Nadav C. Klugman
Nadav C. Klugman
Nadav C. Klugman
Nadav C. Klugman

Biography

Nadav Klugman is a partner in the Project Development and Finance practice in White & Case's Chicago office. Nadav focuses his practice on global project finance and infrastructure investment, with a particular emphasis on advising financial institutions on a wide range of complex project financings, private acquisitions and divestitures of renewable energy investments. He also represents banks in debt and tax equity investments in US energy and infrastructure assets.

Nadav is ranked by Chambers Global–USA in the area of Projects: Renewables & Alternative Energy. He is also recognized as a "Leading Lawyer" for Renewable/Alternative Power by Legal 500 US. In 2021, Nadav was named as an "Energy & Environmental Trailblazer" by The National Law Journal. He is also recognized as a "Notable Practitioner" for Project Finance, and was previously named a "Rising Star" for Banking & Finance, by IFLR1000 Americas.

Experience

Representation of the co-investors in a Blackstone Credit & Insurance led investor consortium on a US$7 billion investment in Sempra Infrastructure Partners' Port Arthur LNG Phase 2. The investment will advance the development, construction and operation of the Port Arthur LNG Phase 2. The new phase will include two natural gas liquefaction trains, one LNG storage tank and associated facilities with a nameplate capacity of approximately 13 million tonnes per annum (Mtpa) of US-produced LNG to help produce reliable energy to global markets.

Representation of ATLAS SP in connection with:

  • providing debt warehouse facilities to finance construction and operation of portfolios of distributed generation and community solar projects for multiple leading developers. Counterparties were DSD Renewables and Radial Power.*
  • providing warehouse facilities to finance portfolios of loans made to finance infrastructure, power and energy assets by leading lenders. Counterparties were Starwood and Generate Capital.*
  • the structuring and placement of a term ABS supported by a portfolio of distributed generation and community solar projects, among the first community solar ABS transactions. Counterparty was DSD Capital.*

Representation of Bank of America in connection with:

  • tax equity investments in multiple community solar portfolios. Counterparty was Clearway Energy.*
  • a tax equity investment in a portfolio of solar+storage projects in California and the sale of tax credits from such portfolio. Counterparty was AES and the projects names are the Raceway and Estrella projects in California.*
  • a tax equity investment in a storage project in Arizona and the sale of tax credits from such project. Counterparty was Plus Power, and the projects name is the Sierra Estrella project in Arizona.*
  • a tax equity investment in a 500MW solar project in Texas and the sale of tax credits from such project. Counterparty was Tokyo Gas, and the projects name is the Aktina project in Texas.*

Representation of Blackstone in connection with:

  • advising ClearGen, a Blackstone Credit portfolio company, in connection with the acquisition and tax and debt financing of interests in a portfolio of 27 wind projects. Seller was MUFG, when it sold its entire tax equity portfolio. Debt counterparty was BofA (and other lenders). Tax equity counterparty was Goldman Sachs.*
  • advising ClearGen, a Blackstone Credit portfolio company, in connection with the acquisition of portfolios of loans that finance the construction and operation of solar projects. Counterparty was Wunder Capital.*
  • advising ClearGen, a Blackstone Credit portfolio company, in connection with making a preferred equity investment in a solar project developer. Counterparty was Wunder Capital.*
  • advising ClearGen, a Blackstone Credit portfolio company, in connection with a debt warehouse that finances its portfolio of loan and equity investments. Counterparty was Credit Agricole.*
  • its establishment of Brightstar, a residential solar platform, and associated financing arrangements. Originator counterparty was Service Finance. Tax equity counterparty was Truist.*
  • making back-leverage financings of portfolios of residential solar projects. Counterparty was Sunrun.*

Representation of BlackRock in connection with:

  • making a loan to finance pre-construction development for a US renewable energy development company. Counterparty was Heelstone Energy.*

Representation of Brookfield in connection with:

  • making a tax equity investment in, and a secured equipment loan for, a portfolio of distributed generation solar projects. Counterparty was Luminace.*
  • providing loans to finance a portfolio of hydroelectric projects. Counterparty was Brookfield Renewables.*

Representation of Deutsche Bank in connection with:

  • multiple facilities financing the construction and development of individual projects and multiple-project portfolios for US solar and solar+storage assets. Counterparties were CPV, CIM.*
  • facilities to finance pre-construction development activities of US renewable energy assets.*
  • providing a debt warehouse facility to finance portfolios of energy efficiency assets. Counterparty was Redaptive.*

Representation of KKR in connection with:

  • making equity investments in, loans to, the purchase of projects from, and the sale of interests in, multiple leading US developers of solar and solar+storage projects. Counterparties include Origis, Clenera.*
  • the establishment of Stellar Renewable Power, a developer of US renewable energy projects, and associated financing arrangements.*
  • equity investments in, loans to, and the purchase of projects from, a conventional- and renewable-energy development and redevelopment company. Counterparties include Panamint.*
  • tax equity financing for individual projects and portfolios of projects. Counterparties include US Bank and M&T Bank – we can limit to tax equity financings.*
  • providing debt facilities provided to finance pre-construction development activities. Counterparties include Origis, Clenera, 7X.*
  • the purchase of tax credits from solar projects and related syndication efforts. Counterparty is a partnership between Sunrun and Blackstone.*

Representation of Bank of America, Nomura, MetLife and Prudential in providing a multitranche financing of a portfolio of solar projects in Illinois and Maryland. Counterparties are Hannon Armstrong and Summit Ridge Energu.*

Representation of Bank of America, MUFG in providing term loan facilities for portfolio of distributed generation solar and fuel cell projects across the United States Counterparty was Arclight; the transaction included separate financings for the distributed generation solar and fuel cell projects that they bought from Duke.*

Representation of Nomura in connection with debt financing of the construction and development of a multiple-project portfolios of US solar assets. Counterparty was CPV.*

Representation of Wells Fargo in making tax equity investments in wind, solar and fuel cell projects across the US, including the Vineyard offshore wind project. Counterparties were RWE (Cassadaga Wind Project), Clearway (Victory Pass and Arica solar, solar+storage requirements and the Vineyard Wind project).*

*Denotes attorney experience gained prior to joining White & Case.

Illinois
New York
JD
Harvard Law School
BA
Brandeis University
English
Hebrew

Ranked Individual, Projects: Renewables & Alternative Energy, Chambers Global, 2024

Ranked Individual, Projects: Renewables & Alternative Energy, Chambers USA, 2024

Leading Lawyer, Renewable/Alternative Power, Legal 500 US, 2023

Energy & Environmental Trailblazer, The National Law Journal, 2021

Notable Practitioner, Project Finance, IFLR1000 Americas

Rising Star, Banking & Finance, IFLR1000 Americas 

Service areas