Paul Astolfi
Headshot of Paul Astolfi

Paul J. Astolfi

Partner

Paul Astolfi is a partner in the U.S. Energy, Natural Resources & Infrastructure practice, and has spent the better part of the last 20 years working on greenfield and brownfield power, energy and infrastructure finance, M&A and reorganizations.

His experience includes billions of dollars of investment in energy companies and power projects, including gas-fired peakers in PJM, QFs in MISO, hedged merchant wind and solar facilities in ERCOT (and elsewhere), contracted solar facilities in CAISO, various energy projects in Mexico, and project bond financings (144A and private placements).

Paul has a particularly strong expertise in multi-tiered financing structures and cross-border transactions, including intercreditor arrangements and workouts. Paul speaks French competently and can read and understand Spanish. He is a member of the New York Bar, among others.

Expertise

Industries

Experience

Representative matters

Relevant experience prior to joining A&O Shearman includes advising:
  • A consortium of financiers including Natixis, CIBC, Rabobank and Nomura as Coordinating Lead Arrangers, Lenders, Issuing Banks and/or Agents in a loan facility to finance the construction of three solar energy projects in Tennessee, Ohio and Indiana, respectively, sponsored by Invenergy.
  • The coordinating lead arrangers, First Citizens Bank & Trust Company, Norddeutsche Landesbank Girozentrale, and Denham Sustainable Infrastructure Capital, in Denham Sustainable Infrastructure Capital’s provision on behalf of its clients of a construction loan of USD90m that converts to a term loan, Norddeutsche Landesbank Girozentrale’s provision of a letter of credit facility of approximately USD24m, and First Citizens Bank & Trust Company, Norddeutsche Landesbank Girozentrale, and National Bank of Canada’s provision of an approximately USD212m tax equity bridge loan. The financing supports the 185MW solar photovoltaic and 400MWh energy storage Escape Project in Lincoln County, Nebraska, which is contracted to sell power to three casinos and a local power district.
  • A financial investor:
    on its USD1.5bn multifaceted transaction in which an investment vehicle, in partnership with Invenergy and funds managed by private equity firm Blackstone Infrastructure Partners acquired, from American Electric Power, a 1,365MW renewables portfolio comprised of 14 projects representing 1,200MW of wind and 165MW of solar in 11 states.
    as seller in Blackstone Infrastructure Partners, LP's USD3bn investment in Invenergy Renewables LLC, a private developer, owner and operator of wind and solar projects in North America. 
    with respect to its investment in Leading Light, the Invenergy-sponsored New York Bight offshore wind project.
    in connection with the proposed acquisition of a cash equity position in Invenergy Renewable’s Calhoun Solar Project in Michigan. Calhoun is a novel solar facility involving bespoke offtake arrangements.
    in the USD546m acquisition of a 30% indirect equity interest in The Dayton Power and Light Company (d/b/a AES Ohio), an Ohio energy generation company that provides electricity across West Central Ohio.
    in connection with the refinancing of One Team Partners’ existing senior term loan facility with HPS.
  • The lenders on an Arizona BESS financing. The project is a 250MW SA BESS in Mesa, Arizona with a 20 year PPA with investment grade offtaker. The project will NTP in Feb 2025 and COD April 2026.
  • Allianz Global Investors in a USD760m debt financing transaction, in the form of a bond, to finance a portion of a portfolio of solar projects held by 8point3 Energy Partners. The deal was awarded 2019 North America Renewable/ Battery Project Finance Deal of the Year by Power Finance & Risk.
  • The coordinating lead arrangers in a USD200m letter of credit facility and USD100m revolving borrowing base credit facility to support early stage (pre-NTP) transmission and renewable energy generation projects developed by energyRe, LLC, including an initial portfolio of over 20 wind and solar projects along with a transmission line (Clean Path New York, an approximately 175-mile facility that will deliver renewable power from upstate New York to New York City), with built-in expansion facilities to further grow the portfolio of projects and up-size lenders' commitments in the future.
  • The lenders in construction, bridge, and term loan facilities for a 150MW (AC) Solar Generation Facility in Hardin County, Ohio.
  • The lenders in construction, bridge, and term loan facilities for a 250MW (AC) solar generation facility in Hardin County, Ohio.
  • Rabobank, as administrative agent, collateral agent, a lender and an issuing bank, and CIBC, as a lender and an issuing bank, in a senior secured bridge loan facility to AES Corporation. AES used the proceeds of the loan to further support the construction and operation of certain solar photovoltaic energy projects.
  • Morgan Stanley with respect to its potential investment in a residential solar portfolio under development by Palmetto Corporation.
  • A private equity firm as purchaser in an approximately USD111m investment tax credit transfer transaction for a utility-scale wind generation project and associated infrastructure in Mississippi (Tunica County) owned by subsidiaries of The AES Corporation. The project is Mississippi’s first utility-scale wind farm.
  • First-Citizens Bank & Trust Company in a USD4.6m upsizing of an existing USD78.6m term loan and USD7m letter of credit facility for subsidiaries of CleanCapital HC4 Borrower LLC, supporting a 46.7MW portfolio of 59 commercial and industrial solar photovoltaic energy projects in California, Massachusetts and New Jersey.
  • A private equity firm as purchaser in an approximately USD112m investment tax credit transfer transaction for two utility-scale solar and storage projects in Kern and Los Angeles Counties, California.
  • Banco Santander, S.A., Société Générale and CaixaBank:
    in a roughly USD355m construction loan, bridge loan and letter of credit facility to finance the construction of Samson I, an approximately 250MW (AC) solar generation facility in Lamar County, Texas being developed by Invenergy Renewables Global LLC.
    in a roughly USD330m construction loan, bridge loan and letter of credit facility to finance the construction of Samson III, an approximately 250MW (AC) solar generation facility in Lamar County, Texas being developed by Invenergy Renewables Global LLC.
  • Banco Santander, S.A., New York Branch, in its provision of construction loan, tax equity bridge loan, back-leverage loan and letter of credit facilities to a global private equity firm for the construction and operation of an approximately 66MW solar photovoltaic energy generation plus approximately 198MWh BESS storage project.
  • An investment banking company in their tax equity investment in a portfolio of approximately 1,900 residential solar projects.
  • Nomura in connection with approximately USD500m of construction, bridge, and term loan facilities for a 300MW (AC) Solar Generation Facility in Lamar, Franklin, Hopkins and Red River Counties, Texas.
  • Bank of America and The Bank of Nova Scotia in the provision of a USD75m term loan facility and USD37m LC facility for ArcLight Capital in its acquisition of Duke Energy's distributed generation solar portfolio. 
  • A leading private equity firm as purchaser in an investment tax credit transfer transaction for two utility-scale solar and storage projects in Kern and Los Angeles Counties,California  owned by subsidiaries of The AES Corporation.
  • MUFG, as lead arranger, in the construction loan for the 150MW Kings Point Wind Farm and the 150MW North Fork Wind Farm , sponsored by Algonquin, being developed in Missouri. The Kings Point and North Fork wind farms will generate a total of about 300MW.
  • MUFG and Santander in the construction loan for the 301MW Neosho Wind Farm (sponsored by Algonquin being developed in Kansas.
  • Global Atlantic Financial Group providing term debt for five utility-scale solar projects in Culberson County, Texas, and Riverside County, California, with an approximately 1.7GWp being developed by SoftBank Energy Corp.
    Athos I – 250MW
    Athos II – 200MW
    Juno – 300MW
    Titan – 270MW
    Aragorn – 260MW
  • Norddeutsche Landesbank Girozentrale, New York Branch and Cooperatieve Rabobank UA, New York Branch in the construction, tax equity bridge, and back-leverage financing of Concho Valley Solar, an approximately 160MWac solar photovoltaic generation facility in Tom Green County, Texas.
  • Norddeutsche Landesbank Girozentrale, New York Branch as sole Lead Arranger for a USD189m senior secured loan facility and a USD53.8m letter of credit facility related to the construction of an approximately 336MW wind project in Texas.
  • Santander Bank, S.A., Bank of America, National Association and Sumitomo Mitsui Banking Corporation in an approximately USD348m construction, tax equity bridge, and back leverage financing of Great Pathfinder Wind in Iowa, a 225MW wind project sponsored by Apex Clean Energy Holdings.
  • Acciona Energia in connection with bond financing for two 102MW wind farm projects in Oaxaca, Mexico.
  • US Ex-Im Bank:
    in a USD225m portfolio of Ontario solar PV projects.
    in a USD210m portfolio of Canadian solar PV projects.
  • Acciona Energy North America:
    regarding the US aspects of its financing for the Lameque Wind Farm in New Brunswick, Canada. 
    in connection with JV arrangements covering Southwest Power Pool assets.
    in connection with concentrating solar power project PPA.
    in a USD280m construction loan to provide temporary financing for the Tatanka Wind Farm project, a 180MW wind farm electric generating facility in the Dakotas.
    in a USD381m tax-equity financing of the Tatanka Wind Farm in the Dakotas.
    in a USD266m leveraged sale-leaseback to provide permanent financing for Nevada Solar One, a 64MW solar thermal electric generating facility.
  • The sponsor in a USD100m debt financing of Acciona Energy’s EcoGrove Wind Farm.
  • JPMorgan Capital Corporation in the financing for the 150MW Settlers Trail Wind Farm in Illinois.
  • JPMorgan Chase Bank:
    in a USD2bn revolving credit facility in connection with the acquisition by a consortium of private equity funds of midstream oil and gas assets from El Paso Corporation.
    regarding the financing for the acquisition of a several hundred million dollar portfolio of oil and gas assets by KKR related funds.
  • Bank of America regarding the financing for Petro Harvester’s acquisition of oil and gas assets from Denbury Resources.
  • The Bank of Montreal in the USD57m financing of Peregrine Pipeline and Peregrine Field Services.
  • The buyer in the acquisition of Mid-Georgia Cogen, LP.
  • GMAC in an approximately USD11bn financing to successfully stave off GMAC’s potential insolvency in connection with GM’s bankruptcy proceeding.
  • Madison Dearborn Partners:
    in connection with debt and equity investments in UPC Wind and various of its wind energy projects.
    in connection with wind energy asset acquisitions and financings in New England ISO.
    in connection with transmission line asset financing.
  • Constellation Energy in connection with financial planning and structuring to achieve non-consolidation treatment.
  • Astoria Generating Company in connection with various non-consolidation issues and related financings.
  • Perennial Power Holdings in connection with restructuring advice.
  • GGP LP in connection with approximately 180 project financings for various mall assets across the US.
  • Marubeni Power International in connection with PPA and acquisition financing in connection with Sempra Energy Trading assets.
  • Acciona Energy and affiliates in connection with eight year litigation defending non-compete claims exceeding USD1bn.
  • New Energy Corp in connection with DOE loan restructuring.
  • A major private equity fund in a USD300m leveraged investment in a national chain of dentist practices.
  • A hedge fund in a USD200m mezzanine debt and equity investment in an international manufacturer of shipping cases.
  • A US based foreign currency fund (n/k/a CurrencyShares Euro Trust with net assets of nearly USD1bn) in its initial public offering, advising on the structure of its UK banking relationship and as to compliance with US banking and finance law.
  • A US based foreign currency fund (n/k/a CurrencyShares British Pound Sterling Trust with net assets of nearly USD100m) in its initial public offering, advising on the structure of its UK banking relationship and as to compliance with US banking and finance law.

Published Work

  • "CPUC Authorizes Procurement of 10.6GW of Clean Energy Resources Under AB 1373," August 27, 2024
  • "Offshore Wind: New California Law Aims to Simplify and Expedite Offshore Wind Energy Development," December 19, 2023
  • "Novel California Law to Boost Offshore Wind Projects: “Central Procurement Framework” to Benefit Offshore Wind Development and Long-Duration Energy Storage," October 30, 2023
  • "Coastal Virginia Offshore Wind Project: Bureau of Ocean Energy Management (BOEM) Issues Final Environmental Impact Statement," October 05, 2023
  • "US Offshore Wind Development: 2022 Year in Review and Looking Ahead," February 07, 2023
  • "Financing Options for Renewable Projects," PFI Yearbook 2023, January 2023
  • "Icebreaker Project Catches Break: OH Supreme Court Upholds Permit, Allowing 1st US Freshwater Wind Project to Proceed," August 11, 2022
  • "California Increases Offshore Wind Development Goals," August 04, 2022
  • "US Offshore Wind – Financing Considerations and Development Challenges," May 05, 2022
  • "US offshore wind challenges," PFI (subscription required), April 2022
  • "US Offshore Wind Development: 2021 Year in Review and Looking Ahead," Energy Forward Blog, March 09, 2022
  • "The Law off the Land: Why Offshore Wind Developers, Utilities, and Investors Should Give Early Consideration to Environmental Law Risks," Energy Forward Blog, March 09, 2022
  • "US Offshore Wind Development: 2021 Year in Review and Looking Ahead," February 17, 2022
  • "The Law off the Land: Why Offshore Wind Developers, Utilities, and Investors Should Give Early Consideration to Environmental Law Risks," North American Clean Energy, January 2022
  • "Latest US Energy Department “Earthshot” to Tackle Carbon Dioxide Removal ," November 15, 2021
  • "Mayer Brown’s Working Capital Newsletter ," Energy Forward Blog, July 16, 2021
  • "US – Storing CO2 And Lowering Emissions (SCALE) Act," Energy Forward Blog, March 19, 2021
  • "Energy Evolution," Energy Forward Blog, March 16, 2021
  • "Energy Evolution," March 12, 2021
 

Speaking Engagements

  • "Proximo US Power, Renewables & Energy Transition Finance 2024 Conference," November 19, 2024
  • "ABS East 2024," October 21, 2024
  • "Proximo US Power, Renewables & Energy Transition Finance 2023," November 02, 2023
  • "CLEANPOWER Reception (New Orleans)," May 23, 2023

Recognition

Paul is a problem solver who works through complex issues efficiently.
Chambers USA
Paul has a high level of commitment to client service, coupled with great responsiveness and business acumen.
Chambers USA

Awards

  • Ranked by Chambers USA - Projects: Renewables & Alternative Energy
  • Ranked by IFLR1000 - Project Finance
 

Qualifications

Admissions

Illinois, 2007

New York, 2012

Texas, 2024

 

Academic

University of Michigan Law School, JD, 2000

University of Massachusetts at Amherst,  BA,  1994

Languages

English, French
Disclaimer
A&O Shearman was formed on May 1, 2024 by the combination of Shearman & Sterling LLP and Allen & Overy LLP and their respective affiliates (the legacy firms). Any matters referred to above may include matters undertaken by one or more of the legacy firms rather than A&O Shearman.