Justin S. Lee

Associate Norton Rose Fulbright US LLP

Justin S. Lee

Justin is an associate within the Projects group based in the Los Angeles office. His practice focuses on representing sponsors, investors and lenders in project finance transactions, with a particular emphasis on renewable energy projects—including solar, energy storage and wind—as well as the broader clean technology sector, such as renewable natural gas plants and electric vehicles.

Justin's experience includes advising clients on the development, acquisition, disposition and finance of utility-scale and distributed renewable energy projects along with other energy transition assets. He is particularly well-versed in negotiating project- or HoldCo-level debt facilities and tax credit monetization structures, including traditional tax equity investments and tax credit transfer transactions.

Professional experience

Representative experience

Represented the lenders in a debt financing, comprising of construction-to-term, tax equity bridge, tax credit bridge and letter of credit loan facilities, of approximately US$1.3 billion in connection with a portfolio of three co-located solar projects which, once completed, will have an aggregate capacity of over 900 MW and be one of the largest renewable energy projects in the US
Represented the sole lender in a mezzanine term loan facility of US$400 million in connection with a development pipeline of over 140 utility-scale renewable energy projects
Represented the sponsor in the tax equity financing and subsequent fundings of approximately US$317 million in capital contributions in connection with a utility-scale solar project and utility-scale solar plus storage project
Represented the lenders in a pre-NTP, construction bridge loan facility of approximately US$285 million in connection with a portfolio of three co-located solar projects
Represented the sole lender in a mezzanine financing of approximately US$200 million in connection with a renewable energy portfolio of over 70 solar and solar plus storage projects
Represented the sole lender in a debt financing of US$114 million, comprising of construction-to-term, ITC bridge and letter of credit facilities, in connection with a 48 MW solar project
Represented a joint venture of two prominent sponsors in a term loan refinancing of approximately US$94 million in relation to a 250 MW wind farm project
Represented a syndicate of lenders in a debt financing of approximately US$93 million, comprising of construction-to-term, ITC bridge and letter of credit facilities, in connection with a 50 MW solar project
Represented the sole lender in a construction and tax equity bridge financing of US$93 million in connection with a portfolio of three solar projects located across Illinois
Represented the lender in a borrowing base and tax credit loan facility of approximately US$75 million expected to fund over 30 projects where commercial electric vehicles and charging stations are sold and leased to municipalities across the US
Represented the sponsor in a debt financing of approximately US$70 million for two, fully merchant, stand-alone battery energy storage projects totaling 320 MWh of capacity
Represented the sponsor in the tax equity financing of approximately US$40 million in committed capital contributions in connection with a 50 MW/ 120 MWh stand-alone battery energy storage project located in San Antonio, Texas
Represented the lender in a short-term development loan facility of US$30 million for a collateral pool of over 140 projects
Represented a major developer in the acquisition of a 1,365 MW portfolio (including 14 wind and solar projects) for US$1.5 billion
Represented a national pension fund (focused on the clean energy sector) in the acquisition, and acquisition financing of approximately US$1 billion, of a minority interest in a 2.2 GW portfolio of 28 operating solar facilities and battery storage projects
Represented a developer in the acquisition and diligence of a 320 MW portfolio of solar projects for US$225 million
Represented a developer in the sale of a 79 MW portfolio of solar projects for US$106 million
Represented the exiting tax equity investor in the disposition of its Class A membership interests for approximately US$43 million
Represented a prominent renewable energy fund in negotiating a joint venture arrangement focusing on the development of a project portfolio pipeline of over 2 GW
Represented the sponsor in the negotiation of a master battery procurement arrangement for a planned project pipeline of approximately 4 GWh and an accompanying initial purchase order of approximately US$84 million and long term services agreement in connection with a 314 MWh battery storage project
Represented the sponsor in the negotiation of the balance of plant and installation agreements (including the high voltage facilities) for a 200 MW solar project
Represented a major utility in the development and construction of a portfolio of battery energy storage projects totaling in 500 MWh