Philip Corsello
Philip Corsello
212.513.3475

Overview

Philip F. Corsello is a financial services attorney in Holland & Knight's New York office. Mr. Corsello has more than 30 years of experience in the project finance, energy and infrastructure sectors.

Mr. Corsello's extensive financing experience includes representing agents, arrangers, institutional investors, banks and other lenders, as well as sponsors, developers, private equity, infrastructure fund, tax equity and other investors in the energy sector and other sectors on a wide variety of financing transactions, including holdco and term loan B credit facilities, private placements (including under Section 4(a)(2) and Rule 144A), and secured and unsecured working capital and letter of credit facilities.

In the energy sector, Mr. Corsello represents clients on credit facilities subject to sustainability-linked principles and green loan principles, project construction and mini-perm financings, tax equity and back-leverage financings, renewable energy portfolio financings, renewable project development letter of credit facilities and capital call bridge financings, as well as energy project acquisitions and dispositions.

Mr. Corsello also provides advisory and strategic counseling for clients in connection with evaluating, structuring and negotiating intercreditor arrangements relating to a variety of financing structures and on numerous portfolio management-related matters.

Mr. Corsello's work on the first-of-its-kind financing of a portfolio of behind-the-meter battery energy storage systems located in Southern California and several other energy sector financings have been recognized with Deal of the Year awards from various publications, including IJGlobal, Project Finance and Project Finance International. Mr. Corsello has received the 2021 Client Choice Award: Project & Procurement – United States, Lexology, and has been recognized by National Law Journal as an Energy & Environmental Trailblazer and by Who's Who Legal in their Project Finance category.

Representative Experience

  • Counsel to the arrangers, agents and lenders 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
  • Counsel to a lead arranger and lender in connection with a $300 million senior secured Green Loan Principle-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 renewable energy development pipeline
  • Counsel to 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
  • Counsel to 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 nonregulated 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 
  • Counsel to 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
  • Counsel to Natixis, New York Branch as a mandated lead arranger, sustainability coordinator and administrative agent, and the other arrangers and lenders, on a $1.5 billion secured, sustainability-linked working capital credit facility to support Invenergy Renewables Operating I LLC and its parent company’s growing project development pipeline
  • Counsel to the agent and lenders in connection with a secured, $750 million capital call credit facility established to facilitate the acceleration of a leading, global sustainable energy developer and operator's buildout of its global clean energy project platform and supported by a global investor's capital contribution obligations
  • Counsel to 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 United States
  • Counsel to 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 U.S. and Canada
  • Counsel to the arrangers, agents, lenders and issuing bank in connection with the establishment and several increases and extensions of a $300 million secured multicurrency letter of credit facility established to support sponsor's global development of early stage wind, solar, energy storage and transmission projects
  • Counsel to 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
  • Counsel to 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 United States
  • Counsel to the agents and lenders in connection with a secured, $380 million bridge loan and turbine equipment financing credit facility for a 999-megawatt wind energy project in Oklahoma

  • Counsel to 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 U.S., and we also assisted in the start-up and establishment of their investment review program for similar, additional investments.
  • Counsel to arrangers, agents, issuing banks and lenders in connection with a $60 million third round of financing for the construction, development and operation of an expanded and additional affiliated portfolio of behind-the-meter battery energy storage systems located in Southern California, which constitute one of the largest "virtual power plants" of this kind in operation
  • Counsel to arrangers, agents, issuing banks and lenders in connection with a $100 million project financing and refinancing of the continuing construction, development, expansion and operation of a fleet of battery energy storage systems located in Southern California
  • Counsel to arranger, agent, issuing bank and lender in connection with the landmark, first-of-its-kind project financing of a 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
  • Counsel to sponsor and affiliates in connection with an approximately $175 million tax-equity financing for a 39.95 megawatt (MW) portfolio of approximately 193 fuel cell servers to be located in California, Connecticut, New Jersey and New York
  • Counsel to 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
  • Counsel to group of international infrastructure investors in their bid and negotiation of accompanying financing proposals for the acquisition of a transmission line in the domestic United States

  • Counsel to the sponsor and its affiliates in connection with its acquisition, development and $245 million tax-equity financing of an approximately 198 megawatt (MW) wind generation project located in Beaver County, Oklahoma
  • Counsel to tax equity investors in connection with a tax-equity financing for four wind generation projects
  • Counsel to 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
  • Counsel to the sole institutional investor in connection with several sale-leaseback financings of a portfolio photovoltaic energy generation facilities constructed by the same sponsor in North Carolina
  • Counsel to the sponsor and issuer in connection with the tax-equity financing for a 200 MW solar energy generation project in California
  • Counsel to 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
  • Counsel to 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
  • Counsel to the sponsor and issuer in connection with a $78 million tax-equity financing for two wind generation projects (aggregating 67 MW) located in California
  • Counsel to 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

  • Counsel to 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
  • Counsel to 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 United States, Puerto Rico, Jamaica, Mexico, Nicaragua, Ireland and other jurisdictions
  • Counsel to 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
  • Counsel to 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 megawatt (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
  • Counsel to arrangers and agents in connection with the refinancing of a revolving credit and letter of credit facility for a crude oil gathering and transportation service provider
  • Counsel to agent for the first-lien lenders in connection with a first-lien BL/revolver and term loan credit facility for a leading private sector manager in the U.S. of correctional, detention and community-based correctional residence facilities and related intercreditor arrangements with second-lien lenders and mezzanine participants
  • Counsel to the arrangers and lenders in connection with the project financing (including construction, term, letter of credit, debt service reserve and working capital loan facilities in an aggregate principal amount of $1.023 billion) 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 restructuring, upsizing and extension of such credit facilities
  • Counsel to 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
  • Counsel to the 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
  • Counsel to 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
  • Counsel to 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
  • Counsel to the 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
  • Counsel to the lead investor in connection with the acquisition of multiple peaking power facilities
  • Counsel to 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
  • Counsel to the management/sponsors in connection with a private equity financing for a biodiesel development company
  • Counsel to co-lead investor in connection with establishment and initial funding of $400 million Asian oil and gas exploration and development fund.
  • Counsel to agent and lenders in connection with the establishment of a senior secured term loan facility for an international hedge fund

Credentials

Education
  • Fordham University School of Law, J.D.
  • Columbia University, B.A.
Bar Admissions/Licenses
  • New York
Memberships
  • American College of Investment Counsel (ACIC), Fellow, 1997-Present
Honors & Awards
  • 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, 2022-2023

Speaking Engagements

News