Chad T. Marriott

Chad T. Marriott

Partner
Portland, OR
Overview

About Chad

Chad Marriott serves as counsel to sponsors, owners, and investors, as well as commercial and industrial customers, in the development, sale, acquisition, and financing of renewable and thermal energy projects throughout the United States. His broad experience in finance, M&A, and state and federal utility regulation has proven valuable to clients at various stages of project development and operation.

In the past few years, Chad has negotiated the tax equity financing for two solar PV portfolios totaling 140 MWac, including both traditional utility offtake and community solar arrangements, and acted as primary federal energy regulatory counsel for the tax equity and back-leverage debt financing of more than 350 MWac in the Southwest, Southeast, and Northeast regions. In addition, Chad has served as sponsor’s counsel for the negotiation of approximately $2 billion in tax equity financing for more than 1.8 GW of wind projects from North Dakota to Texas, and separate equity investments in more than 900 MW.

Recently, Chad has also led transactions for the cross-border acquisition of energy storage assets in Canada, the acquisition of two operational wind projects in Minnesota, and the acquisition of wind assets in Tehachapi, California for repowering.

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Experience

Experience

Wind Project Finance and M&A

  • Represented Enel Green Power North America, Inc., as sponsor, in the approximately $330 million tax equity financing of its 297.8 MW Thunder Ranch wind project in Oklahoma.
  • Led negotiations on behalf of Eolus Vind AB subsidiary, Eolus North America, Inc., for the acquisition of a 60% interest in Wind Wall Development, LLC and the simultaneous execution of an asset purchase agreement for the repowering of an existing, operational wind project in Tehachapi, California.
  • Represented affiliate of Longroad Energy, LLC in its acquisition of two operational wind projects in Minnesota with a combined capacity of 80 MW from NRG Energy, Inc.
  • Represented Enel Green Power North America, Inc., as sponsor, in connection with the tax equity investment by JPM Capital Corporation, Merrill Lynch and Wells Fargo in the combined 400 MW Cimarron Bend I and II wind projects in Oklahoma.
  • Represented Enel Green Power North America, Inc., as sponsor, in connection with the tax equity investment by Bankers Commercial Corporation, an affiliate of MUFG Union Bank, in the 108 MW Drift Sand wind project in Oklahoma.
  • Represented Enel Green Power North America, Inc., as project sponsor, in connection with the combined tax equity and cash equity investment by EFS Renewables Holdings, LLC, a subsidiary of General Electric, in the 64.8 MW Chisholm View II wind project in Oklahoma.
  • Represented Enel Green Power North America, Inc., as project sponsor, in connection with the tax equity investment by Special Situations Investing Group II, LLC, an affiliate of Goldman Sachs & Co., in the 150 MW Lindahl wind project in North Dakota.
  • Represented sponsor in the tax equity financing of the 74 MW Little Elk wind project in Oklahoma by MUFG Union Bank affiliate, Bankers Commercial Corporation.
  • Represented sponsor in the negotiation of (1) a cash equity investment by GE Capital subsidiary EFS Osage Wind, LLC in the 150.4 MW Osage wind project in Oklahoma and (2) the subsequent tax equity investment in the project by JPM Capital Corporation, Northwestern Mutual, and State Street Bank and Trust.
  • Represented sponsor in the negotiation of an approximately $400 million portfolio tax equity investment by JPM Capital Corporation, MetLife, and Bank of New York Mellon  in the 150 MW Origin wind farm in Oklahoma and the 200 MW Goodwell wind project in Oklahoma and Texas.
  • Represented Enel Green Power North America, Inc. (acting through its subsidiary EGPNA Development Holdings, LLC) in the acquisition of a 25% equity interest in the 249.75 MW Buffalo Dunes wind project in Kansas from EFS Buffalo Dunes, LLC, a subsidiary of General Electric Capital Corporation.
  • Represented sponsor in the negotiation of (1) a cash equity investment by GE Capital subsidiary EFS Buffalo Dunes, LLC, for the acquisition of a 51% stake in the 249.75 MW Buffalo Dunes wind project in Kansas and (2) a subsequent $260 million tax equity investment by JPM Capital Corporation, Wells Fargo Wind Holdings, MetLife, and State Street Bank and Trust.
  • Represented sponsor in the negotiation of (1) a cash equity investment by GE Capital subsidiary EFS Chisholm View, LLC, for the acquisition of a 51% stake in the 235 MW Chisholm View wind project in Oklahoma and (2) a subsequent $220 million tax equity investment in the project by an investor group led by J.P. Morgan.
  • Represented sponsor in the negotiation of (1) a cash equity partnership agreement with GE Capital subsidiary EFS Prairie Rose, LLC, for the acquisition of a 51% stake in the 200 MW Prairie Rose wind project in Minnesota and (2) a subsequent $190 million tax equity investment in the project by an investor group led by J.P. Morgan.
  • Represented Puget Sound Energy, Inc. in the sale of development assets from the 276 MW Lower Snake River complex (now the Tucannon River Wind Farm) to Portland General Electric.

Solar Project Finance and M&A

  • Represented affiliate of Geronimo Energy, LLC in the tax equity financing of its Nordic Solar portfolio, consisting of nine community solar garden projects totaling approximately 40 MWac in Minnesota.
  • Represented Enel Green Power North America, Inc., as sponsor, in the tax equity investment by Antrim Corporation, an affiliate of State Street Bank and Trust, in the Aurora portfolio of sixteen (16) solar projects in Minnesota totaling 100 MWac.
  • Represented ImMODO International Corporation in the sale of a portfolio of 15 small solar photovoltaic projects in Tulare County, California totaling approximately 22 MWac, to an institutional investor.

Energy Storage M&A

  • Represented Powin Energy Corp. in the negotiation of cross-border acquisition and development service agreements with Hecate Energy for 12.8 MW/52.8 MWh of energy storage assets in Ontario, Canada. 

Other Energy M&A 

  • Represented Tenaska Washington Partners, L.P. in the sale of its partnership interest in the Ferndale Cogeneration Station, a 270-MW gas-fired power plant in Washington, to Puget Sound Energy.
  • Coordinated due diligence review and assisted in drafting purchase agreement for the acquisition of two pumped storage hydroelectric facilities.
  • Assisted with corporate restructuring of German renewable energy company’s project entities in the United States.

Energy Regulatory 

  • Represented Capital Dynamics with respect to FERC regulatory matters in connection with its tax equity and back-leverage debt financing for the Cal Flats 130 and Cal Flats 150 solar projects in California.
  • Represented FTP Power Inc. subsidiary Sustainable Power Group, LLC (sPower) in FERC matters related to the development and tax equity and back-leverage debt financing of more than 350 MWac of solar PV projects in California, North Carolina, Massachusetts, New York, and Arizona.
  • Represented Integrated Asset Management, a Canadian fund, through its subsidiary IAM Infrastructure Private Debt Fund LP, in FERC regulatory matters related to its term loan to a Canadian borrower that was used to refinance the debt of its US-based project company and secured by a hydroelectric facility located in Oregon.
  • Represented coalition of large industrial customers in 2013 Black Hills Power, Inc. rate case before the South Dakota Public Utilities Commission, including appeals to circuit court and Supreme Court of South Dakota.
  • Represented coalition of large industrial customers in Certificate of Need proceeding for Great Northern Transmission Line before Minnesota Public Utilities Commission.
  • Represented large technology company on FERC, PPA, and interconnection matters related to the acquisition of two small hydroelectric generating facilities in Oregon.
  • Represented coalition of large industrial users in 2013 Minnesota Power Integrated Resource Plan docket before the Minnesota Public Utilities Commission.
  • Conducted regulatory due diligence in multiple states related to acquisition and development of 500 kV high voltage transmission project in the West.
  • Analyzed and advised multiple clients on the scope of California Public Utility Commission and California Independent System Operator (“CAISO”) rules regarding resource adequacy and deliverability for wind and solar resources.
  • Assisted with PPA regulatory due diligence for the acquisition of multiple qualifying facilities (“QFs”) in Oregon and Idaho, including analysis of the Idaho Public Utility Commission’s reduction of the state’s avoided cost eligibility cap.
  • Regularly assist with federal energy regulatory due diligence for potential acquisitions of biogas, wind, and solar facilities.

Hydroelectric and Hydrokinetic

  • Advise clients on new hydroelectric development, including municipal preference issues and the surrender, refiling and sufficiency of preliminary permit applications under Part I of the Federal Power Act.
  • Advise clients in due diligence related to existing and development-stage small, conduit, and pumped storage hydroelectric facilities in Washington, California, and Oregon.
  • Represented Ocean Power Technologies, Inc. in matters related to the first FERC-licensed wave energy project in the United States.
  • Represented client in dispute before the FERC involving competing preliminary permit applications for a tidal energy project site.
  • Advised client on FERC licensing exemption process for conduit hydroelectric facilities.
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Honors

Honors & Activities

Professional Honors and Activities

  • Listed among Rising Stars (Energy & Natural Resources), Oregon Super Lawyers®, 2013-2018
  • Member, AWEA Emerging Leaders Program, 2016
  • Member, Energy Bar Association
  • Member, Oregon State Bar Energy, Telecom & Utility Law Section

Civic Activities

  • Board of Directors, Camp Fire Columbia, 2011-2017; Chairman, 2014-2016
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Insights & Presentations

Insights & Presentations

  • Presenter, “Technological Advancement and Business Opportunities,” Charging Forward: The Future of Energy in Oregon, Portland, OR, April 13, 2018
  • Moderator, “Structuring, Contracting and Financing Solar + Storage Projects,” Storage Week, San Francisco, CA, Feb. 27, 2018
  • Presenter, “Impacts of the Tax Law Change on the Wind Industry,” Infocast webinar, Jan. 10, 2018
  • Presenter, “Key Provisions: Revisions to Oregon's Renewable Portfolio Standard (RPS),” Law Seminars International: Oregon's Clean Electricity and Coal Transition Plan, Portland, OR, July 28, 2016
  • “Financing Wind Projects - Equity and Tax Equity Structures,” Women of Wind Energy, San Diego, CA, March 30, 2016
  • Moderator, “Small Companies’ Participation in Small and Large Projects,” Defense Renewable Energy & Military Microgrids Summit, Washington D.C., April 9, 2013
  • Moderator, “Utilities’ Perspectives on Participating in Defense Renewable Energy Acquisition and Supply,” Defense Renewable Energy & Military Microgrids Summit, Washington D.C., Nov. 29, 2012
  • Moderator, “Advances in Hydropower, Tidal and Wave Energy,” RETECH, Washington D.C., Oct. 18, 2012
  • Moderator, “Marine Spatial Planning” and “What’s Happening on the West Coast,” EnergyOcean International 2012, Boston, MA, June 19, 2012
  • “Key Regulatory Programs for Advanced Biofuels: Federal Fuel and Fuel Additive Registration and California’s Low Carbon Fuel Standard” Chapter, The Law of Biorefineries and Advanced Biofuels, Stoel Rives LLP, 2012 Edition
  • “Recognizing the Role of Small Hydro in the West,” EUCI Conference, Dec. 12-13, 2011
  • “FITs and Starts: Toward an Avoided Cost Rate for Offshore Energy Projects,” EnergyOcean International Conference, June 15, 2011
  • Panelist, “Practicing with New Meaning: How Sustainability is Transforming the Law,” 29th Annual Public Interest Environmental Law Conference, Mar. 5, 2011
  • Panelist, “Wave Energy in the U.S. Today: How Technology, Academia, Regulations, and Policies are Shaping the Industry,” Teleconference, American Bar Association’s Renewable, Alternative, and Distributed Energy Resources Committee, Feb. 1, 2011
  • “Environmental Attributes” and “Siting and Permitting Marine and Hydrokinetic Energy Projects,” The Law of Marine and Hydrokinetic Energy: A Guide to Business and Legal Issues, Stoel Rives LLP, Vol 4, 2011 (formerly The Law of Ocean and Tidal Energy)
  • “Hydropower and Hydrokinetic Projects,” National Business Institute (NBI) seminar, Dec. 1, 2010
  • Coastal and Marine Spatial Planning (CMSP 101),” EnergyOcean Pacific 2010 & Ocean Renewable Energy Conference V, Sept. 29, 2010
  • “Tradable Renewable Energy Credits in California: The Struggle with Implementation” (coauthor), The Electricity Journal, July 2010
  • “Permitting and Planning Challenges for Renewable Projects – New Hydro Technologies,” Oregon Law Institute Green Business Law conference, June 11, 2010
  • Coastal and Marine Spatial Planning for Offshore Renewable Energy Development on the West Coast,” Environmental & Land Use Law Newsletter, May 2010
  • Using Adaptive Management to Resolve Uncertainties for Wave and Tidal Energy Projects” (coauthor), Oceanography magazine, 2010



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