Noreen Phelan

NOREEN PHELAN has extensive experience representing energy clients in complex tax equity financings and tax credit monetization transactions, project and portfolio acquisitions and divestitures, joint ventures and other investment arrangements. Noreen counsels market leading private equity and strategic investors, sponsors and developers in connection with wind, solar, hydroelectric and other alternative energy projects and conventional power generation facilities in all stages of their life cycle.

Noreen is consistently recognized by Chambers USA for Projects—Nationwide (2021–2025) and for Projects: Power & Renewables: Transactional—Nationwide (2020–2025). She also has been ranked by Chambers Global for Projects—USA (2022–2025) and Projects: Power & Renewables: Transactional—USA (2024–2025). In the 2024 edition of Chambers, a client noted that “Noreen is very commercial and keeps the larger transaction in mind.” In 2021, Noreen was named to the “Legal Power List” by A Word About Wind.

• Represented a private equity investor in the formation of a joint venture with a developer for the provision of energy solutions, including commercial-scale solar projects to multi-tenant properties, and in the tax equity financing of the portfolios of projects.
• Represented Northern Biogas, waste-to-renewable natural gas company, specializing in the development, construction, and operation of renewable natural gas (RNG) facilities, in the monetization of ITCs and 45Z PTCs for a portfolio of 5 RNG facilities.
• Represented an independent power producer in the formation of multiple joint ventures with a private equity investor for the ownership of utility scale renewable energy projects in the PJM power market
• Represented client in the sale of an approximately 520MW gas-fired power project located in Florida.
• Represented multiple buyers and sellers of tax credits (including ITCs, PTCs, 45X and 45Z credits) in direct transfer deals with an aggregate value in excess of US$2.0 billion.
• Represented Harrison Street in the formation of a joint venture with Competitive Power Ventures Group to develop, construct, debt and tax equity finance and own utility scale wind, solar and battery storage projects in the United States.
• Represented a strategic investor in the sale of a portfolio of tax equity and cash equity interests in 24 wind generation facilities with an aggregate capacity in excess of 3 GWs.
• Represented a strategic investor in the formation of a joint venture with a developer to repower and provide tax equity financing for a 98 MW wind project in West Virginia. 
• Represented a developer in the sale of equity interests in a portfolio of operational natural gas power plants with an aggregate capacity of 1,882 MWs.
• Represented Harrison Street in the formation of a US$250 million joint venture with Soltage LLC to fund 450 MW of distributed solar and energy storage projects across the United States.
• Represented GE Energy Financial Services and Berkshire Hathaway in the tax equity financing of a repowered 278 MW wind project in ERCOT.
• Represented I Squared Capital and Atlantic Power & Utilities in the sale of in the sale of the 60 MW Curtis Palmer hydroelectric portfolio to Innergex Renewable Energy Inc. and a subsidiary of Hydro-Québec, for approximately US$310 million plus a potential earn-out based on the evolution of NYISO market pricing.
• Represented a private equity investor in its bid to acquire district energy assets in multiple U.S. jurisdictions.
  
• Represented a private equity investor in the formation of a joint venture with a developer for the provision of energy solutions, including commercial-scale solar, to multi-tenant properties in California.
  
• Represented I Squared Capital in its take private acquisition of Atlantic Power Corporation, including a related acquisition financing and corporate reorganization.
• Represented Harrison Street in acquiring a majority interest in the 93MW Bennington Wind project located outside of Chicago, IL, including debt and tax equity financing. 
• Represented the construction lender for a utility-scale solar project in ERCOT. 
• Represented GE Energy Financial Services and Berkshire Hathaway in the tax equity financing of a greenfield 250 MW wind project in Texas.
• Represented a private equity fund in the acquisition of a majority interest in multiple portfolios of community and C&I solar projects located in Minnesota and California.
• Represented I Squared Capital in the sale of its hydropower platform, Cube Hydro Partners and related assets, to Ontario Power Generation for US$1.123 billion.
• Represented GE Energy Financial Services in:
  • the tax equity financing of an approximately 100 MW wind project located in PJM;
  • the repowering of a portfolio of wind projects with an aggregate capacity of 258 MWs;
  • the formation of a joint venture for the development and construction of a 211MW wind project in ERCOT;
  • the tax equity financing of, and subsequent sale of interest in, two repowered wind projects located in ERCOT, with a combined capacity of 136 MW;
  • developing a program for origination and financing of C&I solar projects;
  • its investment in a 1,050-MW natural gas combined-cycle electric generating project located in PA;
  • the sale of equity interest in the Russell City Energy Center, a 615 MW combined cycle gas turbine power plant in Hayward, California, to Calpine Corp.  
• Represented Argo Infrastructure Partners in its acquisition of 100% of the equity interests of the holding companies owning the Oneta Power Generation Project, a 1,127-megawatt power plant in Coweta, Oklahoma, and the Carville Power Generation Project, a 516-megawatt power plant in St. Gabriel, Louisiana, from a portfolio company of LS Power Equity Partners.
• Represented a private equity fund in the formation and ongoing funding of a joint venture with a developer for the acquisition, ownership and operation of wind, solar and hydroelectric power projects in the United States.
• Represented a private equity fund in its acquisition of a 280 MW gas fired power project located in Alabama.
• Represented I Squared capital in its sale of Lincoln Clean Energy LLC, a U.S. based developer, owner and operator of renewable energy projects, to Ørsted A/S, a world leader in offshore wind.
• Represented GE Energy Financial Services and Caisse de dépôt et placement du Québec in their purchase of Southern Star Central Corp., a natural-gas pipeline company with operations in the U.S. Mid-Continent and subsequently represented GE Energy Financial Services in two sell-downs of its interests in the company.
• Represented the U.S. Department of Energy in the issuance of numerous loan guarantees to renewable energy projects pursuant to Section 1705 of the Loan Program under the American Recovery and Reinvestment Act of 2009.

Some of the above matters were handled prior to joining Sidley.