Overview

Philip F. Corsello is a financial services attorney in Holland & Knight's New York office. Mr. Corsello has more than 25 years of experience in the project finance, energy and infrastructure sectors.

In the energy sector, Mr. Corsello represents clients on a variety of project-related matters, including construction and mini-perm financings, financings of battery storage projects, term refinancings, tax equity and back-leverage financings of renewable energy assets, financings and dispositions of gas-fired power generation facilities, and financings and dispositions of electricity transmission projects and natural gas storage facilities.

Mr. Corsello's clients include agents, arrangers, institutional investors, banks and other lenders, as well as sponsors, developers and investors. He assists these clients with project financings, tax-equity and back-leverage financings, project acquisitions and dispositions, holdco and term loan B credit facilities, private placements – including under Section 4(a)(2) and Rule 144A – secured and unsecured working capital and letter of credit facilities, and a variety of other related matters.

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

Mr. Corsello's work on several energy project financings has been recognized as Deals of the Year by various publications, including IJGlobal, Project Finance and Project Finance International.

Prior to joining Holland & Knight, Mr. Corsello was finance and energy attorney for a national law firm based in its New York office.

Representative Experience

  • Counsel to the arrangers, administrative agent, lenders and issuing bank in connection with the amendment, restatement, increase and extension of a renewable energy project portfolio sponsor's maturing $500 million syndicated credit facility to a syndicated $775 million three-year term, revolving and letter of credit facility, which will provide increased and broader support to sponsor's growing portfolio of developing renewable energy projects in the United States
  • 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 and a $500 million holdco revolving credit facility (with $100 million accordion) 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 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
  • Representation of a large U.S. 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
  • Counsel to 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 U.S.
  • Counsel to the sponsor in connection with the disposition of all of its interests in a solar generation project under construction in Pecos County, Texas
  • Counsel to 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 U.S. and Canada
  • Counsel to 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
  • Counsel to 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
  • Counsel to 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
  • Counsel to 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 U.S.
  • Counsel to 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
  • Counsel to 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 U.S.
  • Counsel to lender, agent and depositary in connection with the construction-to-term and tax-equity bridge loan credit facilities financing the development of:
  • Counsel to 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
  • Counsel to 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
  • Counsel to 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
  • Counsel to 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

  • 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 the establishment of an uncommitted, secured, multicurrency letter of credit facility 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
  • Client Choice Award: Project & Procurement – United States, Lexology, 2021
  • Energy & Environmental Trailblazers, National Law Journal, 2018
  • Who's Who Legal, Project Finance, 2017-2018

Speaking Engagements

News