Overview

Stephen Yeh is a Banking & Finance associate in the Global Leveraged Finance and Global Projects groups. He represents financial institutions, corporate investors, project sponsors, developers and corporate borrowers in connection with a wide variety of complex project financings, including tax equity investments, back-leverage financings, reserve-based financings, acquisition financings and other types of secured and unsecured financings, with particular emphasis on renewable and clean energy.

He joined the firm in 2013. Prior to law school, Stephen was a CPA and worked for an international professional services firm supporting clients in the aviation, paper packaging and various manufacturing industries.

Spoken Languages

  • English
  • Chinese

Experience

Tax Equity and M&A

  • Represented Tortoise Energy Infrastructure Fund on an approximately $29 million purchase of a portfolio of 14 solar energy generation facilities totaling 33 MWdc in New York from Sun Financial and Kenyon Energy.
  • Represented the tax equity investor on an approximately $50 million tax equity investment in a 50 MW utility-scale solar project in Sumrall, Mississippi.
  • Represented the tax equity investor on an approximately $50 million tax equity investment commitment in a portfolio of solar energy generation facilities totaling 30 MWdc in New York and California.  
  • Represented the tax equity investors on an approximately $385 million tax equity investment in a 250 MW utility-scale solar project in Nevada.
  • Represented the tax equity investor on an approximately $25 million tax equity investment in a portfolio of 65 solar energy generation facilities totaling 57 MWdc in California.
  • Represented the tax equity investor on (i) an approximately $144 million tax equity investment in a 100 MW utility-scale solar project in California and (ii) an approximately $110 million tax equity investment in a 75 MW utility-scale solar project constructed in California.
  • Represented the tax equity investor on an approximately $89 million tax equity investment in a 21 MW utility-scale solar project constructed in southern Georgia.
  • Represented the developer on the debt and equity financing of a 300 MW wind project in Texas, including a $467 million construction loan, a $261 million tax equity investment, and a long-term power and capacity hedge offtake arrangement.
  • Represented the tax equity investors on a $700 million tax equity investment in (i) two wind projects totaling 300 MW in Oklahoma and (ii) a 250 MW wind project in Texas.
  • Represented the developer on the debt and equity financing of a 200 MW wind project in Texas, including a $271 million construction loan, a $218 million tax equity investment, a $36 million term loan commitment, a $38 million bridge loan commitment and a long-term power hedge offtake arrangement.
  • Represented the tax equity investors on a $280 million tax equity investment in a 300 MW wind project in Oklahoma.  

Debt

  • Represented an affiliate of Tortoise Energy Infrastructure Fund, as borrower, in a $30 million construction and term loan facility secured by a portfolio of solar energy generation facilities in New York.
  • Represented a global money center bank, as arranger and lender, in a $87 million term loan facility secured by a portfolio of solar energy generation facilities that are co-invested by a tax equity investor.
  • Represented a global money center bank, as arranger and as agent, in a $50 million term loan facility that back-levers tax equity contributions to a pool of distributed solar projects.
  • Represented a Cayman financial institution, as arranger and as agent, in a $11 million construction and term loan facility in connection with the development of the first solar farm in the Cayman Islands.
  • Represented a syndicate of lenders in a $500 million aggregation facility secured by an interest in a revolving pool of distributed solar projects on residential, commercial and military property.
  • Represented a global money center bank, as arranger and as agent, in a $500 million revolving reserve-based credit facility in connection with the acquisition of upstream oil and gas assets in Mississippi by a major private equity fund portfolio company.
  • Represented a global money center bank, as arranger and as agent, in a $200 million revolving reserve-based credit facility for the exploration and production of Texas shale oil and gas assets by a major private equity fund portfolio company.

Education

The University of Texas School of Law, JD, with honors

Symposium Editor, The Review of Litigation

Emory University, BBA

Admissions

  • Texas
  • California
  • New York