Philip F. Corsello

* Indicates representative matters handled prior to joining Steptoe. 

Renewable Energy

• Represented the lenders, arrangers, agents, issuing banks and sustainability coordinator on a $2.5 billion, secured, sustainability-linked working capital credit facility for a global renewable energy sponsor. The credit facility, which features two ESG-related Key Performance Indicators with related covenants and price adjustments, will provide increased support for the sponsor’s growing project development pipeline of large-scale clean energy generation and storage facilities in the Americas.
• Represented the arrangers, agents, issuing bank, and green loan coordinators in connection with a $520 million Green Loan Principles-aligned build-transfer project financing of a 265 MW wind farm in Texas.
• Represented the arrangers, agents, issuing banks, and green loan coordinators in connection with a $500 million Green Loan Principles-aligned build-transfer project financing of a 200 MW wind farm in Illinois.
• Represented the arrangers, agents, issuing bank, and green loan coordinators in connection with a $510 million Green Loan Principles-aligned build-transfer project financing of a 300 MW solar project in Missouri.
• Represented the arrangers, agents, issuing bank and green loan coordinators in connection with a $1.1 Billion Green Loan Principles-aligned build-transfer project financing of a 600 MW wind farm in Oklahoma.
• Represented the arranger, agent, green loan coordinator, lenders and issuing banks in connection with a $900 million Green Loan Principles-aligned, secured multicurrency letter of credit facility established to support a global renewable energy sponsor's development of early-stage wind, solar, energy storage and transmission projects in North America, Latin America and Japan.
• Represented the arrangers, agents, issuing bank and green loan coordinators in connection with a $385 million Green Loan Principles-aligned build-transfer project financing of a 200.6 MW wind facility to be constructed in Baylor and Wilbarger Counties, Texas.
• Represented the arrangers, agents, issuing bank and green loan coordinators in connection with a Green Loan Principles-aligned $270 million build-transfer project financing of a 135 MW wind farm to be constructed in Kingman and Harper Counties, Kansas.
• Represented the arrangers, agents, issuing bank and green loan coordinators in connection with a Green Loan Principles-aligned $300 million build-transfer project financing of a 153 MW wind farm to be constructed in Kingman and Harper Counties, Kansas
• Represented the arrangers, agents, issuing bank and green loan coordinators in connection with a Green Loan Principles-aligned $310 million build-transfer project financing of a 189 MW solar project to be constructed in Barber County, Kansas.
• Represented a lead arranger and lender in connection with a $300 million senior secured Green Loan Principles-aligned revolving loan and letter of credit facility to finance the expansion of a sponsor’s operational renewable project portfolio and accelerate the commercialization of its development pipeline.
• Represented the arrangers, agents, lenders and green loan coordinators in connection with a Green Loan Principles-aligned $340 million build-transfer project financing of a 250 megawatt (AC) solar generation project in Sullivan County, Indiana.
• Represented the arrangers, agents and issuing bank in connection with a $260 million build-transfer project financing of a 150 megawatt (AC) solar generation project in White County, Illinois.
• Represented the arrangers, sustainability coordinators, green loan coordinators, agents, lenders and issuing banks in connection with syndicated, secured, sustainability-linked corporate credit facilities totaling $821.5 million for the owner of one of the largest fleets of non-regulated renewable energy assets in the United States. The credit facilities consist of sustainability-linked revolving and working capital facilities as well as a Green term loan facility.
• Represented the arrangers, agents and issuing bank in connection with a $180 million build-transfer project financing of a 100-megawatt (MW) solar facility to be constructed in Arkansas.
• Represented the lender, issuing bank and agent in connection with the establishment and closing of a $175 million secured letter of credit facility established to support the sponsor's development of early-stage green hydrogen, wind, solar, energy storage and electricity transmission projects in the US and Canada. 
• Represented the agent and lenders in connection with a secured, $750 million capital call bridge loan credit facility established to facilitate the acceleration of a leading, global sustainable energy developer and operator’s build-out of its global clean energy project platform. *
• Represented an international infrastructure investor in connection with their acquisition of the owner of a portfolio of land and lease rents, royalties and related receivables associated with utility scale wind and solar projects located in the US. *
• Represented the issuing bank and arranger in connection with the establishment of an uncommitted, secured, multicurrency letter of credit facility established in favor of an international sponsor’s Mexican subsidiary to support early stage solar and energy storage projects being developed by affiliates in Puerto Rico, Mexico and South America. *
• Represented the issuing bank and arranger in connection with a $100 million secured letter of credit facility established to support the sponsor's and its subsidiaries' development of wind and solar energy and energy storage projects in the US. *
• Represented the agents and lenders in connection with a secured, $380 million bridge loan and turbine equipment financing credit facility for a 999-megawatt (MW) wind energy project in Oklahoma. *
• Represented a large US utility/independent power producer in the sale of its commercial industrial solar business, comprised of more than 600 individual solar sites, and more than 100 power purchase agreements. *
• Represented the lender, issuing bank and agent in connection with the establishment of a $70 million secured letter of credit facility established to support the sponsor's development of early stage renewable energy projects in the US. *
• Represented the arranger, issuing bank and agent in connection with the establishment, restatement, extension, upsizing and syndication of a secured letter of credit facility supporting the sponsor's development of early-stage renewable energy projects in the US and Canada. *
• Represented the sponsor, borrower, issuer and affiliates in connection with a $310 million construction, tax-equity bridge loan and tax equity financing for a 238 megawatt (MW) solar generation project in Midland, Texas. *
• Represented the issuing banks and available providers in connection with the establishment of letter of credit and bank guarantee facilities aggregating 995 million euros established to support a Canadian asset-manager's takeover bid for all of the shares of a listed, Madrid-based, Spanish renewable energy yieldco. *
• Representation as counsel to lender, agent and depositary in connection with the construction-to-term and tax-equity bridge loan credit facilities financing the development of: (i) an approximately 131 MW utility-scale solar energy project in Rosamond, California; (ii) an approximately 100 MW utility-scale solar energy project in Rosamond, California; and (iii) an approximately 78 MW utility-scale solar energy project in California City, California. *
• Represented the arranger and agent in connection with the establishment of a senior secured credit facility to finance a sponsor's acquisition of loans financing residential solar systems across the US. *
• Represented the sponsor in connection with the disposition of all of its interests in a solar generation project under construction in Pecos County, Texas. *
• Represented the sponsor, borrower and affiliates in connection with a $850 million senior secured holdco Term Loan B credit facility to leverage sponsor's interest in a portfolio of renewable electric generation projects and distributed electric generation projects. *
• Represented the sponsor and affiliates in connection with a Section 4(a)(2) private placement of $150 million of senior secured notes and the establishment of related letter of credit and working capital facilities in connection with the financing of their continued ownership, operation and maintenance of a 256 MW portfolio of seven wind and solar power generation projects located in five states. *
• Represented the arranger and agents in connection with the establishment of a senior secured credit facility to finance a developer's acquisition of residential solar systems across the US. *
• Represented the structuring agent, syndication agent, administrative agent and initial lender in connection with the closing and subsequent syndication and upsizing of a secured credit facility established to monetize certain future subsidiary distributions resulting from investments in tax equity funds made to finance the installation of multiple solar power systems. *
• Represented the sponsor, borrower and affiliates in connection with a $300 million senior secured Term Loan B credit facility to leverage sponsor's interest in a portfolio of wind power generation projects. *
• Represented the sponsor, issuer and affiliated project companies in connection with the project financing of a wind portfolio, comprising a $613 million Rule 144A/Regulation S note offering and the establishment of $141 million in letter of credit and working capital facilities to finance a power company's continued ownership, operation and maintenance of a portfolio of 13 wind projects located in six states and aggregating 667 MW in generation capacity. *
• Represented the sponsor, issuer and affiliated project companies in connection with a $400 million construction cost refinancing for sponsor’s wind generation projects (aggregating 190 megawatts in generation capacity) located in Iowa and North Dakota. *
• Represented the lender, issuing bank and agent in connection with a $75 million secured letter of credit facility established to support sponsor’s development of wind generation projects in North America. *
• Represented the agent and lenders in connection with a $70 million bridge loan credit facility to finance construction and development of a solid waste disposal and wood pellet production facility in Alabama. *
• Represented the sponsors and issuers in connection with an opco/holdco, quasi-144A, private placement to leverage hydroelectric generating facilities and related storage reservoirs in Maine and New Hampshire. *
• Represented the arrangers, agents, issuing bank, and green loan coordinators in connection with a $500 million Green Loan Principles-aligned build-transfer project financing of a 200 MW wind farm in Illinois.
• Represented the arrangers, agents, issuing bank, and green loan coordinators in connection with a $510 million Green Loan Principles-aligned build-transfer project financing of a 300 MW solar project in Missouri.

Energy Storage and Transmission

• Represented mandated lead arranger, Green loan coordinator, agents, issuing bank and lenders in connection with a $70 million Green Loan Principles-aligned assumption and combined amendment, restatement, extension and increase of combined restructuring and refinancing for an operating portfolio of behind-the-meter battery energy storage systems located in Southern California.
• Represented the arrangers, agents, issuing banks and lenders in connection with the landmark, first-of-its-kind project financing for the construction, development, expansion and operation of an affiliated portfolio of behind-the-meter battery energy storage systems located at various large-load commercial, industrial, and government host sites in Los Angeles and Orange Counties, California, which constitute one of the largest "virtual power plants" in operation.
• Represented a lender in connection with the $804 million project and back-leverage financing for an approximately 345 MW solar and 1,500 MW battery storage project located in Mojave, California. 
• Represented an Israeli fund investor in connection with its participation as a lender in the $804 million project and back-leverage financing for an approximately 345 MW solar and 1,500 MW battery storage project located in Mojave, California. This was the fund's first energy finance investment in the US, and we also assisted in the start-up and establishment of their investment review program for similar, additional investments. *
• Represented the sponsor and affiliates in connection with an approximately $175 million tax-equity financing for a 39.95 MW portfolio of approximately 193 fuel cell servers to be located in California, Connecticut, New Jersey, and New York. *
• Represented the agents, arrangers, and lenders in connection with the establishment of a senior secured construction loan and revolving credit facility to finance a portion of the development, construction, ownership, and operation by a selected Texas transmission service provider of 234 miles of Competitive Renewable Energy Zones (CREZ)-situated transmission lines, a new collector substation, and a new series compensation station in the Texas Panhandle, as well as a related senior secured holdco loan and letter of credit facility. *
• Represented a group of international infrastructure investors in their bid and negotiation of accompanying financing proposals for the acquisition of a transmission line in the domestic US. *

Tax Equity and Back-Leverage*

• Represented the sponsor and its affiliates in connection with its acquisition, development, and $245 million tax-equity financing of an approximately 198 MW wind generation project located in Beaver County, Oklahoma.
• Represented tax equity investors in connection with a tax-equity financing for four wind generation projects.
• Represented the sponsor and affiliated project companies in connection with a $250 million back-leverage financing of sponsor’s equity participation in a portfolio of five wind generation projects (aggregating 598 MW in generation capacity) located in Colorado, North Dakota and Minnesota, as well as a related transmission line located in Colorado.
• Represented the sole institutional investor in connection with several sale-leaseback financings of a portfolio solar energy generation facilities constructed by the same sponsor in North Carolina.
• Represented the sponsor and issuer in connection with the tax-equity financing for a 200 MW solar energy generation project in California.
• Represented the sponsor and issuer in connection with a mini-perm construction loan financing and tax-equity financing for a 20 MW ground-mounted, solar power plant in Puerto Rico.
• Represented the sponsor and issuer in connection with a $280 million construction loan financing, and the subsequent $277 million tax-equity takeout financing and $39 million project-related letter of credit facility, for a 170 MW wind generation project located in Texas.
• Represented the sponsor and issuer in connection with a $78 million tax-equity financing for two wind generation projects (aggregating 67 MW) located in California.
• Represented tax equity investors in connection with a $325 million tax-equity financing for four wind generation projects (aggregating approximately 604 MW) located in Oregon, Iowa and Kansas.

Other Energy-Related Matters

• Represented a leading independent specialist infrastructure credit fund manager in connection with an $85 million credit facility for an affiliate of an industry-leading provider of end-to-end parking technology including electric vehicle (EV) charging station infrastructure. 
• Represented the issuing bank in connection with a $200 million standby letter of credit and a new $355 million documentary letter of credit facility financing the purchase of 150 megawatts (MW) of gas-fired power generation units by a global energy infrastructure company; the generators are to be installed under a larger Federal Emergency Management Agency (FEMA) initiative to supply temporary power generation to support Puerto Rico's grid stabilization and facilitate repair work on Puerto Rico's power system.
• Represented the sole arranger, administrative and collateral agent and an issuing bank in connection with the establishment and financial closing of a syndicated, uncommitted, secured letter of credit facility worth up to US$350 million in favor of a global integrated gas-to-power infrastructure company to support its LNG liquefaction, supply and shipping businesses, and its downstream facilities and logistics assets, in the US, Puerto Rico, Jamaica, Mexico, Nicaragua, Ireland and other jurisdictions.
• Represented the arrangers and lenders in connection with the project financing (including construction, term, letter of credit, debt service reserve and working capital loan facilities) for the development, construction, ownership and operation of a 550 MW combined cycle power facility in the Queens borough of New York, and with the subsequent amendments and extensions of such credit facilities.
• Represented the sponsor and its affiliates in connection with the Rule 144A/Regulation S offering of $165 million of additional 10-year senior secured notes, and the solicitation of consents from holders of outstanding notes, in order to finance their expanded development of several power plants in Argentina. *
• Represented the sponsor, issuer and affiliated project companies in connection with the financing of a portfolio of five combined and simple cycle electricity generation facilities in Texas and aggregating 3,400 MW in average generation capacity, comprising a $695 million Term Loan B facility and the establishment of a $20 million revolving and letter of credit facility to finance the parent company's continued ownership, operation and maintenance of the portfolio. *
• Represented the arranger, the agent and the lenders in connection with a construction, term and pad gas revolver loan facility to finance the development and construction of a high turnover natural gas storage facility in Louisiana. *
• Represented sponsors and issuers in connection with a quasi-144A, private placement debt financing of a combined cycle, natural gas-fired cogeneration facility located on a site in Pennsylvania and Delaware. *
• Represented a leading financial investment advisory firm headquartered in New York City (together with several of its affiliates) in connection with the acquisition of a 32 billion cubic feet (Bcf) high-deliverability salt cavern storage facility in Mississippi, and the negotiation and establishment of a related seller-financed senior secured term loan facility, the proceeds of which were used to finance a portion of the total purchase price. *
• Represented underwriters and lenders in connection with a Rule 144A private placement and the establishment of related letter of credit and working capital facilities to finance continuing operations and expansions of related electricity generating facilities in Colorado. *

• Lawdragon, 500 Leading Energy Lawyers (2025)
• The Best Lawyers in America guide, Energy Law (2023)
• Client Choice Award: Project & Procurement – United States, Lexology (2021)
• Energy & Environmental Trailblazers, National Law Journal (2018)
• Who's Who Legal, Project Finance (2017-2018, 2022-2024)

• American College of Investment Counsel (ACIC), Fellow