Emely Toro

Norton Rose Fulbright US LLP


Emely Toro is an associate in the Washington, DC office practicing in the business group. She has experience in project finance and investment funds' loan agreements, as well as internal investigation reports and political risk insurance contracts. She has represented bilateral and multilateral development finance agencies, commercial bank lenders, and project developers in a range of domestic and cross-border financings, restructurings, warehouse facilities, and tax equity and investment transactions across industrial sectors, including renewable energy (solar technologies, battery storage, and biofuels), water and wastewater infrastructure, and transportation infrastructure. Emely has extensive experience representing domestic agencies in multimillion-dollar infrastructure projects funded through revenue bonds, grants, and State Revolving Fund loans.

Professional experience

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JD, Georgetown University Law Center, 2019
BS, magna cum laude, International Affairs, Florida State University, 2015

  • District of Columbia Bar
  • Florida State Bar

Renewable Energy/ Battery Storage

  • Represented HSBC in connection with the construction, tax-equity bridge and back-leveraged debt financing of a 77.33 MW AC portfolio of eight solar projects in Maine under development by Carlyle Renewable and Sustainable Energy Fund.
  • Represented Corporación Andina de Fomento, Banco Bice and Banco Security as lenders in the voluntary prepayment and hedging termination of a US$99 million loan of a 144 MW solar project in Chile, sponsored by Sonnedix Power Holdings Limited.
  • Represent lenders on a US$160 million financing of the 100 MW Bosforo solar projects in El Salvador, sponsored by AES Corporation. Lenders included: the Central American Bank for Economic Integration, Nederlandse Financierings-Maatschappij Voor Ontwikkelingslanden N.V., U.S. Development Finance Corporation and the Bank of Nova Scotia (Panama), S.A.
  • Represented the Overseas Private Investment Corporation, the Inter-American Development Bank, Corpbanca and other lenders with respect to the approximately 72.8 MW Maria Elena solar project in Chile.
  • Represented sponsors in connection with the refinancing and expansion financing of a 175 MW wind farm in the Atacama region of Chile.
  • Represent Rabobank on a US$61 million warehouse facility for commercial and industrial solar projects. The borrower is CleanCapital Holdings LLC.
  • Represented DESRI Renewables in a pre-securitization warehouse financing arranged by Credit Suisse for a portfolio of existing and to-be-acquired land assets in connection with utility-scale solar or wind-powered electric generation facilities located in the US.
  • Represented North American Development Bank as lender in a US$53 million refinancing for a 20 MWac solar project in California.
  • Represented Matrix Renewables in a tax equity transaction with Bank of America as the Investor for the construction and operation of 45 MWac solar photovoltaic electric power generation plant (the “GW2 Solar Facility”) with an integrated 20MWac/80MWh battery storage facility (the “BESS Project”) and 60 MWac solar photovoltaic electric power generation plant (the “GW3 Solar Facility”), each of which is located in Kern County, California. The tax equity provided was a total of US $106 million and permanent financing of US$99 million with an additional US$25 million letter of credit facility provided by MUFG, HSBC, National Bank of Canada and Commonwealth Bank of Australia.
  • Represent SunPower as sponsor in the installation of photovoltaic solar panels over carports or canopies in four D.C. rail stations (Anacostia, Cheverly, Naylor Road and Southern Avenue) with a capacity of up to 12.8 MW.
  • Represented MUFG as lender in connection with a construction loan, tax equity bridge loan, letters of credit and a term loan for a portfolio of four commercial and industrial solar projects in Maine.
  • Represented AP Sunray LLC as the borrower in relation to a US$70,000 construction loan and Sunray PV Holdings, LLC in relation to a tax equity investment by a tax equity investor in relation to a 200 MWac solar project in Uvalde County, Texas. Further deal assistance includes a syndication for an additional tax equity investor, a TEBL Increase, and an energy community tax credit adder.
  • Represented Nomura Securities International as lender in a refinancing for RE NSI Devex LLC to develop solar projects in the US and Canada.
  • Represent Rabobank on a US$390 million warehouse facility for community solar and commercial and industrial solar projects.
  • Representing sponsors in connection with the ongoing restructuring of a 115 MW DC photovoltaic power plant north of Santiago, Chile;
  • Represented subsidiaries of Hannon Armstrong and Engie in the refinancing of three portfolios of distributed generation solar projects with a total capacity of 169.4 MWdc.
  • Represented IFC in documenting a USD 15M senior unsecured term loan to a Costa Rican bank to increase the bank’s funding base for lending to sustainable finance sub-projects.
  • Represented an international agency in a US$110 million financing to local Banco Alfa de Investimento in Brazil for the acquisition of environmentally friendly vehicles.
  • Represented the North American Development Bank and Siemens Financial Services on a US$78.2 million debt financing for EnerSmart's 330 MWh portfolio of standalone battery storage projects in California. The deal marked a milestone as the first reported project financing of fully-merchant battery storage projects.

Potable Water and Wastewater Infrastructure

  • Represented the lender, WIFIA, on the US$22.83 million financing of the ECWA Strategic Plan Improvements Project, consisting of three components: (1) improvements to the Sturgeon Point Water Treatment Plant, (2) the Powdered Activated Carbon Systems project, and (3) the Richard F. Ball Pumping Station. The borrower is the Erie County Water Authority, a public benefit corporation of New York.
  • Represented the lender, WIFIA, on the US$561 million financing of the Storm Water Diversion Channel and Associated Infrastructure component of the Fargo-Moorhead Area Flood Risk Management Project, which is estimated to cost US$1.267 billion. This project features a P3 component and complex security package and flow of funds. The borrower is the Metro Flood Diversion Authority, a North Dakota political subdivision.
  • Represented the lender, WIFIA, on the approximately US$281.26 million credit facility to finance the Nelson Wastewater Treatment Plant Improvements project in Kansas.
  • Represented the lender, WIFIA, on the approximately US$44 million financing of the Pure Water Monterey project that will produce up to 10,350 acre feet per year of new water by recycling wastewater in order to replenish the Seaside Groundwater Basin and reduce pumping from the over-drawn Salinas Valley Groundwater Basin for crop irrigation. Monterey One Water is the borrower.  
  • Represented the lender, WIFIA, on the approximately US$231 million financing of the PWRC AWS (Alternative Water Supply) Program, which will provide bulk water to municipal customers. The borrower is the Polk Regional Water Cooperative, a public agency of Florida.
  • Represented the lender, WIFIA, on the $275 million financing of the Sewer Water Line Rehabilitation, Repair, and Replacement Program comprised of 164 smaller projects benefitting the sewer and water system of the City of New Orleans. The borrower is the City of New Orleans, Louisiana, and the Sewerage and Water Board of New Orleans, a political corporation of Louisiana, and the Board of Liquidation, City Debt, a body corporate and politic of Louisiana, are borrower related parties.
  • Represented the lender, WIFIA, on the US$13.8 million financing of the Watermill Lane Emerging Contaminant Water Treatment and Water Main Upgrade Project located in Great Neck, New York. The borrower is the Water Authority of Great Neck North, a corporate governmental agency constituting a public benefit corporation of New York.

Transportation Infrastructure

  • Represented the lender, the Department of Transportation, on the approximately US$255 million financing of a new passenger rail line connecting existing commuter rail stations located in Lake County, Indiana. The borrower is the Indiana Finance Authority, a body politic and corporate of Indiana.
  • Represented the U.S. Department of Transportation, as the lender, in relation to the US$82 million financing of the New Lanes Mile Marker 137-144 on Interstate 81 Project. Norton Rose Fulbright represented the U.S. Department of Transportation, as the lender in relation to the US$14 million financing of the Multiple Extensions of Acceleration and Deceleration Lanes on the Interstate-81 Project.


  • Represented Pacific Current in the purchase of the first closed-loop biomass-to-energy plant in the US, including a 7.5 MW biomass power generation facility and eucalyptus plantations located in Hawaii.
  • Spanish