Chapman and Cutler’s Utility Finance Group combines our focus on finance with decades of experience structuring financing transactions and advising clients on finance, compliance, regulatory, and taxation matters in the utilities industries, including energy, water, and telecommunications. We know these industries exceedingly well and are able to provide a wide range of legal services to participants in these markets.

Our practice includes:

Project Finance. We have extensive experience representing developers, sponsors, off-takers, equity and debt investors, and credit enhancers in infrastructure and energy financing projects. Our project finance experience includes power and renewable energy (wind, solar, biomass, and hydroelectric), oil and gas, transportation (highway, rail, and air), mining and metals, water and waste treatment, sports arenas, and petrochemical assets and projects. We are adept at employing innovative project development and finance techniques, such as public-private partnerships, on behalf of our clients. Chapman attorneys negotiate and structure debt and equity investments in these types of projects, including nonrecourse and limited recourse debt, equity placements, mezzanine debt, leveraged and synthetic leases, and public offerings of taxable and tax-exempt debt.

Municipal Finance. Chapman attorneys have decades of experience representing municipal utilities and other governmental issuers in connection with tax-exempt and taxable bond offerings used to finance energy and infrastructure assets and in their roles as purchasers under long-term energy service contracts. We work with some of the most significant participants in the industry and consistently help these utilities lower their borrowing costs and secure long-term financing for qualifying capital projects. Chapman attorneys also help investor-owned utility clients finance pollution control facilities, solid waste disposal facilities, sewage facilities, and facilities for the local furnishing of electricity, gas, and water through the issuance of fixed, variable, and auction rate securities issued on their behalf by governmental entities. As one of the most experienced and well-recognized law firms in the nation in the area of municipal finance, Chapman has consistently been a leader in shaping and pioneering the structures used in the municipal finance markets, including direct involvement in the legislative effort that resulted in the creation of the Clean Renewable Energy Bond legislation.

Private Offerings. We represent utilities, placement agents, and investors in connection with private offerings of a wide range of equity and debt securities, including those issued in connection with leveraged and other lease transactions. Each year we serve as counsel to institutional investors in dozens of private placement transactions to benefit utilities.

Capital Markets. We represent utilities and underwriters/initial purchasers in connection with the public offering of a wide variety of equity and debt securities in public (SEC-registered) and Rule 144A offerings. We are experienced in handling offerings of common stock, preferred stock, and secured and unsecured debt for these clients. 

Taxation and Incentives. Our tax attorneys provide a full range of legal services related to taxation and incentives for projects, investments, mergers and acquisitions, and other corporate transactions in the utility space. We routinely advise clients with respect to due diligence, investment tax credits, production tax credits, property taxes, sales and use taxes, taxable and tax-exempt financings, other tax incentives, transfer taxes, treasury cash grants, cross-border tax matters, and tax lobbying. We are also experienced in representing REITs and other tax-advantaged transaction parties that invest in utility projects, including as site lessors for sites where utility projects and assets are located.

Our attorneys are particularly adept at developing and employing tailored structures to efficiently enable developers and tax equity and other investors to utilize federal and state tax credits, benefits, and exemptions in financing and developing renewable energy assets. We are able to guide our clients in using sale-leaseback, lease pass-through, partnership flip structures, and REITS, and developing financeable project documents, such as PPAs, as well as offering other creative solutions that are cutting-edge in this industry. 

Representative Transactions

Counsel to Utilities
Counsel to Financiers and Investors

Related Areas


Jump to Page