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:

  • several tax equity investors and one developer in connection with more than 10 inverted leases and partnership flips for portfolios of residential, PACE, commercial and industrial distributed solar generation projects throughout the United States;
  • Citigroup as the placement agent in two separate private placements of senior secured notes issued by sPower to finance the operations of its portfolio of solar and wind generating facilities, and to refinance three back-leverage debt facilities in place for the construction and early operations of many of the facilities. The original transaction was named Americas Renewables Deal of the Year for 2017 by Project Finance International and North America Renewables Project Finance Deal of the Year by Power Finance & Risk;
  • the 13 initial coordinating lead arrangers, lenders and issuing banks in the $5.8 billion debt financing of Venture Global LNG, Inc.’s Calcasieu Pass LNG export project and associated TransCameron lateral gas pipeline, to be located in Cameron Parish, Louisiana;
  • Exxon Mobil Corporation in its joint ventures with Rosneft;
  • Goldman Sachs as tax equity investor in connection with the sale of residential solar assets back to the original developer;
  • 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;
    • a high-yield 144A financing of ethanol plant construction and its restructuring; and
    • a $220 million bridge loan facility to Venture Global LNG for the development of the Calcasieu Pass LNG export project in Louisiana;
  • 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;
  • the intercreditor agent in connection with completion and post-completion matters related to the Qatar Liquefied Gas Company II, III and IV 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;
  • the intercreditor agent for Qatar Aluminium Limited’s construction of an aluminum smelter facility in Qatar; and
  • BNP Paribas in connection with the financing and refinancing of four power plants owned by LS Power.



  • 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