James J.Salerno (Jim)

Partner

(T) + 1.212.326.3436

Jim Salerno has more than 26 years of experience in financing energy and infrastructure projects, with emphasis on all stages of development as well as investor and lender exit strategies. Jim represents developers, sponsors, investors, and lenders in structuring and negotiating wind and solar renewables, geothermal, fossil fuel, and nuclear generation projects, including acquisition financing related thereto. He also represents lenders in domestic PPPs and clients in the mining and metals industry. He is also active with developers and lenders in the oil and gas industry, primarily in Latin America and sub-Saharan Africa. Jim's clients range from institutional investors seeking yield and a long-term investment to strategic investors seeking access to natural resources to banks financing the construction of new and retrofit projects. He also represents parties in vendor and supplier financings and subordinated lenders, hedge providers, offtakers, ECA's, and development finance institutions.

Jim's recent engagements include: NRG Yield in a refinancing of a credit facility for Alta Wind, the largest wind farm in the United States; Starbucks as tax equity investor in a solar generating facility; Canacol Energy in its upstream and midstream project financings; and Rakuten, one of the world's largest e-commerce companies, in certain infrastructure investments. Jim has represented NRG and AREVA in obtaining DOE loan guarantees and The China Export-Import Bank in the process-oriented Texas Clean Energy Project.

Jim has been a frequent speaker on DOE issues. He remains active in his hometown civic and community affairs.

Experience

  • ENGIE-led consortium wins competitive bidding process in Brazil for $8.6 billion acquisition of TAGJones Day advised ENGIE in the $8.6 billion acquisition and related financing of 90 percent of Transportadora Associada de Gás SA ("TAG"), the largest natural gas transmission network owner in Brazil, from Brazilian state oil company Petróleo Brasileiro SA (Petrobras).
  • Cineworld Group completes asset monetization strategies in United States through cinema sale-leaseback transactionsJones Day advised UK headquartered, Cineworld Group PLC in connection with an asset monetization strategy in the United States involving a combined cash consideration of $556.3 million cinema sale-leaseback transactions to convert a substantial portion of Cineworld’s U.S. real estate holdings into cash to leverage its equity and optimize efficiency.
  • Invenergy acquires multistate portfolio of renewable energy projectsJones Day represented Invenergy Wind Development LLC in its purchase of a multistate portfolio of development-stage wind and solar energy generation projects.
  • SITE Centers Corp. refinances $900 million mortgage loanJones Day advised SITE Centers Corp. in connection with the refinancing of a $900 million mortgage loan provided by Column Financial, Inc.; JP Morgan; and Morgan Stanley which was collateralized by mortgage liens on 24 U.S. properties, one Puerto Rico Property, and a pledge of equity interests in the owners of 12 Puerto Rico properties.
  • NRG Energy sells south central power generating business to Cleco Corporate Holdings for $1.0 billionJones Day represented NRG Energy, Inc. in the sale to Cleco Corporate Holdings LLC (Cleco) of NRG’s South Central business for a total purchase price and cash proceeds of $1.0 billion, subject to certain adjustments.
  • KeyBank refinances five wind-powered electric generating projects in OregonJones Day represented KeyBank National Association in connection with the refinancing of the back-leveraged project financing for the acquisition, development, and construction of five wind-powered electric generating projects with a total generating capacity of 50 MW located in Baker County, Oregon and sponsored by D.E. Shaw Renewable Investments, L.L.C., a leading generator of wind and solar power in North America.
  • ICBC Standard Bank completes $106 million facility agreement with La Mancha HoldingJones Day represented ICBC Standard Bank Plc in connection with its $106 million facility agreement provided to La Mancha Holding S.a r.l., a privately held international gold investment company.
  • Total, NOVA, Borealis form venture for U.S. Gulf Coast projectsJones Day advised Total Petrochemicals & Refining USA, and affiliates of Austria’s Borealis AG and Canada’s NOVA Chemicals (both affiliates of the UAE’s Mubadala Investment Company) in the formation of a joint venture to build a $1.7 billion, 1 million ton per year ethane cracker in Port Arthur, Texas, acquisition of Total’s existing 400,000 ton per year two-line polyethylene plant in Bayport, Texas, and building of a new 625,000 ton per year Borstar PE plant at the Bayport site.
  • Garrison Investment Group closes series of subscription credit facilitiesJones Day represented five real estate opportunity funds managed by Garrison Investment Group LP in revolving subscription credit facilities from Bank of America, N.A. totaling over $750 million in credit availability across the funds.
  • Canacol Energy completes $320 million International Offering of Senior NotesJones Day represented Canacol Energy Ltd., a vertically integrated, publicly listed, international energy company engaged in the acquisition, development, exploration, and production of crude oil and natural gas, in connection with a Rule 144A and Regulation S offering of $320 million aggregate principal amount of 7.25% Senior Notes due 2025.
  • Shenzhen Energy Group acquires PV solar generation facilities from Recurrent Energy for $232 millionJones Day advised Shenzhen Energy Group Co., Ltd. on its $232 million acquisition of a portfolio of PV solar generation facilities in California from Recurrent Energy, a wholly owned U.S. subsidiary of Canadian Solar.
  • High Road Capital portfolio company acquires PacTool InternationalJones Day represented High Road Capital Partners in connection with the acquisition and related financing by portfolio company General Tools & Instruments, a designer, developer, and distributor of precision specialty hand tools and handheld test instruments, of PacTool International, a designer and manufacturer of siding tools and gauges, specialty hand tools, cutting tools, and blades.
  • Stewart & Stevenson businesses sold to Kirby Corporation for $756.5 millionJones Day advised Stewart & Stevenson LLC in the sale of its businesses and assets to Kirby Corporation for $756.5 million.
  • OEConnection Holdings acquires Clifford Thames GroupJones Day advised OEConnection Holdings, LLC in connection with its acquisition of Clifford Thames Group, a leader in automotive data creation and management with operations in Europe, the U.S., India, and Australia.
  • Starbucks invests in solar photovoltaic generating facility in Maxton, North CarolinaJones Day advised Starbucks Corporation, the premier roaster, marketer, and retailer of specialty coffee in the world, in connection with its tax equity investment in a 33.8 MW (AC) ground mounted solar photovoltaic generating facility located in Maxton, North Carolina developed and sponsored by VivoPower (the "Project") and in its purchase of solar renewal energy certificates related thereto from an affiliate of VivoPower.
  • NRG Energy sells Agua Caliente and Utah utility-scale solar projects to NRG Yield, Inc.Jones Day advised NRG Energy, Inc. in its sale of the Agua Caliente and Utah utility-scale solar projects (311 net MW) to NRG Yield, Inc. for a cash consideration of $130 million, plus assumed non-recourse project debt of approximately $464 million, excluding adjustments for working capital.
  • NRG Yield refinances amended and restated letter of credit facility for Alta Wind II-V projectsJones Day represented NRG Yield, Inc. in connection with the refinancing of an amended and restated letter of credit facility for the Alta Wind II-V projects.
  • Canacol Energy obtains $265 million senior secured credit facilityJones Day advised Canacol Energy Ltd., a vertically integrated, publicly listed, international energy company engaged in the acquisition, development, exploration, and production of crude oil and natural gas, in connection with the $265 million senior secured credit facility provided by a multinational consortium of banks led by Credit Suisse, as lead arranger and administrative agent.
  • Riverside portfolio company acquires Eirene, Inc. d/b/a PracticeMojoJones Day represented The Riverside Company in connection with the acquisition and related financing by portfolio company ProSites, Inc., a leading medical and dental website design firm, of marketing platform Eirene, Inc. d/b/a PracticeMojo, a provider of a cloud-based SaaS software for dental practices.
  • Riverside portfolio company acquires substantially all assets of J&N Auto ElectricJones Day advised The Riverside Company in connection with the acquisition and related financing by portfolio company Arrowhead Electrical Products, Inc., a leading supplier and global distributor of rotating electrical parts and their respective components, of substantially all of the assets of J&N Auto Electric, Inc., a distributor of aftermarket replacement rotating electrical parts and accessories used in a variety of off-highway markets.
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