David Markey’s practice covers a wide range of corporate, commercial, and finance matters, including in the areas of renewable energy and project finance.
David represents sponsors, developers, lenders, and equity investors in the development, financing, and acquisition of energy projects, including solar, battery storage, wind, biomass, geothermal, and conventional power projects. He also represents clients in a wide range of M&A, financing, and commercial transactions throughout the United States, Europe, and Latin America. In addition, David also represents inbound investors to the United States, the United Kingdom, Europe, and the Middle East in a variety of sectors.
David is the co-host of Foley’s energy podcast Powered by Foley. He is a member of the Finance Practice Group and the Energy Sector.
Representative Experience
- Represented ENGIE in the acquisition of a majority stake of Green Charge Networks; this transaction won The M&A Advisor‘s “Energy Deal of the Year” in 2016.
- Represented premier U.S.-based sponsor obtaining over US$1bn worth of financing for multiple community solar portfolios in the form of construction/back leverage debt, tax equity, and cash equity.
- Represented leading sponsor in the debt and tax equity financing of over 600 MW of energy storage projects in Texas.
- Represented multiple portfolio companies of one of the largest private equity firms in the world in their financing of numerous solar and storage projects.
- Represented U.S-based private equity fund in the acquisition and financing of hundreds of megawatts of solar and battery storage projects.
- Represented a large, Middle East-based energy company in the acquisition of a stake in a 205 MW wind project in Minnesota.
- Represented a Texas-based private equity fund in the sale of a portfolio of solar and wind energy projects to privately held YieldCo.
- Represented one of the largest U.S. sponsors of commercial and industrial solar projects in the tax equity and back-leveraged financing of a large portfolio of commercial and industrial solar projects.
- Represented large private equity fund in acquisition and financing of over 20 solar and storage projects.
- Represented a U.S. solar company in connection with construction, operation, and maintenance arrangements for a 70 MW solar project in Northern Chile.
- Represented residential solar developer in the creation of the US$200m tax equity fund to finance residential solar projects.
- Represented large Spanish wind developer in the tax equity financing of a 90 MW wind project.
- Represented large Chinese solar developer in the tax equity, construction, and back-leverage financing of multiple utility scale solar projects in North Carolina.
- Represented a developer and sponsor in connection with the refinancing of a 150 MW wind project in California through a bond offering, a cash grant bridge loan, and letters of credit facilities.
- Represented numerous solar developers in the development and financing of distributed generation solar projects across a variety of U.S. states.
- Represented numerous wind, solar, and storage developers in the acquisition and sale of more than 10 GW of capacity across the United States, including both individual project and portfolio sales.
- Represented a major U.K. private equity investors in secondary markets transactions involving public/private partnership projects in the United Kingdom.
- Advised privately held family office in various investments across different jurisdictions.
Awards and Recognition
- The Legal 500 in the areas of Project Finance (2016) and Renewable/Alternative Energy (2015)
Presentations and Publications
- Moderator, “Opportunities & Value Drivers in a Dynamic M&A Market,” 2022 Infocast Solar + Wind Finance & Power Investment Summit (March 2022)
- Moderator, “Project Economics Required to Compete in the Market,” Infocast: Solar Mexico Summit (November 2015)
- Moderator, “Bank Market Outlook 2015,” InfoCast Wind (February 2015)
- “Emerging Markets Make a Play at Renewable Energy,” Renewable Energy World (December 2012)
- “Cross Border Renewables – Baja to California,” Renewable Energy World (March 2010)
Back to the Future: Tax Credit Transfers and Debt Structuring
The tax code underwent historic changes with the passage of the Inflation Reduction Act, perhaps most notably with changes permitting the direct transfer of various energy tax credits to tax credit buyers.
Live from Dallas: The Peaks and Valleys of Investing in the Energy Transition
On this episode of the Powered podcast, we are joined by Dallas partners Nick Peters and Glenn Singleton to take us inside the room and give us a sense of chatter plus key takeaways for the energy sector.
Overcoming Energy Regulatory Barriers to Renewables and Hydrogen Build-Out in the U.S.
Developing projects with renewable energy, energy storage, and hydrogen requires navigating a sophisticated collection of federal and state energy regulatory regimes
Challenges in Energy Project Development
On this episode of the Powered podcast, we are joined by Morten Lund who recently joined Foley’s Energy Team, to discuss tips for approaching project structuring and contract negotiations and navigating an ever-changing supply chain environment.
Construction Lending Trends in Clean Energy
Construction lending is often an essential financing mechanism to bridge the gap between the drawing board and commercial operation for an energy project.
Projects & Money Recap – Growth and Opportunity in 2023
2023 has just begun, but the energy industry conference circuit is well underway! In this episode of Powered by Foley, we are joined by partner Darin Lowder and Senior Counsel Natalie Neals who headed down to the Big Easy to be on the ground for Infocast’s sold-out event, Projects & Money.