Heather L. Stewart

Heather Stewart is a partner in the Corporate practice group and a member of the Energy Industry Group. Heather advises sponsors and developers in the financing of renewable energy projects, including the structuring and negotiation of construction, bridge and term debt facilities, development loan facilities, letter of credit facilities, and cash and tax equity investments. She also regularly advises clients in connection with the acquisition of operating and development stage renewable energy projects.

Education

Duke University School of Law, J.D., 2002; Research Editor, Staff Editor, Law & Contemporary Problems

Dartmouth College; B.A., English, 1999, cum laude

Admissions

Oregon

California

• Representation of the developer in connection with a $100 million revolving letter of credit facility.
• Representation of the sponsor and its affiliates in the construction and term debt financing and inverted lease tax equity financing of a 120 MW AC portfolio of solar projects located in Georgia.
• Representation of the developer in the equity financing for a 131 MW portfolio of distributed solar and solar plus storage projects in ten states.
• Representation of the sponsor and its affiliates in the construction and term debt financing and inverted lease tax equity financing of a 74.98 MW AC solar project located in South Carolina.
• Representation of the sponsor and its affiliates in the construction and term debt financing and inverted lease tax equity financing of a 50 MW AC solar project located in North Carolina.
• Representation of the sponsor and its affiliates in the construction and term debt financing and inverted lease tax equity financing of a 25.2 MW DC portfolio of solar projects located in Oregon and North Carolina.
• Representation of the sponsor and its affiliates in the construction and back-leverage term debt financing of a 117 MW AC portfolio of solar projects located in California and Utah.
• Representation of the sponsor and its affiliates in the construction and back-leverage term debt financing and partnership-flip tax equity financing of a 200 MW AC portfolio of solar projects located in Arizona.
• Representation of the sponsor and its affiliates in the construction debt financing of a 400 MWh energy storage project located in California.
• Representation of the developer in connection with a $125 million development loan facility.
• Representation of the developer in the construction and back-leverage term debt financing of a 144 MW AC solar project located in Texas.
• Representation of the sponsor and its affiliates in the construction and term debt financing and inverted lease tax equity financing of a 78.7 MW AC solar project located in North Carolina.
• Representation of the sponsor and its affiliates in the construction and term debt financing and inverted lease tax equity financing of a 97.645 MW DC solar project located in South Carolina.
• Representation of the developer in connection with a $55 million working capital facility secured by a portfolio of operating solar projects.
• Representation of the developer in connection with a $50 million letter of credit facility to support the development of utility scale solar projects in the United States and Canada.
• Representation of the sponsor and its affiliates in the construction and back-leverage term debt financing and partnership-flip tax equity financing of a 120 MW AC portfolio of solar projects located in California.
• Representation of the sponsor and its affiliates in the back-leverage term debt financing and partnership-flip tax equity financing of a 34.2 MW DC portfolio of solar projects located in California and New York.
• Representation of the sponsor and its affiliates in the construction and back-leverage term debt financing of a 105 MW solar project located in California.
• Representation of the developer in connection with a partnership with a cash equity investor that includes more than 35 solar facilities totaling 413 MW, located in North Carolina, South Carolina, and Oregon.
• Representation of the lender and tax equity provider in connection with its debt and tax equity financing of a portfolio of five solar projects located in Rhode Island.
• Representation of the sponsor and its affiliates in the construction financing of a 100 MW wind project located in Texas.
• Representation of the sponsor and its affiliates in connection with a $100 million revolving credit facility for the construction financing of a portfolio of community solar, residential, C&I and utility-scale solar projects located throughout the United States.
• Representation of the sponsor and its affiliates in a $50 million acquisition financing for a portfolio of solar projects located in Ontario, Canada.
• Representation of the sponsor and its affiliates in the construction and back-leverage financings for 1.2 GW of utility-scale solar projects located in California and Texas, involving seven projects and over $3 billion in debt and tax equity financing.
• Representation of the sponsor and its affiliates in the construction and term debt financing of a 60 MW solar project located in California. The transaction was one of the largest solar financings in the United States in 2014 and was named IJGlobal’s North American Renewables Deal of the Year.
• Representation of the sponsor and its affiliates in connection with the development, construction and term debt financing of a 49.9 MW geothermal plant located in the Salton Sea, California.

Insights & Presentations

• Co-author, “Project Finance for Wind Power Projects,” Chapter 9, The Law of Wind: A Guide to Business and Legal Issues, Stoel Rives LLP, Ninth Edition, 2022
• Moderator, “New Developments in the Evolving Community Choice Aggregation Market,” Infocast Solar Power Finance & Investment Summit, San Diego, CA, March 2018
• Moderator, “Getting a Credit Rating and Power Purchase Financing,” Infocast Community Choice Energy Summit, San Francisco, CA, November 2018

Civic

• Randall Children’s Hospital Foundation, Member, Board of Trustees