Overview
Joel A. Hugenberger advises clients on project finance, project development, and tax equity transactions in the energy and infrastructure sectors, with a particular focus on renewable energy transactions.
Joel represents tax equity investors, sponsors, developers, borrowers, lenders, and preferred equity investors in financing complex energy and infrastructure projects, domestically and internationally, and in structuring and negotiating various secured and unsecured loan facilities, joint ventures, and tax equity investment structures.
Results
Tax Equity Financing
- Represented a major renewable energy developer in connection with the tax equity financing of two wind projects in Texas and Wyoming sized 390 megawatts (MW) and 256 MW, respectively
- Represented a major renewable energy developer in connection with the tax equity financing of a portfolio of three solar projects and two battery storage projects: a 200 MW solar project in Georgia, two 75 MW solar projects in Florida, a 100 MW/400-megawatt hour (MWh) battery storage project in Colorado, and a 75 MW/300 MWh battery storage project in Arizona
- Represented a multinational renewable energy developer in the closing of tax equity commitments and construction loan financing relating to a 400 MW solar project in Indiana, the first of three phases of what will become one of the largest integrated photovoltaic solar electricity generating facilities in the United States
- Represented a multinational energy conglomerate in the closing of a $71 million tax equity financing from a major financial institution to fund the portfolios of fuel cell projects
- Represented Distributed Solar Development, LLC in the closing of multiple tax equity financings of portfolios of distributed generation projects throughout the US
- Represented a sponsor in the closing of tax equity commitments relating to a 300 MW wind farm in Indiana
- Represented a sponsor in the closing of tax equity commitments relating to a 102 MW wind farm in Indiana
- Represented a sponsor in the closing of construction financing and tax equity commitments relating to a 52 MW wind farm in California
- Represented a tax equity investor in connection with the first, second, and fifth securitizations of residential solar assets ever closed
Debt Financing
- Represented a multinational energy conglomerate in the back and front-leverage financing of two portfolios of fuel cell projects
- Represented a direct lender in a senior secured development loan provided to a battery storage and solar developer to construct a 10 MW/40 MWh battery energy storage system in California, among other battery and solar projects
- Represented a private equity sponsor in the closing of construction financing and tax equity commitments relating to a 130 MW wind farm in Indiana
- Represented Quinbrook Infrastructure Partners and its portfolio company, Scout Clean Energy LLC, in the closing of construction financing and tax equity commitments relating to the 180 MW Heart of Texas Wind Farm in McCulloch County, Texas
- Represented a global financial institution in connection with three acquisition financing loans relating to the purchase of utility-scale solar projects in Canada
- Represented a leading energy investment firm in the acquisition and project financing of a 625 MW combined-cycle power plant in the Southwestern US
- Represented a leading energy investment firm as the main equity sponsor in the project financing of a 725 MW gas-fueled combined-cycle power facility located in New Jersey
- Represented a leading energy investment firm with respect to a $430 million senior secured term loan B dividend recapitalization facility relating to its ownership interest in a major midstream gas services company in the south-central US
- Represented an upstream oil and gas project company with respect to a reserve-based lending facility with a major international bank and its private equity fund owner in the negotiation of a capital call lending facility for an equity partner
- Represented a Fortune 100 energy company and a major infrastructure investor in connection with a tax equity investment and project financing by a bi-national development bank of two solar power generating facilities in the Southwestern US
- Represented a lead arranger and administrative agent in the $375 million refinancing and the initial $175 million financing of an expansion of a crude oil pipeline and storage project in Panama. (The deal was named Latin American Refinancing Deal of the Year by Project Finance)
Preferred Equity, Acquisitions, and Joint Ventures
- Represented a major developer of residential solar and battery storage projects in connection with an up to $1.5 billion cash equity financing joint venture, together with related back-leverage arrangements and tax credit transfers
- Represented a preferred equity investor in a platform investment in a leading developer of commercial and industrial solar projects
- Represented BQ Energy Development, LLC, a distributed generation landfill and brownfield renewable energy developer, in the sale of its ownership interests to CleanCapital
- Represented a buyer in the acquisition of tax equity interests and simultaneous mezzanine financing relating to a portfolio of wind farms in Texas
- Represented a leading US utility in the acquisition of several wind, solar, and battery storage projects on a build-own transfer basis and in the negotiation of multiple power purchase agreements relating to such projects
- Represented a major developer of residential solar projects in connection with up to $500 million in joint venture financings provided by a consortium of private equity and investment management funds
- Represented a global financial institution in connection with more than $1 billion in investments in residential and commercial scale solar installations and debt facilities relating thereto
Tax Credit Transfers
- Represented a Fortune 500 company in its purchase of approximately $225 million of 45X manufacturing credits from a manufacturer of battery cells and battery modules
- Represented a major renewable energy developer in its sale of approximately $250 million of investment tax credits from a portfolio of solar and battery storage projects to a corporate tax credit purchaser
- Represented a multinational energy conglomerate in its sale of approximately $60 million of investment tax credits from a portfolio of fuel cell projects to a corporate tax credit purchaser
Recognitions
- Legal 500 US, Recommended, Energy: Renewable/Alternative Power and Energy Transactions: Electric Power, 2015-2017, 2019-2022, and 2024
Community
- American Bar Association, Project Finance and Development Committee
Credentials
Education
Boston College Law School, JD, 2007
Middlebury College, BA, 2001
Admissions
New York
Languages
Chinese (Mandarin)
English