Nadav Klugman

Primary Focus & Experience

Mr. Klugman focuses his practice on a wide range of energy transition and structured corporate solutions, with a particular emphasis on advising financial institutions and sponsors on a wide range of project financings, private acquisitions/divestitures of renewable energy investments, and tax equity investments.

His recent representations include:

• The co-investors in multiple corporate solutions transactions led by Blackstone Credit & Insurance, including a CAD$2.5 billion minority equity investment in Air Canada's Aeroplan travel loyalty program; a $7 billion investment in Sempra’s Port Arthur LNG Phase 2; a CAD$7 billion equity investment in Rogers Communications; and a $3.5 billion joint venture with EQT Corporation.*
• Blackstone in connection with:*
  • The sale of ClearGen and its assets to CBRE and TPG.
  • Preferred equity investments in and debt financings to multiple portfolios of community solar projects.
  • The formation of a financing subsidiary, the creation of joint ventures to acquire residential solar assets, and the tax equity financings of the acquired assets.
• KKR in connection with:*
  • Multiple corporate-level secured financings to support pre-construction development activities of multiple leading developers of utility-scale energy assets in the US.
  • The formation of a developer of renewable energy and energy storage projects and associated financing arrangements.
  • The acquisition and disposition of multiple standalone projects and investments in leading renewable energy developers.
  • Tax equity financing for individual projects and portfolios of projects.
• ATLAS SP in connection with:*
  • Providing debt warehouse facilities to finance construction and operation of portfolios of distributed generation and community solar projects for multiple leading developers.
  • Restructuring matters in connection with the bankruptcy of Sunnova Inc.
  • Providing debt warehouse facilities to finance portfolios of preferred equity investments in US renewable energy projects.
• Bank of America in connection with:*
  • Tax equity investments in standalone BESS, solar+ BESS, and community solar portfolios.
  • Debt financings of portfolios of community solar projects.
  • Debt financings of new-build data centers in Texas.
• Deutsche Bank in connection with multiple corporate-level secured financings to support pre-construction development activities, construction and operations of multiple leading developers of distributed generation, community solar and utility-scale energy assets in the US.*

*Denotes attorney experience gained prior to joining Milbank.

Recognition & Accomplishments

Mr. Klugman is ranked by Chambers Global and Chambers USA-Nationwide for Projects: Renewables & Alternative Energy. He is also recognized as a “Leading Partner” for Renewable/Alternative Power by Legal 500 US and as a “Notable Practitioner” for Project Finance by IFLR1000 Americas. Mr. Klugman was named an “Energy & Environmental Trailblazer” by The National Law Journal in 2021.