Ethan M. Schultz
Ethan Schultz represents clients in connection with acquisitions and divestitures, joint ventures, financings, and other corporate and commercial transactions in the energy and infrastructure sectors.


Mr. Schultz’s clients include independent power producers, project developers, integrated utilities, private investment firms and financial institutions. His experience extends across a broad range of assets and services, including solar, wind, hydro, natural gas, coal, nuclear, LNG, petrochemicals and power marketing, as well as public-private partnerships involving toll roads and airports.

Recent representations include:

  • First Solar in the:

    • formation and initial public offering of 8point3 Energy Partners, a new joint venture yieldco formed with SunPower, as well as in connection with 8point3 Energy Partner’s $325 million term loan and revolving credit facilities;
    • construction and sale of joint venture interests in the North Star, Lost Hills and Desert Stateline solar projects to an affiliate of Southern Power Company;
    • construction and sale to MidAmerican Energy Holdings Company of the 550 MW Topaz solar project;
    • $967 million financing, construction and sale to NRG Energy of the 290 MW Agua Caliente solar project in Arizona; and
    • $646 million financing, construction and sale to Exelon of Antelope Valley Solar Ranch One, a 230 MW solar project in California;
  • JPMorgan Asset Management in the acquisition of a 50 percent joint venture interest in Sonnedix Power Holdings, an independent solar power producer with projects in Spain, Italy, France, the U.K., Thailand, Japan, Puerto Rico, Chile and South Africa;
  • Emera Energy in the:

    • $223.3 million sale of its 49 percent interest in Northeast Wind Partners, a 419 MW portfolio of wind projects, to First Wind Holdings; and
    • $541 million purchase of a 1,050 MW portfolio of three combined-cycle gas-fired generating facilities from Capital Power Corporation;
  • ArcLight Capital in the:

    • sale to Carlyle Power Partners of a 50.1 percent interest in Southeast PowerGen, a 2,800 MW portfolio of gas-fired peaking plants;
    • acquisition by Southeast PowerGen of Mid-Georgia Cogen, L.P., a 308 MW gas-fired peaker, from Perennial Power Holdings; and
    • purchase of Mackinaw Power and AL Sandersville, a 2.5 GW portfolio of gas-fired generating facilities, and the related acquisition financings.
  • InterGen in its purchase from IEnova of a 50 percent interest in Energía Sierra Juárez, a 155-MW wind facility and the first cross-border renewable project in Mexico;
  • NorthWestern Energy in its $900 million purchase from PPL Corporation of a 633 MW portfolio of 11 hydroelectric generating facilities located in Montana;
  • the U.S. Department of Transportation, as lender under the TIFIA program, in connection with the $1.9 billion financing of the Dulles Corridor Metrorail Project (Silver Line Phase 2);
  • SunEdison in connection with the refinancing of its $265 million senior secured letter of credit facility, and SunEdison Semiconductor Limited in connection with its $260 million senior secured term loan and revolving credit facilities;
  • InterGen in connection with the $1.8 billion refinancing of its senior secured debt and credit facilities, including a five-year two-tranche revolving credit facility ($350 million and £100 million), seven-year $300 million term loan, eight-year £175 million notes and 10-year $750 million notes;
  • Électricité de France in connection with its $4.5 billion acquisition of a 49.99 percent interest in Constellation’s nuclear generation business;
  • Peru LNG, a joint venture between Hunt Oil, SK, Repsol and Marubeni, in the development and financing of a $4 billion LNG liquefaction facility and gas pipeline in Peru;
  • the New Jersey State Treasurer in connection with the proposed $35 billion privatization of the state’s toll roads; and
  • the lenders to Midway Investment and Development Company LLC, the preferred bidder selected by the City of Chicago in connection with the $2.5 billion privatization of Midway airport.

Prior to law school, Mr. Schultz worked as a financial analyst for Enron Corporation and Project GRAD USA, a nonprofit focused on improving public education.



  • J.D., University of Pennsylvania Law School, 2005 (Executive Editor, University of Pennsylvania Law Review)
  • B.A., Rice University, 1999


  • District of Columbia
  • New Jersey
  • Pennsylvania


  • Law360, Project Finance Editorial Advisory Board (2013)

Government Service

  • Law Clerk, Hon. R. Barclay Surrick, U.S. District Court for the Eastern District of Pennsylvania (2005-2006)

Ethan M. Schultz

Partner, Energy and Infrastructure Projects