| | Adam Umanoff
Partner,
Akin Gump | | Adam Umanoff co-chairs Akin Gump’s global project finance practice. Mr. Umanoff’s practice focuses on the development, financing, operation, disposition and acquisition of renewable energy projects and renewable energy companies. He represents project sponsors and developers, lenders, equity investors, manufacturers, technology companies and other participants in the sector and has substantial experience in the wind, solar and geothermal industries.
During 2010, Mr. Umanoff served as lead counsel on three of the largest renewable energy projects in the world, two of which won “Deal of the Year” honors from Project Finance and Project Finance International. He has been recognized as among California’s Top 100 Lawyers and Top 25 Clean Tech Lawyers, and is one of only six attorneys in the United States recognized by Chambers and Partners in Band 1 for renewable energy projects.
Prior to joining Akin Gump, Mr. Umanoff was a partner at several international law firms; an independent renewable energy consultant; and senior vice president, general counsel and secretary (1994-1999), managing director, Americas (1999-2000) and president and CEO (2000-2002) of Zond Corp./Enron Wind Corp.
Mr. Umanoff is a member of the American Bar Association, Business Law Section and the Los Angeles County Bar Association. He received his B.S. from Cornell University in 1980 and his J.D. in 1983 from Columbia Law School, where he was editor of the Columbia Journal of Environmental Law, a Harlan Fiske Stone Scholar and the recipient of the Wertheimer Prize in Labor Law.
Representative Experience
- representation of Terra-Gen Power in the development and financing (approximately $6 billion) of its up to 3,000-MW Alta Wind Energy Center in California, including the acquisition of project development assets and construction and term financing for the project. Financing for this project has included a $115 million equipment financing, a $400 million construction financing and a sale-leaseback financing for Alta Phase I and a $1.2 billion financing for Alta Phases II-V (which included a Rule 144A bond offering, a bank cash grant bridge facility and a forward commitment for a sale-leaseback), making this the first large portfolio of wind projects utilizing a leveraged lease finance structure in the United States. When completed, this will be the largest multiphase wind project in the United States. The Alta Phase II-V financing was recognized by Project Finance International as “Bond Deal of the Year” and by Project Finance Magazine as “North American Wind Deal of the Year.”
- representation of BrightSource Energy in connection with the development and financing of up to 2,600-MW of solar thermal projects in the southwest United States, including a $1.6 billion debt financing of the 392-MW Ivanpah Solar Electric Generating System. The Ivanpah financing benefits from a U.S. Department of Energy loan guaranty issued under the “innovative technology” loan guaranty program, the largest such loan guaranty issued to date. When completed, this will be the largest solar project in the United States.
- representation of Caithness Energy and GE Energy Finance in the development and financing of the 845-MW Shepherds Flat wind project in Oregon, including the acquisition of project assets and the equity and debt financing of the project. The Shepherds Flat financing exceeded $2 billion. Debt financing included both fixed and floating rate facilities and benefits from a U.S. Department of Energy loan guaranty issued under the Financial Institution Partnership Program established by the 2009 American Recovery and Reinvestment Act, the largest such loan guaranty issued to date. When completed, this will be the largest single wind project in the United States. The Shepherds Flat financing was recognized by Project Finance & Risk as its “Best Renewables Deal.”
- representation of developer in the development and financing of up to 500 MWs of wind projects located in New Mexico
- representation of developer in the restructure of over $1 billion of wind turbine supply arrangements for various U.S. projects
- representation of developer in the purchase of wind power development assets throughout the United States
- representation of developer and turbine manufacturer in connection with a joint venture to develop 5,000 MWs of wind projects in South Dakota
- representation of developer in connection with the development and financing of 150 MWs of new geothermal projects in California
- representation of wind turbine manufacturer in connection with the establishment of business in the United States
- representation of equity investor in connection with over $500 million of portfolio investments in photovoltaic solar power projects throughout the southwest United States
- representation of developer in connection with the development of wind projects in the northeast United States (Maine and New Hampshire)
- representation of utility in connection with its procurement of up to 500 MWs of wind capacity (through both project development and purchased power)
- representation of sponsor in the over $1 billion sale of a portfolio of renewable energy projects
- representation of utility in the acquisition of development rights and procurement of equipment for, as well as the construction of, wind projects located in Oregon
- representation of sponsor in connection with the repowering of several renewable energy projects (wind and geothermal) located in California and Nevada
- representation of developer in connection with the development of a gas-fired project located in California
- representation of developer in connection with a long-term operation, maintenance and parts supply transaction with an equipment supplier for a gas-fired project located in New York
- representation of sponsor in connection with renewable energy credit purchase and sale transactions for a series of its wind power projects
- representation of developer in over $2 billion of long-term wind turbine equipment purchases and warranty transactions for the development of wind projects throughout North America
- representation of developer in the procurement of equipment for, and construction of, several wind projects located in Texas
- representation of wind turbine equipment manufacturer in connection with its entry into the North American market, including intellectual property cross-licensing issues
- representation of sponsor in connection with a $112 million project financing for a portfolio of wind projects located in California
- representation of sponsor in connection with a $70 million project financing for a portfolio of wind projects located in California
- representation of investor in connection with the prospective acquisition of a controlling interest in a European wind turbine manufacturer
- representation of developer in connection with the development of a wind power project located in Maryland
- representation of utility in connection with a “firm” green power purchase arrangement.
While general counsel of Enron Wind Corp./Zond Corp., Mr. Umanoff was also involved in a wide area of transactions, including—
- strategic joint ventures (including a worldwide co-development joint venture with a major utility affiliate)
- mergers and acquisitions (including the sale of Zond to Enron, the acquisition of a German wind turbine manufacturer and the acquisition of a key portfolio of intellectual property rights)
- over $2 billion of project and corporate equity and debt finance transactions
- the worldwide development of over 1,500 MWs of wind power projects, including in the United States, the United Kingdom, Spain, Italy, France, Greece, Germany, offshore and elsewhere.
Awards and Recognitions
- “Top 25 Clean Tech Lawyers in California” (2011) - the Los Angeles and San Francisco Daily Journal
- Chambers USA – America’s Leading Lawyers for Business (2011 and 2010) - projects and renewable and alternative energy
- “Top 100 Lawyers in California” (2010) - the Los Angeles and San Francisco Daily Journal
- Mr. Umanoff is one of only six attorneys in the United States listed by Chambers in Band 1 for renewable energy projects.
- Chambers Global - The World’s Leading Lawyers (2010) - projects and renewables
- InterContinental Finance Magazine Global Awards (2010)
- Who’s Who Legal International (2010) for project finance
- The Best Lawyers in America (2010) for project finance law
- Southern California Best Lawyers (2010) for his work in project finance law
- Chambers USA – America’s Leading Lawyers for Business (2009) in Projects: Nationwide
- Who’s Who Legal California (2009) for project finance.
Speaking Engagements
- University of Texas at Austin 2011 Wind, Solar and Renewables Institute (Speaker - An Update and Report Card on the Federal Renewable Stimulus Program), Austin, Texas, February 2011
- Projects and Money 2011 Conference (Speaker - Case Study: Alta Wind Energy Center), New Orleans, LA, January 2011
- Solar Power International 2010 Conference (Speaker - Access to Capital for Solar Projects in the United States), Los Angeles, CA, September 2010
- ACORE’s Renewable Energy Finance Forum West (Co-chair - Public Capital Markets), San Francisco, CA, September 2010
- Focus on Emerging Markets: What Makes Green Energy Different, Washington, D.C., September 16, 2010
- AltaTerra Research Network’s Concentrating Solar Thermal Power 2010 Conference, San Diego, CA, May 2010
- Renewable Energy Opportunities in Turkey, April 6, 2010
- Native Nation Events’ California Economic Development Conference, San Diego, CA, April 2010
- UTCLE’s 2010 Wind, Solar and Renewables Institute (Speaker - The Financing of Renewable Energy Projects in a Post-Stimulus Environment), Austin, TX, February 2010
- Beiten Burkhardt Photovoltaic Emerging Markets Conference (Speaker - Update on U.S. Solar Market), Munich, Germany, September 2009
- Association for Corporate Growth Financing and Private Equity in Energy Infrastructure Including Renewable Energy (Speaker - Opportunities and Pitfalls for PE and Mezzanine Debt in Renewable Energy), New York, June 2009
- Authority for Electricity Regulation, Oman Renewable Energy & Energy Efficiency Seminars (Speaker - Wind Energy as Part of a Renewable Strategy), Muscat, Oman, May 2009
- American Wind Energy Association WINDPOWER 2009 Conference & Exhibition (Moderator - Large Wind Turbine Manufacturer Forum), Chicago, May 2009
- CleanTech Capital Summit (Moderator - Project Development, Construction and Finance), San Diego, April 2009
- Platts 2009 Wind Power Development Forum (Moderator - The Financial Crisis and Its Impact on Investment in Wind Generation), Chicago, March 2009
- Renewable Energy World Conference and Expo North America 2009 (Moderator - National Policy: Status and Strategy from a New Administration), Las Vegas, March 2009
- Project Finance: The Tutorial (Speaker - Synthetic PPAs and Other Hedging Strategies in Renewable Project Finance), New York, February 2009
- University of Texas School of Law and the Oil, Gas and Energy Resources Law Section of the State Bar of Texas 2009 Wind Energy Institute (Moderator - Update on the Wind Turbine Market and Wind Turbine Technology), Austin, January 2009
- Western Renewable Energy Development Summit (Speaker - Synthetic Power Purchase Agreements in Renewable Transactions), San Diego, CA, December 2008
- American Wind Energy Association Wind Power Supply Chain Workshop (Session Moderator - Wind Turbine Supply Contracts), Cleveland, OH, December 2008
- Utility Scale Solar Finance & Investment Summit, San Diego, CA, November 2008
- Solar Development & Finance Tutorial (Moderator - The Role of Debt Financing), San Diego, CA, November 2008
- Gerson Lehrman Group Clean Tech Summit (Moderator & Speaker - Policy Affecting Investment in Clean Technology and Developments in the Wind Power Market), San Francisco, CA, November 2008
- KPMG/Beiten Burkhardt Repowering and Emerging Markets Conference, Frankfurt, Germany, October 2008
- Renewable Power Project Finance: The Tutorial (Speaker - Hedges and Synthetic Power Supply Agreements), San Diego, CA, October 2008
- Husum WindEnergy 2008 (Speaker - The American Wind Energy Market: Current Situation), Husum, Germany, September 2008
- Opal Financial Group Green Innovation Venture Capital Summit (Moderator - Key Drivers for Green Investment), Scottsdale, AZ, September 2008
- Wind Power Development Tutorial 2008 Conference (Speaker), San Francisco, CA, July 28-30, 2008
- Project Finance: The Tutorial, New York, NY, June 25-27, 2008
- American Wind Energy Association Wind Power Conference (Session Chair), Houston, TX, June 2008
Publications
- “A Report Card On Stimulus For Renewable Energy,” Guest Column for POWER Magazine, March 2011
- “Terra-Gen Lands a Billion,” Project Finance International, September 13, 2010
- “Why A Strong RES Matters To The Wind Industry,” North American WINDPOWER, June 8, 2010
- “Tax Breaks or Tariffs? – Renewable Energy Incentives on both Sides of the Atlantic,” Legal & Tax Newsletter, December 2009
- “Greener Pastures,” Los Angeles Daily Journal, March 2009
- “Wind Power: When New Lawyers Join A Wind Power Practice Group, They Push For Green Policies,” Law Technology News, August 2008
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