Caroline’s practice focuses on the energy and project finance sectors, with particular emphasis on tax equity and tax credit transfer transactions. She has represented many of the largest players in that space over the last several years in a variety of equity finance investments, project and portfolio acquisitions, joint ventures, and tax credit purchase transactions. She also counsels clients on a broad range of corporate matters, including internal restructurings, commercial contract drafting, and corporate governance.
Tax Equity Transactions
Caroline has worked on numerous tax equity transactions during her career. A sample over the last two years include:
- Wells Fargo in connection with over $4 billion of tax equity investments with various sponsors across the country, including its approximately $880 million investment in a portfolio of 4 wind and 1 solar project with a fair market value in excess of $1.6 billion.
- Multiple financial institutions in tax equity investments in standalone battery energy storage projects located in California pre- and post-Inflation Reduction Act.
- A leading financial institution in its project financing of, and preferred equity investment in, a 230 MW multi-phase solar and battery storage project in California.
- A leading financial institution in its hybrid tax equity investments in portfolios of solar and wind projects located in Texas, Illinois, Indiana, and South Dakota.
- A leading financial institution in its tax equity investment in two wind power projects located in Texas.
- A leading financial institution in its staggered tax equity investment in multiple solar and energy storage projects added to a single portfolio.
Tax Credit Transfer Agreements
- A leading financial institution in connection with the sale of approximately $225 million of production tax credits and investment tax credits in connection with a hybrid tax equity transaction of four projects across the U.S.
- A leading insurance company in connection with its purchase of approximately $120 million of solar and energy storage investment tax credits.
Energy M&A and Other Transactions
- A leading financial institution in the preferred equity investment in, and project financing of, a 75MW portfolio of commercial and industrial solar installations in various states.
- A leading financial institution in creating a bespoke joint venture vehicle to acquire 100% of another financial institution’s portfolio of tax equity assets.
- An energy company in connection with developing a partnership framework for designing, constructing, owning, and operating carbon capture and sequestration projects.
- A leading financial institution on a bifurcated financing of two solar and co-located energy storage projects in California.
- A leading financial institution on its transfer of $6 billion of investments across 44 individual transactions.
- Entegra Power Group in the sale of a 550 MW natural gas power block and 25% interest in all related common facilities to Tucson Electric Power Company and UNS Electric, Inc.
- Numerous financial institutions and corporations in their acquisitions and sales of tax equity investments in the secondary market.
Admissions
Bar Admissions
- California
- New York
Education
- Columbia Law School, J.D.: Harlan Fiske Stone Scholar; Managing Editor, Columbia Law Review
- Yale University, B.A., History: with distinction; cum laude
Professional Activities
Internships
- Honorable Thomas M. Reavley, U.S. Court of Appeals for the Fifth Circuit
Related Practices
Related Industries