Richard Susalka

Partner
Norton Rose Fulbright US LLP

New York
United States
T:+1 212 408 5174
New York
United States
T:+1 212 408 5174
Richard Susalka

Richard Susalka

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Biography

Richard Susalka is a Projects partner.  He represents project developers, lenders and investors in a range of project-related financings (project-level, back-levered, development, mezzanine and receivables), as well as alternative debt and equity transactions in the energy sector. Richard also advises project developers and investors on joint venture arrangements, build-transfer arrangements, project documents and other development activities in the energy sector.  His transactional experience includes projects using solar, wind, energy storage, conventional power, petrochemical development, and other technologies. Prior to becoming partner, Richard completed extended assignments as acting in-house counsel at a NY-based private equity group, a NY-based international project developer, and a Dubai-based international project developer.

Professional experience

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JD, New York University School of Law, 2006
BA, Rutgers, The State University of New Jersey, 2001

  • New Jersey State Bar
  • New York State Bar

Project financing

  • Represented National Westminster Bank in the construction and back-levered term loan financing of a 125 MW portfolio of seven PV solar projects in the United States. The portfolio was sponsored by Lightsource bp and received tax equity investment from Guardian Life Insurance Company of America.
  • Represented Momentum Energy Storage Partners in a hybrid (debt and equity) energy storage development financing provided by Leyline Renewable Capital.
  • Represented a gas turbine manufacturer in the structuring and negotiation of a first-of-its-kind, US$250 million development financing arrangement, consisting of a framework agreement, two development loan transactions and a construction-to-term accordion financing.
  • Represented Duke Energy in (i) the US$375 million term loan portfolio financing, and subsequent refinancing, of its 290 MW wind portfolio in the United States, and (ii) the US$231 million term loan project financing, and subsequent refinancing, of its 200 MW Top of the World wind project in Wyoming.
  • Represented the lenders in connection with the financing of a 50 MW solar project located in Salto, Uruguay.
  • Represented Siemens Financial Services, Crédit Agricole, and Union Bank as lenders, in the construction-to-term loan financing of Pattern Energy's 151.8 MW Spring Valley wind in Nevada.
  • Represented the lenders in the refinancing of the US$842 million Woodbridge Energy Center, a 700 MW natural gas-fired generation project in New Jersey.
  • Represented a consortium of 10 international and Saudi Arabian project finance lenders in the US$1.7 billion shariah-compliant financing of the Jazan Air Separation Facility in Saudi Arabia, which was jointly sponsored by ACWA Holdings and Air Products.
  • Represented Siemens Financial Services, as lender, in the construction-to-term loan financing of Pattern Energy's 101.3 MW Santa Isabel wind project in Puerto Rico.
  • Represented a mezzanine lender in the financing of a portfolio of solar projects in the United States.  
  • Represented a project developer in a development loan for a gas-fired power project in Charles City County.
  • Represented the sponsor in the US$1.2 billion senior secured debt and leveraged lease financing for Phases II through V of the Alta Wind Energy Center, a 570 megawatt greenfield wind energy project in California.
  • Represented a consortium led by ACWA Power in the financing of a concentrated solar plant in South Africa.
  • Represented Société Générale in the US$210 million financing of a propane-to-propylene facility in Texas.


Other transactions

  • Collaborated with an investment advisor in the development of a first-of-its-kind program for the factoring of receivables payable to providers of energy-related equipment and services.  Also represented the purchasers in a series of program transactions and associated purchase financings.
  • Represented lenders in a revolving letter of credit facility secured by solar project lease revenues.
  • Represented the developer in the negotiation of a build-transfer agreement with Ameren Missouri related to a 300 MW Outlaw wind project in Missouri.
  • Represented Recurrent Energy in the negotiation of a build-transfer agreement with Entergy Mississippi related to a 100 MW Sunflower solar project in Mississippi.
  • Representing a leading Canadian power producer in various development activities (including organizational structuring, M&A and services arrangements) related to its entry into the US market.
  • Represented an equity investor in its arrangements with a developer for the co-development of wind and solar projects.
  • Represented a consortium led by ACWA Power in the acquisition of a 60 MW solar project in Bulgaria.
  • Represented Hudson Clean Energy Partners in its acquisition of two hydroelectric facilities in New York.
  • Represented a Middle Eastern developer in its bids to develop and construct (i) a portfolio of cogeneration power projects in Saudi Arabia; (ii) a water and power project in Abu Dhabi; and (iii) a cogeneration power project in Jordan.
  • "Emerging themes in build-own-transfer agreements," Project Finance NewsWire, December 2019
  • "Shifting Foundations of Sukuk in Uncertain Times," International Restructuring NewsWire, January 2010