Monetizing Energy Assets

Our Renewable Energy Industry Team members understand the district energy industry, and regularly develop optimal strategies for clients to incorporate district energy facilities into energy portfolios and business plans.

We collaborate closely with inside counsel, client business teams, and deal counterparties to structure development, ownership, and operation of district energy facilities.

Who We Serve

Public, nonprofit, and for profit organizations, including: Universities and Academic Medical Centers.

How We Can Help

Are you creating a microgrid portfolio? We can help with developing, financing, acquiring, divesting, leasing, operating, federal, state, and local regulatory and permitting.

Value Proposition

Energy Infrastructure PPP-Type Deals

• Generally viewed as credit positive by rating agencies.
• Transaction value is generated by partnering with sophisticated parties providing current and future energy technologies, combined with the use of third-party capital for improvements.
• Aim to transfer risk from campus owners to third-party energy providers.

Demonstrated Success

• Acted as lead project counsel to Clearway Energy, Inc., a Global Infrastructure Partners portfolio company, in the financing of a $102 million acquisition of Duquesne University’s TriGeneration facility (district heating & cooling and energy generation).
• Foley represented a large energy-focused infrastructure fund in a $185 million project financing of a portfolio of district cooling systems in Chicago, Illinois and Las Vegas, Nevada.
• Foley represented the State of Wisconsin in the co-development with Madison Gas & Electric (MGE), an investor-owned utility, of the West Campus Cogeneration Facility, a 150-megawatt natural gas-fired facility that provides electricity to MGE customers as well as steam heat and chilled-water air-conditioning to the University of Wisconsin-Madison west campus.
• Represented Thermal North America (TNAI) in its sale of the Trigen Companies district energy assets to Veolia Energy North America. At the time of the sale, TNAI operated 3,500 MW of thermal capacity, 520 MW of cooling capacity and 245 MW of electrical capacity. In addition to the distribution of heat and cooling, TNAI also provided power generation (through cogeneration) and comprehensive building management services.
• Foley represented a large public university in connection with its negotiation of a chilled water services agreement to be the anchor customer of a large chilled water plant under development in the Southeastern United States.
• Foley represented a major San Diego hospital in turnkey construction and related contracts with a medical and hospital equipment supplier for an onsite generation and chilled water facility.
• Foley represented a large energy-focused private equity fund and its portfolio company, Thermal Ventures II, L.P. (TVII), in a complex transaction involving TVII’s district energy and cooling systems in Detroit, Michigan and Youngstown, Ohio.
• Foley represented ENGIE North America Inc. in the joint acquisition and financing of the Medical Area Total Energy Plant (MATEP), a total energy facility and micro-grid located in Boston, Massachusetts that serves the Longwood Medical and Academic Area. MATEP provides sustainable energy to a select group of prestigious clinical, research and teaching institutions.