Megan Kultgen concentrates on institutional investing, project development and project finance matters, representing investment and commercial banks, export credit agencies, underwriters, tax equity investors and borrowers in various types of finance transactions, particularly in the energy sector and other infrastructure projects.


Ms. Kultgen has handled complex project financings in the Middle East, Russia, Latin America, Spain and the United States.

She has represented, among others:

  • Exxon Mobil Corporation in its joint ventures with Rosneft;
  • tax equity investors and one developer in connection with numerous inverted leases and partnership flips for portfolios of residential, PACE, commercial and industrial distributed solar generation projects;
  • Citigroup, as placement agent, and the note purchasers in a 4(a)(2) private placement of $421.4 million of senior secured notes issued by a subsidiary of sPower, and Rabobank and Wells Fargo, as issuing banks, in a related $100 million letter of credit facility. This transaction was Project Finance International’s 2017 Americas Renewables Deal of the Year;
  • Philadelphia Energy Solutions in connection with an asset-backed revolver, supply and offtake agreements and a Term Loan B facility;
  • Morgan Stanley in:
    • a $575.5 million notes offering by Grupo Mexico; and
    • in a high-yield 144A financing of ethanol plant construction and its restructuring;
  • the U.S. Department of Energy in the construction and financing of a biomass to a cellulosic ethanol plant in Kansas and a green biodiesel project in Louisiana pursuant to the loan guarantee program;
  • CEMEX in connection with the comprehensive refinancing of $15 billion of its existing debt, a $1.05 billion perpetual loan facility, a $500 million term loan facility, an exchange offer of its perpetual loans and a convertible debt offering;
  • BNP Paribas, as intercreditor agent, in connection with completion and post-completion matters related to the Qatar Liquefied Gas Company II project;
  • Credit Agricole, as intercreditor agent, in connection with completion and post-completion matters related to the Qatar Liquefied Gas Company 3 and 4 projects;
  • Sumitomo Mitsui Banking Corporation, as intercreditor agent, in a financing by Nakilat, the proceeds of which were used to fund the building of additional LNG vessels to ship LNG from Qatar;
  • the intercreditor agent for Qatar Aluminium Limited’s construction of an aluminum smelter facility in Qatar;
  • Lehman Brothers and Goldman Sachs International in connection with the Ras Laffan II and Ras Laffan 3 financings;
  • BNP Paribas in connection with the financing and refinancing of four power plants owned by LS Power; and
  • Citibank in connection with its $1.25 billion acquisition of the Cuscatlan Group.



  • J.D., Columbia University School of Law, 2006 (Parker School Certificate of International and Comparative Law; Staff, Columbia Business Law Review)
  • B.A., Duke University, 2000 (cum laude)


  • New York

Megan E. Kultgen

Counsel, Energy and Infrastructure Projects