Profilo
Ellen Friedman is an experienced project transaction attorney adept at anticipating emerging legal and commercial risks. She partners with business leaders to shape strategy, evaluate risk and structure and execute complex energy and infrastructure transactions. Ellen aggressively identifies opportunities for her clients, generating value and important connections.
Ellen advises investors, developers, lenders, hedge providers and others active in the energy and infrastructure sectors on a wide range of matters, including structuring, debt/equity financings, tax credit transactions, M&A, joint ventures, sale-leasebacks, preferred equity investments, power sales (including to support data centers), VPPAs, hedging/insurance arrangements and other commercial contracts. Her energy related work has focused on both conventional and renewable power projects and more recently, voluntary carbon credit transactions, pipelines, energy transition projects including carbon capture utilization and storage (CCUS), SAF/renewable fuels, battery storage, biomass, biodigesters, geothermal and production of critical minerals in the United States and abroad. Her infrastructure work involves satellite launch service providers, airports, roads, bridges and ports. Ellen has led deals involving community solar, utility-scale solar, and distributed generation platforms, as well as public-private partnership structures supporting clean energy deployment.
On the lender side, Ellen represents commercial banks, financial guarantors, private credit providers and institutional investors in a range of financing transactions, including back-leveraged loans, equipment financings, project development financings, construction and term loan facilities, Rule 144A debt offerings, private placements and workout and restructuring matters. She also advises on structured financings tied to the monetization of project-related revenue streams and on refinancings of existing energy assets, including “80/20” repowering projects.
For sponsors, developers, and equity investors, Ellen advises on the development, acquisition, financing, and disposition of both alternative and conventional energy assets and on related hedging arrangements. Her work includes advising on investments in large-scale energy infrastructure projects that incorporate carbon capture and storage technologies or are designed to qualify for other applicable tax incentives. On tax credit matters, including IRC 45Q, 45X and 45Z, she advises tax equity investors, sponsors and tax credit buyers, in connection with transaction structuring, “foreign entity of concern” (FEOC) issues under OBBA and tax credit insurance matters.
Ellen’s conventional energy practice covers project development, debt and equity financings, power and gas hedging, M&A, and restructurings for gas-fired, coal-fired, and cogeneration projects. She has experience advising on financings for large-scale gas-fired generation facilities and merchant power projects. Internationally, she has advised on power, oil and gas, and infrastructure projects across a range of jurisdictions, including transactions involving export credit agency-supported financings.
Ellen is admitted to practice in New York.
Concentrations
- Project finance
- Renewable energy and energy transition
- Carbon Capture Utilization and Sequestration (CCUS)
- Energy tax credits
- M&A
- Power Purchase Agreements (PPAs)
- Critical minerals
- Joint ventures
- Voluntary carbon credits
Competenze
Esperienze Professionali - Attività Accademiche
- Representation of major European energy company in connection with various loans made to U.S. renewable energy developer and support in connection with related intercreditor arrangements.°
- Represented private credit provider in connection with proposed $25 million sponsor-level revolver facility to support early development and construction of pv solar projects in the United States.°
- Represented NY Greenbank in connection with $55 million of back-leveraged financing of 69 MW of community solar projects utilizing modified borrowing base loan sizing methodology in New York State.°
- Represented a bank in connection with back-leveraged financing of pv solar projects developed and constructed to support a university offtaker.°
- Represented a commercial bank in connection with financing of $43 million of solar projects located in California, providing power to government institutions and utilizing a lease pass-through structure.°
- Represented a lender in connection with its due diligence and purchase of 144A debt issued by an Exelon affiliate in connection with 660 MW wind portfolio.°
- Represented a lender in connection with participation in $100 million loan based upon monetization of certain wind-farm related real estate royalty payments.°
- Represented a lender in connection with solar installation constructed on university campus involving lease pass-through structure.°
- Represented a lender in providing back leverage supported by sponsor’s equity interest in portfolio of solar facilities in the Northeast.°
- Represented an international commercial bank in connection with refinancing/restructuring of a hydroelectric project in Pennsylvania.°
- Representation of battery storage developer in connection with development and debt, equity and tax equity financing of several pure-play battery storage facilities in Texas.°
- Representation of major U.S. IPP in connection with hybrid tax equity financing of 450MW Wind Farm in Southwestern United States.°
- Representation of major U.S. IPP in connection with hybrid tax equity financing of 540MW Solar + Storage Project in California.°
- Represented major global industrial hydrogen producer in connection with tax equity/tax credit monetization structures and risk analysis for clean hydrogen and ammonia projects, including presentations with respect thereto to the C-Suite and members of their Board of Directors.°
- Representation of geothermal power + direct lithium extraction developer in the United States with respect to project development, tax credit monetization and financing.°
- Represented Schroders Greencoat NA on 50% equity investment in two operating utility-scale solar projects in the United States and long-term partnership arrangements with seller.°
- Advised carbon capture developer in connection with structuring of multiple proposed transactions adding CCS to existing coal-fired power projects owned by electric coops, municipal power agencies, public utilities and private equity investors including identifying and addressing project-on-project risks, jointly-owned municipal power agency governance issues, 45Q tax credit monetization and developing acceptable risk allocation strategies.
- Represented OGCI Climate Investments Holdings LLP in connection with its acquisition of $10 million of Series C Convertible Preferred Stock in a private placement (PIPE) issued by NextDecade.°
- Represented private equity-backed IPP in connection with project development, including negotiation of hedging arrangements and power offtake contracts, including PPA with large Nevada-based data center buyer.°
- Advised nature-based carbon removal developer with respect to structuring of equity and financing arrangements for international project development.°
- Represented developer/sponsor of proposed BECCS to Sustainable Aviation Fuel project in Texas.°
- Represented a renewable gas developer involved in biodigester portfolio in the Northeast, including negotiation of manure supply agreements, equity arrangements.°
- Represented OGCI in transaction with Starwood Energy and Elysian Ventures in connection with its investment in proposed large-scale commercial capture CO2 from a natural gas power plant designed to qualify for carbon capture incentives under Section 45Q.°
- Represented energy developers in connection with negotiation and documentation of various energy hedge arrangements.°
- Consultant to a bio-diesel developer proposing construction of facility which would benefit from carbon capture and sequestration.°
- Structured financings for solar portfolios on community colleges, universities and government facilities, all of which involved long-term public or quasi-public offtakers and PPP-like contractual frameworks.
- Representation of EDPR in connection with innovative 500 MWAC “synthetic” community solar partnership arrangement with Google, addressing financial, regulatory, and environmental justice considerations.
- Represented a major European insurance company in connection with development of standard policies supporting solar equipment warranties.°
- Represented a major power marketer in connection with multiple transactions.°
- Represented a large international energy company in proposed acquisition of over 600 MW of operating wind farms in New York State.°
- Represented a large international energy company in proposed acquisition of a construction company involved in the renewables sector.°
- Represented a developer involved in development of proposed BioMAT PPA eligible biomass projects in California.°
- Represented a wind developer in construction and term financing of 30 MW wind farm.°
- Advisory role to a developer in connection with securitization of residential solar portfolio.°
- Represented a lessee in connection with sale-leaseback structure for portfolio of solar facilities installed on various wineries.°
- Represented a project owner in connection with financing of portfolio of residential solar projects in Louisiana, which also benefited from LA state tax credits.°
- Advisor to the equity investors (including major insurance company and unregulated utility subsidiary) in the development and financing of an approximately 45 MW biomass red power facility in North Carolina.°
- Represented a seller in connection with sale of equity interest in biomass facility.°
- Represented a purchaser in connection with acquisition of equity interests in wind portfolio.°
- Advisory role in connection with New Markets Tax Credit financing for biomass facility.°
- Advisory role in connection with tax equity financing of closed-loop biomass facility.°
- Represented a project developer in connection with $30 million construction and term loan financing of a wind farm in Maine.°
- Advisory role with respect to solar developer in connection with U.S. Army $7 billion MATOC.°
- Advisory role with respect to USDA 9003 loan guaranty to support financing of bio-refinery.°
- Represented a wind developer in connection with development of 258 MW Texas wind farm.°
- Advisory in connection with solar projects under development in Puerto Rico.°
- Represented a private equity fund in connection with its review and analysis of various solar and wind energy investment opportunities.°
- Represented the sponsor and borrower in the $92 million private placement involving four wood-fired power projects located in Michigan, Massachusetts, and Pennsylvania.°
- Represented major power developer in connection with its bid for hydroelectric generating assets located in northeastern United States.°
- Represented a developer of a proposed 185 MW wood-fired electric generation project in southern Ohio, including negotiation of proposed senior debt, equity and tax investor arrangements.°
- Represented a developer in various New Jersey countywide solar projects.°
- Represented large industrial taxpayer as tax credit purchaser of 10-year forward strips of production tax credits to be generated by two operating utility scale solar farms in Texas, together with negotiation of unique buyer-side tax credit insurance policy and related REC purchase arrangements.°
- Represented a tax equity investor in leveraged portfolio of nine Minnesota community solar projects.°
- Represented a tax equity investor in leveraged portfolio of 42 MW of solar portfolio in North Carolina.°
- Represented a tax equity investor in portfolio of solar portfolio in Massachusetts with project level loan.°
- Represented a tax equity investor in leveraged financing of diverse commercial and industrial distributed generation solar portfolio.°
- Represented a tax equity investor in connection with leveraged portfolio of solar projects in North Carolina. Transaction also benefited from utilization of North Carolina state renewable tax credits and new markets tax credits.°
- Represented a tax equity investor in connection with public-private partnership with Connecticut’s Clean Energy Finance and Investment Authority to establish $60 million solar fund.°
- Represented a lessor in sale-leaseback structure involving portfolio of solar installations in California supporting local community colleges.°
- Represented a tax equity investor in connection with leveraged portfolio of five utility scale solar projects in North Carolina.°
- Represented a tax equity investor in connection with SolarCity’s $1 billion SolarStrong initiative involving leveraged structure supported by pv solar installations on military housing units.°
- Represented an investor in a $75 million residential solar fund.°
- Represented private equity backed IPP with respect to its acquisition of existing coal-fired power generation assets, implementation of secured hedging arrangements with respect thereto and support for its low-carbon redevelopment strategy.°
- Represented a project company in connection with $645 million debt and equity financing and power and gas hedging arrangements of a 475 MW gas-fired power project in Butler County, Ohio.°
- Represented major U.S. commercial bank in connection with its role as “lessor” in complex sale-leaseback structure involving two Midwest fossil power generation projects.°
- Advised large California public utility in their negotiations to acquire an operating power generation facility from private equity owner.
- Represented a project company in connection with $605 million debt and equity financing and power offtake arrangements of a 477 MW gas-fired power project in Kings Mountain, North Carolina.°
- Represented a project developer in connection with construction and term financing of merchant 580MW gas-fired power project in PJM service territory.°
- Represented a project developer in connection with refinancing of 620 MW gas-fired power project in Pacific Northwest.°
- Represented a project sponsor and borrower in connection with a $150 million letter of credit facility secured by cash flows from a portfolio of domestic energy projects.°
- Represented a financial guarantor in connection with restructuring of distressed toll road portfolio.°
- Represented a large international commercial bank in connection with the $1.25 billion construction and term financing of gas-fired facilities in Boston.°
- Represented an energy industry participant in connection with certain joint venture arrangements involving operation of power islands at a major industrial company’s process facilities and related leasing arrangements.°
- Represented a major utility subsidiary in connection with leasing arrangements with respect to approximately 1459 MW of generating assets owned by a debtor in bankruptcy in Kentucky.°
- Represented the sponsor and borrower in connection with project development and the $503 million joint construction and term financing of the 375 MW gas-fired facility in Minnesota and 250 MW gas-fired facility in Texas; project was awarded the “Power Project Finance Best Americas Deal of the Year” by Power Finance and Risk Magazine.°
- Represented the underwriter and debt service reserve letter of credit provider in connection with a $266 million Rule 144A securities offering to refinance nine cogeneration power plants located in California.°
- Represented a major financial institution as underwriter of $90 million non- credit enhanced tax-exempt private placement for coal-fired project in Pennsylvania.°
- Represented an interstate oil pipeline owner in connection with proposed lease financing transaction to support expansion.°
- Represented a major independent energy developer in connection with project development, bridge financing, turbine financing, acquisition and dispositions of power assets and construction and term financing of numerous domestic gas-fired power projects, including development of intercreditor arrangements with hedge counterparties and equity arrangements.°
- Represented major financial institutions in $128 million financing (and subsequent restructuring) of a hazardous waste incinerator in Ohio.°
- Represented an aerospace company in connection with proposed $27 million financing of a satellite processing facility near Cape Canaveral, Florida.°
- Represented a major investment bank in connection with a Rule 144A/Reg S acquisition financing of portfolio consisting of ten gas-fired power projects.°
- Represented the sponsor and borrower in connection with the $1.4 billion portfolio construction and term financing of four merchant power projects in New York, Arizona, Michigan, and Massachusetts.°
- Represented the lead underwriter in connection with the $700 million 144A financing of 1000 MW gas-fired facility constructed in Oswego, New York.°
- Represented a financial guarantor in connection with $350 million financing of a portfolio of peaking power plants owned in Louisiana and Illinois.°
- Represented a major financial institution in connection with bridge financing and capital markets/securitization transaction involving airport infrastructure in Latin America.°
- Advised private equity investor in connection with redevelopment and financing of port infrastructure in Galveston, Texas.°
- Represented a major financial institution in connection with the $750 million multi-tranche financing of refurbishment and expansion of power facilities in Barranquilla, Colombia.°
- Represented a major financial institution in $162 million 144A financing of a Chilean petroleum coke processing and cogeneration facility.°
- Represented an investor in a portfolio of rooftop pv solar projects in the Philippines.°
- Represented an unregulated utility subsidiary in connection with its proposed acquisition of an equity interest in a power project in southern India.°
- Represented a major financial institution in connection with $88 million loan to finance construction of offshore gas drilling platforms and related equipment in South America.°
- Represented major financial institutions in connection with various financing facilities extended to Quezon Power (Philippines), Limited Co. to construct a coal-fired generating facility; financing included multi-tranche bank credit facilities and a registered debt offering and involved the participation of U.S. Export-Import Bank and OPIC.°
- Represented the project owner and its U.S. sponsors in acquisition and financing of power assets to support mining operations in Indonesia.°
°The above representations were handled by Ms. Friedman prior to her joining Greenberg Traurig, LLP.
Riconoscimenti e Premi
- Listed, The Best Lawyers in America, Energy Law, 2020-2025
- Listed, Chambers Global (Projects / Energy) 2013-2016
- Listed, Chambers USA Guide, (Projects / Energy), 2013-2016
- Member, American Bar Association
- Co-Chair, Project Finance Sub-Committee, 2025-Present
- Board Member, Our Energy Policy, 2026-Present
Formazione
Formazione
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Laurea magistrale in Giurisprudenza, cum laude, Fordham University School of Law
- Member, Fordham Law Review
- Diploma di maturità, Cornell University
Abilitazioni
- New York