Ethan M. Schultz

Ethan M. Schultz

Partner, Energy and Infrastructure Projects; Energy Mergers and Acquisitions
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 strategic and financial investors, independent power producers, project developers, public utilities and financial institutions. He has acted on behalf of U.S. and non-U.S. companies across a wide range of asset classes, including solar, wind, hydro, natural gas, coal and nuclear generation, LNG, gas processing and petrochemicals, energy management and trading, and transportation infrastructure.

Mr. Schultz is recognized in Chambers USA as a leading practitioner in the area of Projects: Power and Renewables. He also has been named to The Legal 500 U.S. and recognized by IFLR1000 for his work in the energy and infrastructure sectors.

His representative transactions include:

  • First Solar in connection with:
    • various project and portfolio sales to EDP Renewables, Longroad Energy Holdings, Dominion Energy, EDF Renewable Energy, Southern Power Company and DE Shaw Renewable Investments, among others, comprising in excess of 3,000 MW;
    • the sale of tax equity interests in the 179 MW Switch Station project to affiliates of JPMorgan; and
    • the formation and initial public offering of 8point3 Energy Partners, a joint venture yieldco formed with SunPower that holds a 946 MW project portfolio, and in the $1.7 billion sale of First Solar’s interests in 8point3 to Capital Dynamics;
  • BlackRock Real Assets in the separate sales of its interests in the CWS Zephyr wind project and the Elk and Hawkeye wind projects to Greenbacker Renewable Energy Company;
  • Brookfield Renewables in connection with refinancing the $199 million senior secured credit facilities supporting a 351 MW hydroelectric portfolio in Tennessee and North Carolina;
  • Ontario Power Generation in its $298 million acquisition of Eagle Creek Renewable Energy, which owns a 230-MW portfolio of hydroelectric generating assets;
  • InterGen in:
    • the sale of its Mexico assets and businesses, including six CCGT projects, to Actis Group for $1.3 billion (enterprise value);
    • 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; and
    • the $1.8 billion refinancing of its senior secured credit facilities;
  • Enel Green Power North America in acquiring a U.S.-based energy services and technology provider;
  • Centaurus Renewable Energy in connection with the sale of tax-equity interests in the 28 MW Frontier Solar project;
  • JPMorgan Asset Management in the acquisition of Sonnedix Power Holdings, an independent solar power producer;
  • 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
    • its $541 million purchase of a 1,050 MW portfolio of three combined-cycle gas-fired generating facilities from Capital Power Corporation;
  • NorthWestern Energy in its $900 million purchase from PPL Corporation of a 633 MW portfolio of 11 hydroelectric generating facilities in Montana;
  • 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;
  • Électricité de France in connection with its $4.5 billion acquisition of a 49.99 percent interest in Constellation’s nuclear generation business;
  • 8point3 Energy Partners LP in connection with its $775 million term loan and revolving credit facilities;
  • 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); and
    • as lender under the TIFIA and RRIF programs in connection with the $382 million financing of the Massachusetts Bay Transportation Authority positive train control project;
  • a lender in connection with a $100 million mezzanine loan facility to be used to support the construction of a gas-fired merchant generating facility in Pennsylvania;
  • SunEdison Inc. in connection with the refinancing of its $265 million senior secured letter of credit facility; and
  • SunEdison Semiconductor in connection with its $260 million senior secured term loan and revolving credit facilities;

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


  • Texas
  • District of Columbia
  • Pennsylvania
  • New Jersey


  • 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; Energy Mergers and Acquisitions