Infrastructure

Our approach

No matter what the challenge, we offer practical solutions to support our clients’ objectives.

We understand the complexities of infrastructure and are involved with landmark projects across the country—from bridges across the Ohio River, transit hubs in New York City and San Francisco, to multiple solid waste and wastewater and energy projects.

Our team serves as bond counsel, underwriters’ counsel, disclosure counsel, consortium counsel and lenders’ counsel. We frequently represent clients in matters involving procurement, contracts, permitting, finance, energy, real estate, environmental and tax syndication.

Few firms have our proficiency in identifying and securing revenue streams that can be leveraged effectively for the useful life of the revenue-producing project.

We have close involvement in publicly owned and operated project financings throughout the United States and internationally, in-depth knowledge of capital market transactions and public-private partnerships (“PPPs”) as well as more traditional project finance methods.

Nixon Peabody now helps clients handle more complicated combinations of capital market debt and project finance debt, the use of convertible instruments and various forms of leasing transactions.

Who we work with

State and local governments
Lenders
Underwriters
Developers
Water and wastewater firms
Construction firms

Recognition

Consistently ranked by ThomsonReuters among the top bond counsel and underwriter’s counsel in the country and among the most active disclosure and special tax counsel.
In five of the last seven years, nominated as a finalist or winner as counsel to “Deals of the Year” by The Bond Buyer, the municipal market’s paper of record.
Project Finance Magazine’s “North America Leisure Deal of the Year 2006” for the financings in connection with Yankee Stadium and Citi Field.

Recent experience

Goethals Bridge Replacement: Lenders’ counsel in connection with the issuance of tax-exempt bonds to fund the replacement of the Goethals’ Bridge and the demolition of the existing bridge for the benefit of the concessionaire in connection with a public private partnership transaction with the Port Authority of New York and New Jersey.
Private fertilizer plant: Served as lender’s counsel in connection with a $1.8 billion nitrogen-based fertilizer plant owned and operated by an affiliate of a global nitrogen-based fertilizer producer, engineering and construction company based in Amsterdam, the Netherlands.
Privatized toll payment system: We have been engaged by, and have drafted the financing portion of the submission on behalf of, one of the bidders in connection with the proposal by the Washington Metropolitan Area Transit Authority to install a new electronic payments program on its rail system.
Transbay Joint Powers Authority: Serving as financing counsel to the Transbay Joint Powers Authority in San Francisco, California, in connection with a multi-year, multi-billion dollar mixed use development to replace the former bus depot with a commuter rail/high-speed rail/regional bus facility that will service Bay Area commuters, portions of which will be financed with developer contributions and related real estate-based taxes. Parts of that project may be privatized.
Dulles Toll Road—Metropolitan Washington Airports Authority: MWAA obtained a 50-year permit to operate the Dulles Toll Road from the Virginia Department of Transportation and the permit agreements created many obstacles to the financing of the project that the firm was able to resolve. The bonds issued by MWAA are secured by a concession agreement in the form of a 50-year Permit and Operating Agreement. The tolls on the Dulles Toll Road are being used to finance an extension of the WMATA rail system to Dulles Airport. The firm was underwriters’ counsel on the first transaction and was subsequently appointed by the Authority to serve as bond counsel and disclosure counsel for their bond and commercial paper programs. We are currently working with WMAA in order to bond out expected payments under its full funding grant agreement.
Puerto Rico Highways and Transportation Authority: We served as special counsel and tax counsel to PRHTA in connection with its recently closed P3 transaction relating to two toll roads. The firm resolved all indenture issues in connection with the defeasance of just under $1 billion of tax-exempt bonds and the negotiation of closing agreements with the IRS and delivered legal opinions concerning the relevance of the roads as assets from the current indenture.

Media Clips

Leveraging infrastructure cash for carbon transport projects

Law360 | March 01, 2022

New York partner and co-leader of the Energy and Infrastructure Projects team Ellen Friedman and Washington, DC associate Ben Reiter, both of the Project Finance & Public Finance group, contributed this article discussing the new Carbon Dioxide Transportation Infrastructure Finance and Innovation (CIFIA) program included in the Infrastructure Investment and Jobs Act, which is a first-of-its-kind program in the carbon capture and sequestration space.

Why the future of transportation needs a national investment in broadband infrastructure

Forbes | December 30, 2021

Los Angeles Project Finance & Public Finance partner Rudy Salo contributed this article on how the broadband infrastructure funding that’s included in the recently signed bi-partisan Infrastructure Investment and Jobs Act will accelerate the future of mobility. Rudy also discusses the potential legal issues, including privacy and data security, that will need to be addressed before new transportation technologies such as driverless cars become mainstream.

Solar tax equity investor exits ramp up

Power Finance & Risk | September 30, 2021

This article, on the growing shift among solar project owners to buy out tax equity investors as projects pass their recapture periods, quotes Albany Project Finance & Public Finance senior counsel Rich Cogen, co-leader of the Energy & Infrastructure Projects team, on the anticipated surge of investor exits in the coming years.

Project finance midyear review roundtable 2021

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.

Four pandemic transportation-impacting pivots that should be permanently adopted

Forbes | June 30, 2021

Los Angeles Project Finance & Public Finance partner Rudy Salo contributed this column on four transportation-related pivots during the pandemic that should be permanently adopted, in part for their benefits to the environment, as well as for repurposing our time and priorities.

Sleep no more

P3 Bulletin | April 21, 2021

In article on President Biden’s infrastructure plan, the American Jobs Plan, New York City Project Finance & Public Finance partner Roddy Devlin is quoted extensively on the plan’s unique aspects, how it’s redefining the definition of infrastructure, and his outlook on public-private partnerships.

Infrastructure redefined (podcast)

The Bond Buyer | April 13, 2021

In this podcast episode on President Biden’s American Jobs Plan, New York City Project Finance & Public Finance partner Roddy Devlin is featured as a guest to discuss his outlook, including how the plan is redefining the definition of infrastructure to encompass broadband and electric-vehicle charging stations, among other areas.

Crossroads-Roddy Devlin of Nixon Peabody discusses Americas Jobs Plan

Inframation News | April 01, 2021

In this podcast episode on President Biden’s federal infrastructure investment proposal, the American Jobs Plan, New York City Project Finance & Public Finance partner Roddy Devlin is featured as a guest to discuss the plan’s unique aspects and how it could further incentivize public-private partnerships.

Occidental CEO calls on big banks to invest in carbon capture, utilization space

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.

Engineering group gives U.S. infrastructure C-grade

Inframation News | March 03, 2021

This article on the American Society of Civil Engineers’ 2021 Report Card for America’s Infrastructure quotes New York City Project Finance & Public Finance partner Roddy Devlin for his optimistic outlook on U.S. infrastructure.

The dark side of electrification, part 1:EVs could negatively impact U.S. infrastructure funding

Forbes | February 08, 2021

Los Angeles Project Finance & Public Finance partner Rudy Salo contributed this article on how a continued dominance of the gas tax as the primary source for federal and state transportation funding—amid the rise of electric vehicles—raises questions for the future of U.S. infrastructure.

Gordon and Turner-Bond Make Partner at Nixon Peabody

The Bond Buyer | January 29, 2021

This article features New York partner-elect Adam Gordon and Los Angeles partner-elect Jade Turner-Bond, both of the Project Finance & Public Finance group, highlighting their Feb. 1 promotions to partner, their practice work, and their community involvement. Managing partner and CEO Andrew Glincher is quoted on the firm’s diverse pipeline of talent and the resilience of this year’s partner class.

Big O'Hare cargo expansion back on track

Crain’s Chicago | January 25, 2021

This article on a project to expand Chicago O’Hare International Airport’s cargo space mentions Chicago Corporate partner Chuck Bernardini for representing the developer, Aeroterm. Chuck is also quoted for his outlook on this project as the first major project at the airport to be led by a Black-owned construction firm.

Bank Gives Purple Line Firms More Time to Reach a Settlement with Maryland and Avoid Potential Default on Debt

The Washington Post | November 08, 2020

In this article on a forbearance agreement between the concessionaire of Maryland’s Purple Line transit project and the bank representing bondholders, New York City Project Finance & Public Finance partner Roddy Devlin provides third-party commentary on what the forbearance agreement means in practical terms.

Four Key Transportation Matters to Watch on Election Day

Forbes | October 27, 2020

This contributed article by Los Angeles Project Finance & Public Finance partner Rudy Salo discusses how the results of national and statewide elections could have major impacts on the future of ride-sharing and infrastructure.

Rising Stars

The Bond Buyer | October 19, 2020

This article features Rochester Project Finance & Public Finance partner Barry Carrigan for being named as one of The Bond Buyer’s “Rising Stars,” a top accolade in the public finance industry. The article also quotes Project Finance & Public Finance practice group leader and New York partner Ken Lind on Barry’s ground-breaking financing for clients such as BNY Mellon Capital Markets, LLC.

Catholic Charities Starts Work on New Queens Development

Real Estate Weekly | September 28, 2020

This article on the ground-breaking of Bishop Valero Residence, an affordable housing development for low-income seniors and formerly homeless adults, quotes New York Affordable Housing & Real Estate partner Joe Lynch for leading the team that advised Catholic Charities Progress of Peoples Development Corporation. The deal team also included Rochester Affordable Housing & Real Estate partner Darren Miller and associate Matt Carrigg.

Taxable Issuance May Be Expanding Muni Base; NYC Tops $9.8B Slate

The Bond Buyer | September 11, 2020

In this article on the state of the municipal bond market, the firm is mentioned for serving as bond counsel to the MTA in its $900 million sale of Series 2020D transportation revenue climate bond certified green bonds in three offerings of $300 million each.

Five ways COVID-19 may impact the future of infrastructure and transportation

Forbes | March 31, 2020

The latest contributed column from Los Angeles Project Finance and Public Finance partner Rudy Salo looks at how the unfolding COVID-19 pandemic could alter the infrastructure and transportation landscapes.

Top Q3 muni bond counsel

The Bond Buyer | October 16, 2019

This quarterly article on municipal bond counsel rankings lists Nixon Peabody for ranking in the top 10 bond counsel firms for the first three quarters.

Lots of muni supply in a short week as market to see $7.6B bonds, $1B+ notes

Bond Buyer | September 03, 2019

This roundup of municipal market news mentions Nixon Peabody for serving as bond counsel to the New York Metropolitan Transportation Authority in its sale of $1 billion of Series 2019D-1 transportation revenue bond anticipation notes.