Michael O'Brien is a partner on the Energy Team within the Real Estate, Energy, Land Use & Environmental Practice Group and is based in the firm's Chicago office.
Michael has more than 30 years of first chair experience representing providers and users of debt capital in financing transactions in the primary and secondary markets. His work includes secured and unsecured credit facilities, private placement financings, project finance transactions, asset-based and cash flow-based financing transactions, financial asset securitizations, equipment financing transactions, letters of credit and other credit enhancements, and derivative products. Michael is adept at structuring transactions to optimize available US federal income tax benefits. He also leads the firm's Derivatives and Structured Products group and is a nationally recognized leader in this space.
Renewable Energy Projects
Michael focuses on representing developers, sponsors, lenders and investors in transactions to finance the development, construction and operation of renewable energy projects, including battery storage, solar and wind facilities. His recent work includes:
- Representing the sponsor in the tax equity financing of a 350 MW solar power facility in New England.
- Representing the sponsor in the construction, tax equity bridge and back leverage financing of a 500 MW solar power facility in upstate New York.
- Representing the sponsor in the construction, tax equity bridge and back leverage financing of a 250 MW solar power facility in Ohio.
Michael also advises on secondary market transactions to provide additional financing sources and monetize tax benefits of renewable energy facilities. He represents clients in synthetic power offtake agreements (including VPPAs), trading of environmental attributes and carbon credits and power hedging and optimization transactions, particularly with respect to BESS facilities. Michael advises on the structuring and documentation of these transactions, as well as on the enforcement of rights within and outside of bankruptcy.
Derivatives and Structured Products
Michael represents clients beyond the power sector, including major banks, money managers, hedge funds, and end-users, in derivatives and structured products transactions, including: financial and commodity swaps; exchange traded derivatives; credit derivatives; synthetic CDOs; tender option bonds; municipal derivatives; and structured repo and securities lending transactions. In the secondary market for municipal securities, Michael represents several market leaders in all aspects of the tender option bond structure. He advises clients on compliance with the regulatory aspects of derivatives, including the complexities of Title VII of the Dodd Frank Act and of EMIR.
Michael has particular experience with structuring and documenting off-exchange derivative transactions, and handling the controversies that may arise from these transactions. His experience in this area dates back to over three decades and includes lead counsel roles in litigation matters that established market precedent. Many of his transactions involve restructuring and protection of rights involving a bankrupt counterparty.
In the area of exchange traded derivatives, Michael has significant experience working through applicable regulatory regimes, including the rules of the principal U.S. exchanges, regulations applicable to SEFs and the applicability of, and compliance with, regulations concerning Commodity Pool Operators and Commodity Trading Advisors.
Equipment Financing
Michael has significant experience representing major operating lessors, lenders, equity investors, sellers and buyers in a broad range of financing, leasing and sale transactions involving equipment. For example, in the aircraft sector, Michael has advised on commercial aircraft, engines, spare parts and other aviation assets such as ticket receivables and frequent flyer programs and rolling stock. He has handled every type of leasing and financing structure employed in the market in the past three decades, structures transactions to achieve certain tax characterizations. Many of his transactions involve the protection of rights and the restructuring of transactions involving bankrupt users of equipment.