Ellen Friedman co-leads Nixon’s Energy and Infrastructure Projects Team. She is a seasoned project finance attorney focused on energy projects, including renewable energy, carbon capture and storage and renewable fuel matters. Her practice supports a wide variety of clients, including project developers and sponsors, tax and equity investors, commercial lenders, underwriters and buyers and sellers of projects, insurers and hedge providers. Ellen has a hands on approach to clients in connection with transaction structure, risk assessment, due diligence, financing, M&A and partnership/joint ventures.
Energy projects are complex. Transaction counsel must appreciate and address all of the risks presented by such projects, including uncertainty or variability in revenue stream, construction and operating risks, permitting, real estate considerations and, increasingly, political risk. Having represented parties in a variety of roles over many years of practice allows me to anticipate the key issues likely to be raised by counterparties and to proactively craft creative solutions and strategies, helping our clients to execute more effectively and efficiently.
A major portion of my practice now involves the development, build-out, and financing of renewable energy, renewable fuel and carbon capture projects, including the use of federal and state tax and other incentives supporting these ventures. The rapid growth of this sector is fueled by increased interest from domestic and foreign investors, corporations and financiers and supported by the introduction of creative financing structures, virtual power sales and hedging strategies and state and local governmental mandates. Growth in the alternative energy space has been tempered by anticipated and unanticipated challenges, including the forthcoming step-down of federal energy tax credits for renewable energy projects, new CFIUS legislation, international tariff regimes, executive orders relating to installation of certain foreign manufactured energy infrastructure, litigation involving state and regional green initiatives and pricing pressures. It is a very exciting time for me and my colleagues to be practicing in this dynamic sector.
Power Finance & Risk | July 30, 2021
This article covers the publication’s recent roundtable event, where major players in the project finance space discussed the state of industry in the first half of 2021. Energy & Infrastructure Projects team co-lead and New York City Project Finance & Public Finance partner Ellen Friedman is quoted extensively for her outlook on the Biden administration’s infrastructure plan, the renewable energy space, and the development of new tax credit structures around 45Q. Ellen also discussed expanded SEC oversight on ESG disclosures, and the increased role of the Committee on Foreign Investment in the U.S. on proposed, and sometimes closed, transactions as having a major impact on power and renewables project financing.
S&P Global | March 22, 2021
This article quotes Energy and Infrastructure Projects practice team co-leader and New York City partner Ellen Friedman on how major banking institutions are pursuing carbon capture investment structures while mitigating sectorial risks, and also how investors are seeking further guidance and clarity from the IRS.
Law360 | March 08, 2021
This contributed article, which examines the OCC’s finalized rule governing national banks’ ability to participate in equity-based finance structures involving tax credits, was authored by Project Finance & Public Finance partner Ellen Friedman and Global Finance senior counsel Larry Fruchtman, both in New York City; Community Development Finance partner Forrest Milder in Boston; and Community Development Finance partners Michael Goldman and Shariff Barakat, both in Washington, DC.
Power Finance & Risk | February 11, 2021
This article on the reintroduction of the GREEN Act in the House of Representatives quotes New York City Project Finance & Public Finance partner Ellen Friedman on the viability of the Act’s 85% refundable credit to make it through the Senate and her outlook on the 30% investment tax credit for standalone energy storage.
Inframation News | January 25, 2021
This article on the new rule by the Office of the Comptroller of the Currency that may allow national banks and federal savings associations to engage in certain tax-equity finance transactions cites a recent NP tax credit alert. The alert was written by Project Finance & Public Finance partner Ellen Friedman and Global Finance senior counsel Larry Fruchtman, both in New York City; Community Development Finance partners Shariff Barakat and Michael Goldman, both in Washington, D.C.; and Boston Community Development Finance partner Forrest Milder.
Power Finance & Risk | July 02, 2020
New York City Project Finance & Public Finance partner and Energy & Infrastructure Projects co-leader Ellen Friedman is quoted in this article for her outlook on how the Treasury Department and Internal Revenue Service’s recent guidance on 45Q tax credits will launch innovative carbon capture projects. Ellen is also mentioned for advising OGCI Climate Investments LLP to develop a large-scale carbon capture facility.
Power Finance & Risk | July 03, 2019
This story features New York City Project Finance and Public Finance partner Ellen Friedman discussing the view within the tax equity community about alternative investment structures for tax credits resulting from carbon capture activity.
Energy Alert | 07.27.21
Energy | 07.02.21
Project Finance Tax Credit Alert | 01.19.21
Energy | 09.22.20
Energy | 09.18.20
Energy | 07.14.20
Carbon Capture Use and Sequestration Alert | 06.04.19
09.17.20 | Webinar
07.21.20 | Webinar
05.14.19 | New York, NY
10.04.21 | Virtual Presentation
07.20.21 | Virtual Presentatioin
03.22.21 | Virtual Event
01.26.21 | Virtual Event
06.09.20 | Webinar
02.26.20 | New York, NY
02.06.20 | New York, New York
Fordham University School of Law, J.D., cum laude
Cornell University, B.A.
Ellen was selected, through a peer-review survey, for inclusion in The Best Lawyers in America© 2022 in the field of Energy Law. She has been listed in Best Lawyers since 2020.
She has been recognized for exceptional standing in the national legal community in Chambers USA: America’s Leading Lawyers for Business for Projects. She has also been recognized for exceptional standing in the global legal community in Chambers Global: The World’s Leading Lawyers for Business for Projects work. In 2012, she was shortlisted for Chambers USA Women in Law Awards, which honors the outstanding female stars of the U.S. legal community, in the area of Energy/Projects Lawyer of the Year.
Ellen has been selected to appear in the 2021 edition Expert Guide Banking, Finance and Transaction Law Guide as a leading practitioner in Project Finance, and the 2018 edition of Expert Guides Energy and Environment Guide and Banking, Finance and Transactional Law Guide. In 2016, Ellen was recognized as a leading practitioner in the field by the Energy and Natural Resources Expert Guide. In 2016 and 2015, Ellen was recognized by the Guide to the World’s Leading Women in Business Law and the Banking Finance and Transactional Expert Guide. In 2015, she was recognized by the Guide to the World’s Leading Energy Lawyers. In 2013, Ellen was recognized by the Guide to the World’s Leading Project Finance Lawyers.