Jeffrey Davis
Biography
Overview
Jeff Davis is a partner in the Tax practice in White & Case's Washington DC office. He advises clients on a wide range of US federal income tax matters, with an emphasis on project finance, development and energy transactions.
Jeff has a particular focus on transactions involving renewable energy projects, including tax credit monetizations (including tax equity financings, such as flip partnerships and leases, and tax credit sales under IRC section 6418), mergers and acquisitions (including with respect to both projects and portfolios), and backleverage financings. He assists clients in the qualification for tax credits (including the production tax credit provided under IRC sections 45 and 45Y, the investment tax credits provided under IRC section 48 and 48E, the carbon capture credit under IRC section 45Q, the hydrogen credits under IRC sections 48 and 45V, credits for electric vehicles under IRC sections 30D and 45W, among others) and other incentives, such as depreciation. He has experience with a wide range of renewable energy resources, including wind, solar, fuel cells, geothermal, hydroelectric, biomass and refined coal.
In addition, Jeff represents clients in matters before the US Department of the Treasury and the Internal Revenue Service, including assisting with applications for private letter rulings and requests for published guidance. He is responsible for obtaining the safe harbor for wind transactions using the flip partnership in IRS Notice 2007-65. Jeff frequently speaks at tax and industry conferences on topics of interest to the renewable energy industry. He also has served as an adjunct professor in the graduate tax program at Georgetown University Law Center.
Jeff has been ranked by Chambers USA and Chambers Global from 2019-2024 in Projects: Renewables & Alternative Energy. Chambers USA stated that he "has a robust renewables sector practice, where he frequently represents sponsors in tax equity and other forms of structured finance," is "'very diligent and experienced' in the renewables sector… [and] known for his expertise in tax equity matters". Chambers also noted, "He's very thorough and very knowledgeable on all aspects of tax" and "is very detail-oriented and very careful in his analysis". Jeff was named to A Word About Wind's "Legal Power List 2022", which is the 100 most influential lawyers working on the financial side of the wind industry. In December 2022, Jeff was recognized by Northern Virginia Magazine as a Top Lawyer (Tax Law). In December 2018, for the second year in a row, Washingtonian Magazine named Jeff a Top Lawyer (Tax).
Rick J. Caruso
Experience
Tax Monetization Transactions
- Representation of Brookfield Corporation in connection with a tax equity investment in the Alton Post Office Solar PV Project and Foxglove Solar PV Project, both being developed by Urban Grid.
- Representation of TotalEnergies on a tax equity financing for its 405 MW Hill Solar project in Texas.
- Representation of leading US multinational investment firm on its purchase of tax credits generated from a residential solar portfolio across the US.
- Representation of US HVAC systems company on its purchase of tax credits generated from a residential solar portfolio across the US.
- Representation of an infrastructure investor on a US$130 million financing for a 710 MW community solar portfolio in Minnesota and Maine, including step up investment structure to maximize value of tax associated investment tax credits.
- Representation of solar financing platform on a tax equity financing for a residential rooftop solar portfolio throughout the US.
- Representation of a major US multinational investment firm on its tax equity financing for two 70 MW solar PV projects in North Carolina and Virginia.
- Representation of a US clean energy infrastructure company on the formation of a tax equity partnership for the purchase, sale and development of a residential solar and BESS portfolio across the US.
- Represented a food and beverage company in making a tax equity investment in a 152 megawatt solar project in Texas.*
- Represented a financial services company in providing tax equity for a 224 megawatt solar project plus 448 megawatts of co-located battery storage.*
- Represented a renewable energy company in the tax equity financing of a 54 megawatt wind project in Illinois.*
- Advised a bank in connection with its commitment to provide tax equity for an offshore wind project.*
- Represented a renewable energy company in the tax equity financing of an 80 megawatt wind project in Illinois.*
- Represented a financial services group in providing tax equity for a portfolio of fuel cell projects.*
- Represented a leading US tax equity investor in making a tax equity investment in a 160 megawatt wind project in Texas.*
- Represented a food and beverage company in making a tax equity investment in a 250 megawatt solar project in Texas.*
- Represented a bank in providing tax equity for a portfolio of fuel cell projects.*
- Represented a leading financial institution in making three separate tax equity investments in portfolios of community solar projects.*
- Represented a bank in making a tax equity investment in a portfolio of residential solar projects.*
- Represented a renewable energy company in the tax equity financing of a 76 megawatt wind project in Illinois.*
- Advised a leading U.S. tax equity investor in making a tax equity investment in the first offshore wind project in the US.*
- Represented a leading U.S. tax equity investor in making a tax equity investment in a 98 megawatt wind project in Illinois.*
- Represented a renewable energy company in the tax equity financing of a 145 megawatt solar project in Colorado.*
- Represented an insurance company in providing tax equity to various solar projects.*
Debt Financings
- Representation of Calpine on certain tax aspects of the construction and US$1 billion+ green financing of the 680 MW Nova BESS project in California. This was the largest US standalone BESS project financing at close and the project will be among the largest of its kind in the country upon completion.
- Representation of Oxy and 1PointFive on tax aspects of the construction, development and financing for the world’s largest direct air capture facility known as STRATOS located in Texas, including a successful US$550 million investment from BlackRock to jointly develop the project.
- Representation of major US power company in all ongoing development and financing matters for its US$1 billion+ installation of post-combustion carbon capture systems at two natural gas-fired power plants in California and Texas.
- Representation of Wabash Valley Resources in all ongoing development and financing matters for its US$ multibillion waste-to-ammonia and first-of-a-kind carbon sequestration project in Indiana. This is currently the largest carbon sequestration project in the US.
- Representation of Private Equity renewable energy investment vehicle on its 50 precent acquisition of the common equity interests in a 157 MW solar and 125 MW battery storage project in California.
- Representation of portfolio company of a leading US alternative investment manager in the creation of a partnership with a residential solar company for the acquisition, development and sale of solar projects from the residential solar company.
- Represented a renewable energy company in the construction financing of a 54 megawatt wind project in Illinois.*
- Represented a renewable energy company in the construction financing of a 274 megawatt portfolio of solar projects in California.*
- Represented the lenders in providing construction loans for a portfolio of solar projects.*
- Represented the lenders in providing backleverage financing for a portfolio of residential solar projects.*
M&A
- Representation of EnCap Investments on its US$1 billion sale of the Broad Reach Power 350 MW operational / 880 MW under-construction / 1.7 GW in-development BESS business in the US to the French multinational utility company ENGIE.
- Representation of Masdar on its acquisition from Energy Capital Partners of a 50 percent stake in Terra-Gen, one of the largest independent power producers in the US. Terra-Gen operates approximately 2.4 GWs of wind and solar and 5.1 GWh of energy storage facilities across 32 sites, predominantly in California and Texas.
- Representation of Brookfield Renewable Partners on its acquisition from SunEnergy1 of a 510 MW utility-scale solar portfolio in North Carolina and Virginia, together with an exclusivity agreement to acquire 330 MWs of projects from the attractive 14 GW SunEnergy1 development pipeline.
- Representation of TotalEnergies on its US$800 million sale to Apollo of a 50 percent stake in a 2 GW solar and BESS portfolio in Texas. The portfolio is comprised of three solar projects with a total capacity of 1.7 GW and two BESS projects with a capacity of 300 MW.
- Representation of leading European renewable energy producer ERG on its US$270 million acquisition from Apex Clean Energy of a majority stake in a 317 MW portfolio of wind and solar assets located in the Midwest, together with an up to 1 GW new project cooperation agreement.
- Represented an insurance company and an infrastructure-focused private equity fund in the acquisition of a minority interest in a 1.2 gigawatt portfolio of wind and solar projects from the nonregulated unit of an energy holding company.*
- Represented an infrastructure fund the acquisition of minority stake in a renewable energy company that develops, owns and operates utility-scale wind, solar, energy storage and geothermal generation assets.*
- Represented an energy infrastructure company in the acquisition of a portfolio of early-development stage solar projects in Tennessee.*
- Represented an insurance company in the acquisition of a minority interest in an independent power producer with a portfolio of over 4 gigawatts of solar and battery storage systems that are contracted, under construction, or operating across the U.S. and Canada.*
- Advised an energy infrastructure company in its bid to acquire a developer, owner and operator of commercial and industrial solar projects.*
- Advised an energy infrastructure company in its bid to acquire a solar energy developer, operator, and EPC contractor.*
Other
- Advised a leading solar and solar plus battery developer in negotiating various construction contracts, including with respect to prevailing wage an apprenticeship matters.
- Advised a renewable energy developer regarding the qualification of solar projects for investment tax credits.*
- Represented a developer in negotiated supply contracts for a carbon capture project.*
- Advised an energy infrastructure company in establishing a solar development platform.*
- Advised a renewable energy company regarding the beginning of construction of various wind and solar projects.*
- Advised an autonomous vehicle company regarding qualification of electric vehicles for tax credits.*
- Advised an energy infrastructure company regarding procurement of equipment to begin construction of numerous solar projects.*
- Represented the lenders in safe harbor equipment supply loans for solar projects.*
- Advised a transportation solutions company regarding qualification of electric vehicles for tax credits.*
*Matters prior to joining White & Case
Chambers USA and Chambers Global in 2019-2024 in Projects: Renewables & Alternative Energy
"Legal Power List", A Word About Wind 2022
Top Lawyer (Tax Law), Northern Virginia Magazine, 2022
Top Lawyer (Tax), Washingtonian Magazine 2017-2018
