Paul S. Kraske
Paul Kraske regularly represents clients in connection with the development, financing and acquisition of energy and infrastructure projects in the U.S. and abroad.

Bio

Mr. Kraske has extensive experience preparing and negotiating all forms of relevant documentation, including joint development and ownership agreements, construction contracts, power purchase agreements, credit and investment documentation, and sale and purchase agreements. From 2000 to 2002, Mr. Kraske worked in Mumbai, India, as the general counsel of the Dabhol Power Project, where he had primary responsibility for legal issues arising out of the operation of an existing 740 MW power plant, as well as the construction of 1,440 MW of additional capacity and an associated LNG regasification terminal.

Mr. Kraske repeatedly has been selected for inclusion in Chambers Global: The World’s Leading Lawyers for Business, Chambers USA: America’s Leading Lawyers for Business and IFLR1000. He was recognized by Chambers USA 2010 as “one of the USA’s foremost experts on the development and financing of electric transmission projects.” Mr. Kraske also was named as a 2014 “Law360 MVP” in the project finance category.

Some of Mr. Kraske’s continuing or completed transactions include his representation of:

  • ArcLight Capital Partners, LLC in its sale of a 50.1 percent stake in Southeast PowerGen, LLC, a portfolio of gas-fired power plants, to The Carlyle Group LP;
  • Citizens Sunrise Transmission, LLC in its lease and private placement financing of 50 percent of the transfer capability of a 1,000 MW, 500 kV segment of the Sunrise Powerlink Project;
  • Emera Inc. in its agreement to purchase three combined-cycle gas-fired electricity generating facilities with a total of 1,050 MW in New England from Capital Power Corporation. The generating facilities include Bridgeport Energy (520 MW), Rumford Power (265 MW) and Tiverton Power (265 MW);
  • First Solar, Inc. in connection with the development, construction and $290 million financing by the Overseas Private Investment Corporation (OPIC) and the International Finance Corporation (IFC) of the 141 MW Luz del Norte solar power plant in the Atacama Desert in Chile. When completed, Luz del Norte will be the largest merchant solar project in the world;
  • Hudson Transmission Partners, LLC in connection with the development and $850 million construction financing of a 660 MW HVDC converter station and associated HVAC transmission cables, which transmit electricity from New Jersey to Manhattan underneath the Hudson River;
  • JPMorgan Infrastructure Investments Fund in its acquisition of a 50 percent joint venture interest in Sonnedix Power Holdings;
  • NSP Maritime Link Incorporated in the development of a transmission line connecting Nova Scotia and Newfoundland;
  • Pattern Conejo in the financing by international commercial banks of a 104 MW solar project in the Antofagasta region of northern Chile;
  • SolarReserve, LLC in connection with construction and O&M arrangements for the Crescent Dunes concentrating solar power project and the sale of a portion of the project to equity investors;
  • SunEdison, Inc., and its affiliates in a:

    • $146 million nonrecourse debt financing arrangement with the IFC, the Central American Bank for Economic Integration (CABEI) and the OPEC Fund for International Development (OFID). The debt proceeds will be used to fund the construction of three solar photovoltaic power plants totaling 81.7 MW in the Republic of Honduras. This is one of the first large-scale grid-connected solar projects in the country, and diversifies the energy mix in Honduras while providing clean, renewable energy. It is also the largest solar power development in Central America to date;
    • $50 million debt financing by the European Bank for Reconstruction and Development (EBRD) and OPIC of a 23.8 MW DC solar power plant in the Ma’an Governate in Southern Jordan;
    • $212 million nonrecourse debt financing arrangement with the IFC and OPIC. The proceeds were used to finance the construction of a 100 MW solar power plant in the Atacama Desert in Chile. At the time construction was completed, this project was the largest solar facility in Latin America;
    • $100 million nonrecourse debt financing arrangement with OPIC and the IFC, the proceeds of which were used to finance the construction of the 50.7 MW San Andres solar power plant in the Atacama Desert in Chile. Project Finance magazine named this transaction the “Latin America Solar Deal of the Year” for 2013;
    • financing of the 72.8 MW Maria Elena solar power plant, a merchant facility located in the Antofagasta region of northern Chile; and
    • $130 million nonrecourse debt financing arrangement with CorpBanca and BBVA to finance the construction of the 69.5 WM Javiera solar photovoltaic power plant. This is the first financing of a solar project in Chile where senior debt is being provided entirely by commercial banks;
  • SunEdison, Inc. and TerraForm Power, Inc. in the financing of their $2.4 billion acquisition of First Wind Holdings, Inc., a developer of wind projects; and
  • TerraForm Power, Inc., a subsidiary of SunEdison, Inc., in securing a $400 million bridge acquisition facility from Goldman Sachs Bank USA. The bridge was used to purchase solar power projects to complete the initial portfolio of TerraForm Power, Inc. in advance of its proposed initial public offering. Skadden also represented TerraForm Power, Inc. in negotiating a takeout term loan and a revolving credit facility.

Credentials

Education

  • J.D., Harvard Law School, 1996 (cum laude)
  • MSc., International Relations, London School of Economics and Political Science, 1993
  • B.A., History, Yale University, 1992 (cum laude)

Admissions

  • New York
  • District of Columbia

Paul S. Kraske

Partner, Energy and Infrastructure Projects
paul.kraske@skadden.com