ProjectsPlus 2022

We are excited to welcome several new partners in our global Project, Energy and Infrastructure Finance Group—talented, experienced lawyers with unparalleled technical excellence, a commitment to client service, and the proven insight necessary to meet the demands of our clients’ most challenging cross-border deals.

Matthew Brown (London) advises sponsors, lenders, export credit agencies and governments on energy and infrastructure development and finance matters, with a focus on energy transition matters, including battery gigafactories, battery storage, hydrogen and other green industrial projects, as well as oil and gas, LNG, and conventional and renewable power matters.

Munib Hussain (London) has advised on numerous innovative and “market-first” transactions around the world. He has significant expertise in advising sponsors, lenders, private equity funds and sovereigns on international projects, energy and infrastructure project and acquisition financings, restructurings and investments in the oil and gas, power (including renewables) and mining sectors.

Michael Klaus (Los Angeles) focuses on the financing and sale of renewable energy projects, representing financial institutions and sponsors in all aspects of the acquisition, development and financing of energy and infrastructure projects. He advises clients in the financing or sale of projects across a range of technologies, including solar, wind, battery storage, fuel cell, biomass, landfill gas and advanced biofuels. 

Sean O’Neill (New York) represents project sponsors and financial institutions in a range of domestic and cross-border project and structured financings and investment transactions across numerous industrial sectors, including oil and gas, power and renewable energy, transportation, airports, water and telecommunications.

The main thrust of the Inflation Reduction Act is to promote cleaner and greener energy sources and technologies so as to reduce the greenhouse gas emissions that contribute to global climate change. In “Inflation Reduction Act: Faustian Bargain Could Jeopardize Offshore Wind, Renewable Energy On Federal Lands,” published in Forbes, Milbank partner Allan Marks examines the tradeoffs between climate protections and fossil fuel provisions in the legislation, addressing the bill’s various energy and tax provisions in the broader context of the energy transition, regulatory goals, volatile markets and the current investment climate.

In March 2022, the US Securities and Exchange Commission (SEC) released its long-awaited proposed rules on climate risk disclosures, which amend and build upon existing climate-change disclosure rules and guidance. The final rule is expected in 2023. In “An Overview of the SEC’s Proposed Climate-Related Risk Disclosure Rules,” published in the New York State Bar Association’s New York Environmental Journal, Milbank’s Matt Ahrens, Allison Sloto and Pinky Mehta discuss the proposed rules that are intended to enhance and standardize disclosures on climate-related risks that are likely to have a material impact on a company’s business and financial performance over the short, medium and long term.

Islamic finance is concerned with the conduct of commercial and financial activities in accordance with Islamic law or shariah. In the Islamic Finance chapter of the Project Finance Law Review, Fourth Edition, Milbank partner Munib Hussain outlines the key principles relevant to Islamic finance transactions, examines the typical funding structures deriving from those principles, discusses the application of Islamic finance principles and structures in a project finance context, and addresses the particular challenges of combining Islamic finance with conventional project financing techniques.

A primary attraction of utilizing project finance bonds for a project’s owner, typically referred to as a “sponsor,” is that the cost of financing a project can be minimized to the extent that the debt incurred to finance the project will be repayable over a long period of time using the proceeds of the project’s net revenues. In “Why the World Needs Project Bonds (and Project Finance Lawyers...)," published in the International Comparative Legal Guide to Project Finance, Milbank partner John Dewar discusses the ins and outs of project bonds, including requirements, risks and the stages in a project bond issuance.

JFK Airport’s New Terminal One—“We Have Liftoff”
The $9.5 billion New Terminal One at New York's John F. Kennedy Airport – developed, financed and built by a private consortium – will be the largest terminal at the airport when completed, with state-of-the-art technology, sustainability and capacity upgrades.

Inflation Reduction Act—Expanding the Use of Tax Credits for Clean Energy Projects
The Inflation Reduction Act encourages investment by expanding the use of production tax credits (PTC) and investment tax credits (ITC) for clean energy projects, domestic supply chains and skilled jobs, Milbank partner Allan Marks explains on a Proximo Infra podcast.

ESG – Shaping How Companies Raise Capital
Investors, borrowers and financial institutions are increasingly using Environmental, Social and Governance (ESG) principles and metrics to shape the ways they attract capital, screen investments, set terms in complex transactions, and meet evolving compliance and disclosure requirements.