Jeff Kayes

Partner

San Francisco

Jeff works with lenders, investors and sponsors to finance and develop renewable energy projects. From leveraged acquisitions to debt and project financings, he helps get alternative power projects up and running through creative financing structures.

Recognized by Chambers USA and Chambers Global as a leading lawyer for Renewables & Alternative Energy, clients describe him as "incredibly proactive, super hard-working, and able to see the forest from the trees with a focus on commercial risk." "Jeff is sharp, astute and focused on the issues."

Jeff’s broad finance practice encompasses bilateral and syndicated facilities, asset- and cash-flow-based facilities, domestic and cross-border loans, letter of credit financings, vendor financings, private placements of debt securities and bankruptcy-related financings.

Fluent with the particulars of the wind, solar, biomass, hydro, storage, renewable fuels and natural gas facility sectors, he has significant experience representing clients in acquisitions of energy projects in all phases of development as well as tax equity, including investments in individual or portfolios of projects.

  • Project Finance

    • The lender in a $47 million cash equity investment in a solar company which installs, owns and operates a large portfolio of residential solar assets subject to long-term leases.
    • A borrower in connection with a $150 million term loan (subject to a commitment increase in the sole discretion of the lenders) secured by an all-assets lien granted by the borrower and its direct subsidiary as guarantor, including a pledge of the equity interest in the direct subsidiaries of such borrower and guarantor, which are project companies that (i) own, operate, manage or lease clean energy systems or (ii) finance the development, construction or operation of such systems, some of which hold existing tax equity and senior debt.
    • The lender in a $120 million mezzanine loan to a solar company which was collateralized by the cash flows paid to the sponsor after servicing debt on an asset-backed securitization backed by several portfolios of small residential solar projects, most of which are held through tax equity funds with various tax equity investors.
    • The lender in connection with $110.5 million warehouse loan secured by equity interests in 12 residential solar funds, each with existing tax equity and back-leverage debt.
    • The borrower in connection with $40 million loan secured by loan to sponsor secured by equity interests in 12 residential solar funds, each with existing tax equity and back-leverage debt.
    • The borrower in connection $150 million term loan secured by equity interest in numerous renewable energy investments.
    • The lender in connection with a $10 million revolving loan to a developer in connection with the development of utility scale solar projects.
    • The lender in connection with ten separate front- and back-leveraged loans secured by interest in tax equity funds and residential solar assets.
    • A renewable energy developer in connection with the five separate construction, term and tax equity financings for utility-scale solar projects in North Carolina.
    • The lender in connection with $30 mezzanine revolver secured by solar assets participating in PACE programs across the country.
    • The issuer in connection with $170 million 4(a)(2) note offering secured by land underlying utility-scale solar projects and associated rents.
    • A private equity fund as borrower in the construction and term project financing of several utility-scale solar projects in Mississippi, Arizona and California.
    • A renewable energy investment fund in the restructuring of various investments from equity to debt for tax purposes secured by interest in utility-scale solar projects.
    • The borrower in connection with a $101 million acquisition financing for a company holding land underlying numerous utility-scale solar projects.
    • The borrower in connection a $135 million loan secured by loans made to a solar developer secured by interests in three residential solar funds.
    • The borrower in connection a $50 million bridge loan secured by loans made to a solar developer secured by interests in three residential solar funds.
    • The borrower in connection a $161 million loan secured by loans made to a solar developer secured by interests in seven residential solar funds.
    • A private equity fund as borrower in connection with its $520 million financing for the acquisition of an existing gas-fired facility in Pennsylvania.
    • A private equity fund as borrower in connection with $750 million term loan B financing for three gas-fired projects in PJM and in connection with senior letter of credit facility for one such project.
    • A private equity fund as borrower/sponsor in connection with its construction, back-leverage financing and tax-equity funding of a 298 MW wind project in Oklahoma.
    • A renewable energy developer as borrower in connection with a $70 million construction financing of a utility-scale solar project in New York.

    Acquisition Finance

    • A private equity fund as borrower in connection with its $165 million financing for the acquisition of a company that provides after-market car services in connection with the import of cars.
    • A private equity fund as borrower in connection with its $520 million financing for the acquisition of an existing gas-fired facility in Pennsylvania.
    • A private equity fund as borrower in connection with $40 million the acquisition financing of a leading speaker manufacturer.
    • The borrower in connection with a $101 million acquisition financing for a company holding land underlying numerous utility-scale solar projects.
    • A company in connection with $2.4 billion term loan B and $200 million revolving financing to acquire rival semi-conductor company.

    M&A

    • A renewable energy investment fund as the cash equity provider in a tax equity fund to procure tranches of commercial-scale solar projects in SREC states.
    • A sponsor as the cash equity provider in a tax equity fund to procure tranches of commercial-scale solar projects.
    • A developer in connection with the sale of a 25 MW solar project in New York to an American electric utility company.
    • A developer in connection with the acquisition of a 500 MW development-phase project from the bankruptcy estate of Solar Millennium.
    • A developer in connection with the acquisition of a 298 MW wind project in Oklahoma.
    • A developer in connection with the acquisition of a 200 MW wind project in Texas.
    • A developer in connection with the acquisition of a 200 MW development-phase wind project in Texas.
    • A developer in connection with the acquisition of a 250 MW wind project in Texas.
    • A utility-scale renewable energy developer in the acquisition of a 350 MW development-stage utility-scale solar project on BLM land.

    Jeff’s experience includes that prior to joining Orrick.