Natalie S. Neals

Senior Counsel

Natalie S. Neals

Senior Counsel

Natalie Neals is a member of Foley’s Finance & Financial Institutions Practice as well as the firm’s Energy Sector, specializing in project development and energy industry financing transactions. She routinely represents companies that are engaged in the development, financing, construction, and operation of solar power, wind power, and other alternative energy projects, as well as financial institutions and other investors that are financing such projects. Natalie focuses on alternative energy equity and debt financing, with experience in both lender-side and borrower-side representation, including construction financing, revolving and term credit facilities, mezzanine financing, second-lien credit facilities, syndicated and single-lender financings, and inter-creditor matters. She also has experience with tax equity financing and has represented a variety of investors and sponsors in partnership flips, inverted leases, and sale-leaseback transactions.

Natalie also has experience representing borrowers and financial institutions in sophisticated financing transactions, including bilateral facilities, syndicated facilities, asset-based lending, acquisition finance, and general commercial finance. She also has expertise in Uniform Commercial Code Article 9 (Secured Transactions), lien and other collateral matters, and legal opinions.

Representative Experience

  • Represented super-regional U.S. financial institution as the lead arranger and administrative agent in a $140 million syndicated construction and term debt financing for a portfolio of utility-scale and community solar energy generation projects located in five states across the United States, including a refinancing of the facility to add 10 additional projects and complex interparty negotiations with an institutional tax equity investor.
  • Represented U.S. branch of a global financial services group as lead arranger, administrative agent, collateral agent, and lead lender in a syndicated $68 million term loan and LC acquisition financing. Proceeds of financing were used by the sponsor to acquire 22 projects with existing debt and tax equity financing. The transaction involved extensive due diligence on existing documents and financing structures as well as negotiation with investors and other financial institutions.
  • Represented a regional branch of an international bank and its commercial leasing subsidiary in connection with a $80 million construction debt and $300 million sale-leaseback tax equity takeout financing, which proceeds support the development, construction, and operation of 10+ projects located in New York, Massachusetts, and Rhode Island.
  • Represented international energy company in a five-bank syndicated $300 million construction to term loan facility, $229 million bridge facility, and $60 million letter of credit sub-facility to finance the development, construction, and operation of four utility-scale solar projects located in Utah and Michigan.
  • Represented a U.S. bank as lead arranger, administrative agent, depositary bank, and lead lender in a syndicated $225 million construction to term loan and bridge loan financing. Proceeds of financing were used by the sponsor to finance the construction and operations of a portfolio of microgrids, combined heat and power systems, community rooftop solar, battery energy storage systems, and microgrid electric vehicle infrastructure projects in markets including California, Oregon, the District of Columbia, Pennsylvania, Delaware, Colorado, North Carolina, New Jersey, and New York.
  • Represented a Fortune 100 energy company in a variety of finance and M&A transactions, including the refinancing of a $122,000,000 letter of credit facility and $4,000,000 working capital facility with respect to a portfolio of thirteen wind-powered electric generation projects totaling 667 MWs and the joint venture financing involving thirty wind-powered electric generation projects totaling 1,430 MWs
  • Represented a national biomass energy company in refinancing of $40 million term loan and letter of credit facility to support biomass projects located in California and Quebec.
  • Represented a national bank as administrative agent and lead lender in a $26 million construction loan facility. The construction loan facility is taken out and replaced by a $57 million sale-leaseback investment with the same national bank. In the same transaction, subsequently represented two national banks in the syndication of the sale-leaseback tax equity investment.

Awards and Recognition

  • Received, Best Lawyers: Ones to Watch recognition for Banking and Finance Law (2024)
  • Recipient, Distinguished Studies in Legal Practice


  • Member of the Women’s Energy Network
  • Member of the University of Texas Renewable Energy Law Conference Planning Committee

Community Involvement

  • Board of Directors of Artists Working in Education

Presentations and Publications

  • Author, “Flirting with the Law: An Analysis of the Ellerth/Faragher Circuit Split and a Prediction of the Seventh Circuit’s Stance,” Marquette Law Review.
11 September 2023 Deals and Wins

Foley Serves as Legal Adviser to Basalt Infrastructure Partners in Acquisition of Fortbrand Services LLC

Foley & Lardner LLP served as legal adviser to Basalt Infrastructure Partners LLC (Basalt) in its acquisition of Fortbrand Services LLC (Fortbrand) from Wincove Private Holdings, L.P.
17 August 2023 Honors and Awards

Foley Attorneys Recognized in 2024 Best Lawyers in America

Foley & Lardner LLP proudly announced today that 236 of the firm’s attorneys across 20 U.S. offices have received recognition in the 2024 edition of The Best Lawyers in America©.
11 August 2023 Press Releases

Foley Represents J.P. Morgan on $70M Credit Facility to Aspen Power

Foley & Lardner LLP represented J.P. Morgan on the initial closing of a credit facility to Aspen Power, a distributed generation platform with the mission of accelerating and democratizing decarbonization.
22 March 2023 Deals and Wins

Foley Serves as Legal Adviser to KeyBank in $225M Financing of Scale Microgrids’ Energy Transition Debt Facility

Foley & Lardner LLP advised KeyBank National Association, in its capacity as Administrative Agent and a lender, as well as KeyBanc Capital Markets and City National Bank, as joint lead arrangers, on a loan to Scale Microgrids for a $225 million first-of-its-kind non-recourse project finance debt facility.
06 February 2023 Powered by Foley

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.
04 January 2023 Deals and Wins

Foley Advises General Informatics on Acquisition of VAZATA’s MSP Division

Foley & Lardner LLP advised General Informatics, a Rosewood Private Investments (RPI) portfolio company, on its acquisition of VAZATA’s Managed Services Division.