker and loyal to clients”. His practice sees him take on project financings in the energy, power, infrastructure and commercial sectors, and he enjoys a “very good following in Latin America”. Edward Zaelke is managing partner of the Los Angeles office of Chadbourne & Parke LLP. Zaelke is best known for his “exceptional knowledge and experience of wind power projects” and is president of the American Wind Energy Association. Zaelke is a prolific speaker in the area and has addressed groups that include the American Wind Energy Association wind power finance & investment workshop in San Francisco. Clients of Zaelke’s include Horizon Wind Energy and Clipper Windpower. Richard Shortz at Morgan Lewis & Bockius LLP brings this analysis to a close. One source noted: “Mr Shortz possesses particular commercial experience in the energy and finance area gained from his tenure at Tosco Corporation, where he served as senior vice president, general counsel and secretary”. Shortz serves as the co-chairman of the energy and infrastructure finance group of the firm.

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