Madeleine Tan
Partner
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Overview
Madeleine Tan is a financial services attorney in Holland & Knight's New York office. Ms. Tan has more than 20 years of experience in advising clients on tax equity, structured investments and financing transactions in the energy, transportation and infrastructure sectors.
Ms. Tan has global experience, having worked on transactions in the U.S., Latin America, Europe and Asia. She counts among her clients U.S. and foreign equity and debt funds, major sponsors, major financial institutions, multinational corporations and investment conglomerates. She has experience representing purchasers and sellers of both assets and operating companies. Ms. Tan also advises on investments and financings in the power generation sector, including alternative and renewable energy such as wind (offshore and onshore) and solar and battery storage facilities and renewable fuels such as renewable natural gas (RNG) facilities; transportation sector, including aircraft and rail purchases, sales, financings and leasing; and infrastructure, including airports, light rail systems, high-speed rail systems, intermodal operations, telecommunications systems and water treatment facilities. Ms. Tan's experience includes advising on tax equity investments, mezzanine loans, back-leverage, development debt facilities, leveraged leases, structured finance and securitization transactions.
Ms. Tan is on the cutting edge of advising clients on investments in, and development of, carbon capture and storage facilities in the U.S., including advising on pore leases, joint development arrangements, transaction structuring (including tax considerations), sequestration services agreements and potential debt financing and tax equity structures.
Prior to joining Holland & Knight, Ms. Tan was partner at a global law firm in its New York office, with a particular focus in tax equity transactions, debt finance and mergers and acquisitions (M&A) in the energy sector.
Representative Experience
- Currently advising the sponsor on a major carbon capture and storage (CCS) project, including structuring considerations for the utilization of 45Q tax credits and investment and financing opportunities under the Inflation Reduction Act of 2022 (IRA)
- Represented major sponsors in tax equity transactions involving utility-scale solar projects located throughout the U.S.
- Represented a major utility in the tax equity financing of a 100 megawatt (MW) hybrid utility-scale solar-battery storage project located in Arkansas
- Represented a major utility in the tax equity financing of a 99 MW solar project located in Mississippi
- Represented the sponsor in the tax equity financing of a portfolio of solar projects located in the Pennsylvania-New Jersey-Maryland (PJM) region, including negotiating a lien-secured hedge
- Represented a cash sponsor in tax equity transactions involving wind projects located in the U.S.
- Advising on tax equity structuring for clean energy projects under the IRA
- Represented the mezzanine lender in a hybrid mezzanine, back-leverage financing supported by a portfolio of wind projects located throughout the U.S.
- Advising and completing the acquisition of tax equity interests in a portfolio of wind projects in the U.S., together with back-leverage acquisition financing
- Leading teams to diligence and complete numerous purchase and sale of wind and solar energy project companies in the U.S., both operational and under development assets
- Representing cash sponsors and borrowers of project finance loans or back-leverage debt, in the solar and wind sectors as well as conventional energy sectors
- Represented the acquiror in the acquisition of two utility-scale solar projects located on tribal land in New Mexico, including negotiating a senior secured project finance loan for the projects
- Represented the offtaker and financier in the restructuring of a prepaid offtake facility for a renewable fuels project, including drafting and negotiating convertible debt instruments, intercreditor and subordination agreements
- Represented the sponsor/borrower in connection with a pre-NTP letter of credit facility supported by a portfolio of solar, hybrid solar and storage and standalone storage projects located throughout the U.S., together with ongoing portfolio work
- Representing the sponsor/borrower in connection with a pre-NTP term loan and letter of credit facility, supported by a portfolio of development stage renewable energy projects located throughout the U.S.
- Representing the sponsor/borrower in connection with a senior secured project finance facility secured by renewable natural gas projects located in the U.S.
- Represented the sponsor/borrower in connection with a development loan supported by assets for a renewable natural gas project, including advice on monetization of tax credits
- Represented the sponsor/borrower in the private placement of back-leverage note instruments secured by payments/receivables from a portfolio of power purchase agreements
- Represented the sponsor in connection with a back-leverage facility secured by a portfolio of four power generation projects located in the U.S.
- Co-authored the first-of-their-kind Offshore Wind Renewable Energy Certificates (ORECs) regulations that created the program for the development and financing of offshore wind projects off the coast of Maryland
- Representing clients in the mezzanine financings of portfolios of wind assets in the U.S., including participating loans, warrants and preferred distributions
- Represented the administrative agent in structuring and advising on warehouse financings of portfolios of solar assets
- Represented the placement agent in structuring and advising on securitization of renewable energy receivables
- Represented investors in the financing of airport baggage security systems in airports in Europe and Asia
- Represented financiers to concession operators of light rail and high-speed rail systems in Europe and Asia
- Represented financiers to concession operators of wastewater and freshwater treatment facilities in Europe
- Advised and completed early buyout transactions for leveraged leases of gas collection and distribution systems, power plants and telecommunication assets, including underground cables networks
- Advised a consortium bidding on a high-speed rail system in California
- Represented a significant European rail operator in joint venture arrangements in the U.S. in connection with the provision of operation and maintenance services to a municipal authority operating a commuter rail system
- Advised a client on potential liabilities of operators of rail systems in the U.S., including transit systems, commuter rail and high-speed rail
- Representing a client in the formation of an aircraft parts procurement and consignment business in the U.S. and follow-on advise in connection with acquisitions of after-market aircraft and consignment of parts
- Representing the leasing company of a major corporation in the sale of commercial aircraft registered in the U.S. and overseas
- Represented lessors in the sale-leaseback and financing of commercial passenger aircraft, including Boeing 747s and Airbus 320s, as well as cargo planes
- Led a team to diligence a portfolio of commercial aircraft loans and acquisition of the same
- Advised and completed loan financing of a portfolio of business jets for a business jet timeshare operator
- Advised and completed acquisitions and financings of business jets for high-net-worth individuals
- Represented European financial institutions in bankruptcy claims involving the Chapter 11 filings of American Airlines
- Representing the leasing company of a major financial institution in the portfolio sales and restructurings of sale-leasebacks and leveraged leases of commercial aircraft and rail assets
Credentials
- UNSW Sydney, LL.B., magna cum laude
- UNSW Sydney, B.Com, Finance, summa cum laude
- New York
- American Bar Association, Project Finance and Development Committee
- American Bar Association, Business Law Section
- The Legal 500 USA, Energy: Renewable/Alternative, 2016, 2019-2022, 2023; Energy Transactions: Conventional Power, 2021
- Energy & Environmental Trailblazer, The National Law Journal, 2015
- Chambers Global – World's Leading Lawyers for Business guide, Australia Capital Markets, 2013; New York Capital Markets: Securitization, 2013
- Top Ten Rising Stars in Securitization, Total Securitization and Institutional Investor, 2008