John J. Leonti

Partner

Orange County
New York
San Francisco
Business Phone: 949.622.2769; 212.704.6173
Business Fax: 949.769.2091

john.leonti@troutmansanders.com

vCard

John Leonti helps clients structure, negotiate, document and execute complex financial transactions in the energy sector, including tax equity transactions utilizing partnership and lease structures, debt transactions (such as construction financing and long-term commercial and institutional debt financing) and hedge transactions using over-the-counter derivatives (including physical and financial renewable energy hedges). He has acted as counsel to major utilities and their competitive subsidiaries, tax equity investors, independent power producers, renewable energy developers, lenders, investment banks, private investment funds and power marketers.

Recent Representative Experience

  • Represented buyer in connection with a Proxy Revenue Swap for a wind facility located in the Southwest Power Pool.
  • Represented a sponsor in structuring and documenting synthetic power purchase agreements (i.e., contract for differences) and energy management relationships, which will allow large energy consumers to effectively purchase the output from wind and utility-scale solar projects developed by such sponsor.
  • Represented the investor in connection with its tax equity investment in a 200MW solar facility located in California with a short-term hedging arrangement (“merchant nose hedge”) followed by a long-term PPA.
  • Represented the investor in connection with its tax equity investment in a 150MW solar facility located in Texas.
  • Represented the investor in connection with its tax equity investment in a 200MW portfolio of utility-scale solar projects located in California.
  • Represented the strategic investor in connection with its tax equity investment in a 100MW solar facility located in California with a short-term hedging arrangement (“merchant nose hedge”) followed by a long-term PPA.
  • Counsel to a sponsor in connection with its negotiation of a power purchase agreement with the Federal government for a wind asset to be located in PJM.
  • Represented an independent power producer in connection with the forward sales of ancillary services and hedges relating to a battery storage facility.
  • Counsel to a sponsor in connection with tax equity financing for its 95MW wind facility.
  • Represented a sponsor in connection with a power hedge for its wind project.
  • Represented the strategic investor in connection with its tax equity investment in a 100MW solar facility located in Nevada.
  • Represented sponsor in connection with the debt financing (using a “hybrid structure”) of a portfolio of utility-scale solar projects located in Ontario, Canada.
  • Counsel to an UK infrastructure fund in connection with its loan to a solar module manufacturer located in the United States.
  • Represented an investor with respect to its tax equity investment in a 55MW solar facility
  • Represented an investor with respect to its tax equity investment in a 38 MW portfolio of utility-scale solar projects.
  • Represented multiple tax equity investors with respect to their investments in a 30 MW facility using an undivided interest leasing structure.
  • Represented a sponsor in connection with the commercial and institutional debt financing for its 25 MW solar facility.
  • Represented a construction lender in connection with its financing of a 55 MW solar facility.
  • Represented several investors in connection with solar funding programs providing tax equity financing for rooftop and ground-mounted distributed generation systems.
  • Represented a lender in connection with providing debt financing for rooftop and ground-mounted distributed generation systems.
  • Represented an independent power producer in connection with an OTC derivatives transaction linked to convergence bidding in an ISO market.

Recent Speaking Engagements

  • Moderator, Corporate Utility-Scale Deals – Managing Basis and Congestion Risks, Infocast Solar Power Finance & Investment Summit, San Diego, CA, March 22-23, 2017
  • Workshop Chair, Assessing Storage Markets, Project Economics and Pricing, Infocast Storage Week, Oakland, CA, February 22-24, 2017
  • Moderator, Swaps and Other Risk Mitigation Products, Infocast Wind Power Finance & Investment Summit, San Diego, CA, February 7-9, 2017
  • Moderator, Renewables Outlook 2018, 2019 and Beyond, 7th Annual Projects & Money, New Orleans, LA, January 17-19, 2017
  • Moderator, The Depth of the Tax Equity Market, 9th Annual Utility Scale Solar, San Diego, CA, October 19-20, 2016
  • Executive Briefing Chairman, Infocast Solar Power Finance & Investment, San Diego, CA, March 22-24, 2016
  • Merchant Hedging, Infocast Wind Power Finance & Investment, San Diego, CA, February 9-11, 2016
  • Financing Post-2016 Utility Scale Solar Projects?, Infocast Utility Scale Solar Summit, San Diego, CA, October 20-22, 2015
  • Utility Scale Solar Outlook, Infocast Utility Scale Solar Summit, San Diego, CA, September 9-11, 2014
  • Introduction to Derivatives and Power Hedging, 90th Annual Meeting of the International Energy Credit Association, Palm Desert, CA, October 5, 2014
  • Merchant Hedging in 2014, Wind Power Finance & Investment Summit 2014, Rancho Bernardo, CA, February 5, 2014
  • Tax Equity Investment and Future Fund Structures in a Post-Tax Grant World, Infocast Distributed Solar Summit, Del Mar, CA, November 19, 2013
  • Tax Equity Outlook, Infocast 6th Annual Utility Scale Solar Summit, San Diego, CA, September 26, 2013
  • Guest Professor, University of San Diego School of Law, Introduction to Over-the-Counter Derivatives, 2013-14
  • Securitization: The Future of Financing Sector Growth, Infocast Distributed Solar Summit, San Diego, CA, November 13-15, 2012
  • Storage Initiatives in the Dynamic Texas Power Markets, Infocast Storage Week, San Jose, CA, June 25-27, 2012
  • Strategies in Accessing Capital, Infocast Distributed Solar Summit, San Diego, CA, Nov. 30–Dec. 2, 2011
  • Private Equity Perspectives on Distributed Solar , Infocast Distributed Solar East Finance & Investment Summit, Newark, NJ, June 8-10, 2011
  • Selling TRECs into California and TRECs Under Title VII of the Dodd-Frank Act, Argus Renewables Trading Summit Americas, New York, NY, June 7-8, 2011
  • Private Equity and Tax Equity Perspectives on Fuel Cell Power , Stationary Fuel Cell Power Project Finance & Investment Summit, San Diego, CA, May 4, 2011

Recent Publications

  • John Leonti and Brian Harms, Hedging with Derivatives in Today’s Environment; North American Clean Energy (November/December 2009, Volume 3, Number 6)
  • John Leonti and Craig Kline, Mitigating Change-in-law Risk Associated with RECs; North American Clean Energy (July/August 2009, Volume 3, Number 4)

Professional and Community Involvement

  • International Swaps and Derivatives Association—Member of the Equity Derivatives and Global Energy, Commodities & Developing Products Committees
  • New York State Bar Association—Member of the Derivatives and Structured Products Committee

Rankings and Recognition

  • Named “CleanTech 100” practitioner in LMG Clean Technology & Renewable Energy guide for his work in the area of project finance
  • Selected as New York “Rising Star” by New York Super Lawyer Magazine-Metro Edition (2011-2014)

PrintPDF

Education

  • Villanova University, J.D., 2001
  • Villanova University, B.S., 1998

Bar Admissions

  • New York
  • California