Tatiana Monastyrskaya
Overview
Tatiana Monastyrskaya is an infrastructure finance partner in the New York office of Kirkland & Ellis LLP. Tatiana represents private equity sponsors and their portfolio companies in a variety of energy and infrastructure financing transactions, including commercial bank debt, Term Loan B, private placements and bank-bond deals. She works across energy transition and renewables industries, including battery storage, RNG, carbon sequestration and storage, hydrogen, as well as transmission, LNG, and digital infrastructure (including financing portfolios of data centers). In addition to single-asset project financings, she advises on structuring back leverage and mezzanine financings for acquisitions of portfolios of projects in the context of joint ventures. While Tatiana focuses primarily on representing sponsors in infrastructure financings, she also represents developers in energy transition development projects, and credit funds as direct lenders.
Tatiana has been recognized by The Legal 500, where clients note, "Tatiana Monastyrskaya is unrivaled in terms of brilliance, creativity, speed, and business-minded focus." She has repeatedly been selected for inclusion in Chambers USA and Chambers Global, where commentators note, "Her due diligence and risk mitigation abilities are excellent. She is very diligent, knowledgeable and capable of distilling significant amounts of information for clients."
Experience
Representative Matters
While at Kirkland, Tatiana’s representative matters have included:
- Aypa Power I LLC, a portfolio company of Blackstone Energy Partners in its $650 million multi-tranche hybrid financing of its development of an renewable energy portfolio in the United States and Canada.
- Blackstone Energy Partners and its portfolio company, Aypa Power, in its $550 million portfolio debt and tax equity financing for the construction and operations of its utility-scale energy storage and hybrid renewable energy projects including the Cald project, a 100 MW standalone battery storage project in urban Los Angeles, California and the Borden County project, a 150 MW battery storage project in Texas.
- Butterfly Equity and its portfolio company Pacifico Aquaculture in connection with the construction financing of a recirculating aquaculture system nursery that will be located in Baja California, Mexico, as well as the structuring of the broader transaction by which the nursery will ultimately be sold and leased back following the completion of construction.
- Blackstone Infrastructure Partners as part of a consortium with CDPQ and Invenergy in connection with a first-of-its-kind production tax credit (PTC) transfer monetization transaction and an approximately $1.0 billion multi-tranche term loan, PTC transfer loan, working capital and letter of credit facility, the proceeds of which were used in part to finance the acquisition of a 1,365-megawatt renewable energy portfolio.
- Blackstone Energy Partners III L.P. and Blackstone Capital Partners VIII L.P., and their portfolio companies Transmission Developers, Inc., TDI-USA Holdings LLC and CHPE LLC, in connection with the development and construction financing of the Champlain Hudson Power Express, an approximately 339-mile fully-buried transmission line that will deliver approximately 1,250 MW of clean and renewable hydropower from Québec to New York City.
- Blackstone Capital Partners VII and Blackstone Energy Partners II, and their portfolio company Kindle Energy in the $580 million development and construction financing of the Magnolia Power Generating Station, a 725 MW nameplate capacity natural gas-fired and hydrogen-capable combined-cycle electric generating facility to be constructed in Iberville Parish, Louisiana.
- a portfolio company of BEP in connection with its investment in a joint venture to develop and construct an offshore floating production system.
- Blackstone Energy Partners and its portfolio companies in a number of potential equity investments across the spectrum of renewable energy projects.
- Stonepeak in the $450 million back-leverage financing of its acquisition of a substantial minority stake in a portfolio of data centers from American Tower Investments and a related upsize and amendment of the facility.
- Grön Fuels, a subsidiary of Fidelis New Energy, in the development of a renewable diesel and jet fuels production facility in Louisiana.
- a joint venture led by Oak View Group, LLC, a global venue development, advisory and investment company for the sports and live entertainment industries, in connection with the cross-border bank/bond construction financing for the development of Co-op Live, a 23,500 seat multipurpose entertainment arena to be built in Manchester, England.
- a private equity investor, in connection with its equity investment in an LNG project.
- TPG Rise Climate and The Rise Fund in its investment in Monolith Materials, a producer of clean hydrogen and carbon black using commercial-scale methane pyrolysis, in connection with a $300 million equity raise by Monolith Materials.
- Ohmium in connection with negotiations of a number of equipment supply agreements, warranty agreements, license agreements, and the O&M agreement.
- a developer, in connection with developing of a green ammonia facility in Nebraska.
Prior to joining Kirkland, Tatiana was involved in the following transactions:
- the 13 initial coordinating lead arrangers, lenders and issuing banks in the approximately $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;
- Alberta Investment Management Corporation in a number of transactions, including as lender in a $250 million term loan “warehouse” facility for an affiliate of D. E. Shaw Renewable Investments, L.L.C;
- Bank of Tokyo Mitsubishi, a syndicate of commercial banks, Islamic banks and Servizi Assicurativi del Commercio Estero (SACE) in the $3.6 billion Ras Laffan C financing of the power and water desalination facility in Qatar;
- Bank of Tokyo-Mitsubishi UFJ, Ltd. and Union Bank, N.A. as lenders in a financing for Tenaska’s Imperial Solar Energy Center South, a utility-scale photovoltaic solar generating plant in southern California;
- Blackstone in connection with the acquisition of certain oil and gas-fired power plants;
- BNP Paribas in connection with a refinancing of Northeast Wind’s portfolio of projects;
- Brookfield in connection with the financing of certain solar assets;
- Carlyle in connection with the acquisition of a joint venture interest in Philadelphia Energy Solutions from Sunoco;
- CF Industries in connection with:
- its clean energy initiatives;
- the expansion projects in Port Neal, Iowa, and Donaldsonville, Louisiana;
- drafting and negotiating certain fuel supply agreements; and
- a potential combination with OCI N.V.;
- Citigroup Global Markets, Credit Suisse and HSBC Bank as joint bookrunners in a $2.23 billion senior secured Rule 144A/Regulation S bond offering by Ras Laffan Liquefied Natural Gas Company Limited (3) and guaranteed by Ras Laffan Liquefied Natural Gas Company Limited (II);
- the U.S. Department of Energy as guarantor in:
- a financing of a $1.24 billion utility scale solar project as part of its Loan Guarantee Program; and
- a financing of a methanol plant with CO2 sequestration technology as part of its Loan Guarantee Program;
- the Export-Import Bank of Korea, Korea Export Insurance Company, Lehman Brothers and Credit Suisse in the $4.3 billion Qatar Gas National Company Limited (Nakilat) ship financing;
- Fortigen in a number of project development transactions, including the sale of oil and gas wells and the expansion of its ammonia plant and ammonia thiosulfate plant;
- Fortress Transportation and Infrastructure Investments in connection with a bridge credit facility and its investment in a renewable project;
- Goldman Sachs:
- in connection with a bank facility for the Ivanpah solar project;
- in connection with a number of inverted lease and partnership flip structures for solar facilities; and
- as a lender in a $150 million term loan “warehouse” facility to DE Shaw Renewables;
- HSBC Bank plc and 15 international and regional commercial banks in the provision of a $1.1 billion term loan facility and a $500 million revolving loan facility to QAFCO Fertiliser Company to finance the Train 5 ammonia and urea expansion facilities located in Qatar (QAFCO 5);
- the 26 lead arrangers in providing $4 billion of senior debt facilities to fund the Qatargas 3 LNG project in Qatar;
- Maher Terminals, LLC in its acquisition by Deutsche Bank AG;
- Merrill Lynch Commodities in connection with:
- assignment of certain oil assets from JPMorgan and intermediation services to MLC; and
- amendments of the supply and offtake agreements with Philadelphia Energy Solutions;
- an ad hoc group of bondholders in the negotiation of a second lien security agreement and an intercreditor agreement with the existing noteholders and Martin Midstream;
- Morgan Stanley in a number of transactions, including a $220 million term loan facility to Venture Global LNG, Inc. to finance the development of the Calcasieu Pass facility and associated TransCameron pipeline, the Plaquemines facility and associated Gator Express pipeline, and Delta facility and associated pipeline;
- Morgan Stanley Infrastructure Partners as sponsor in connection with a $369 million senior secured refinancing for Red Oak Power, a 805 MW gas-fired power project in New Jersey;
- NextEra Energy Partners (NYSE: NEP), in connection with a financing of a joint venture with KKR that owns a geographically diverse portfolio of 10 utility scale wind and solar projects across the United States;
- NextEra Energy Resources, LLC in two transactions providing for its sale of a 90% interest in a 1,000 MW portfolio of long-term contracted wind and solar generation facilities: the sale to a consortium of private infrastructure investors led by KKR of a 50% interest in the portfolio and, the sale to NextEra Energy Partners, LP (NEP) of a 40% interest in the portfolio as well as 100% interest in a solar-plus-storage project;
- Nomura in connection with assignment of its existing credit facility;
- Onyx, a Blackstone portfolio company, in connection with:
- a tax equity transaction;
- an inverted lease with Credit Suisse and other ongoing transactions; and
- the sale of its portfolio of 136 commercial and industrial and small utility-scale solar projects to Argo Infrastructure Partners for $190 million;
- Peru LNG in the financing of its $3.8 billion LNG export project;
- Philadelphia Energy Solutions in connection with:
- an asset-based revolver and supply and offtake (aka “intermediation”) agreements with JPMorgan and a Term Loan B financing; and
- construction of certain butane facilities;
- Royal Bank of Canada in connection with its bid to provide acquisition financing to a private equity sponsor for the acquisition of two combined-cycle plants from Dominion Energy;
- Santander in connection with a financing for EcoGrove Wind;
- Société Générale, Morgan Stanley and a syndicate of commercial bank lenders in connection with a $635.7 million credit facility provided to a subsidiary of EIG Global Energy Partners for the acquisition by EIG from Kinder Morgan, Inc. of a 49 percent interest in Elba Liquefaction Company, L.L.C., in the amendment, extension and upsizing of the term loan facility from $646 million to $730 million, and in achieving project completion;
- the U.S. Department of Transportation in connection with the 183-S toll road expansion in Texas;
- a bidder in the acquisition of Speedway stores from Marathon Petroleum in connection with a fuel supply agreement; and
- a developer in connection with an operating agreement to explore and operate hydrogen wells.
Prior Experience
Partner, Skadden, Arps, Slate, Meagher & Flom LLP
Research Assistant, City University of Hong Kong, 1999–2001
More
Thought Leadership
Publications
Author, “The Inflation Reduction Act: How new rules fuel new financings,” Infrastructure Investor, November 2023
“LNG-to-Power in the Emerging Markets,” Project Finance International - Global Energy Report, April 2018
Panelist, “Energy & Utilities Sector,” Financier Worldwide Magazine, September 2016
Seminars
Moderator, "Thinking Outside the Box: Devising Creative Financing Strategies to Create More Optionality Around the Exit," New York Energy Capital Assembly, May 2022
Recognition
Named to “New York’s Notable Women in Law” by Crain’s New York Business in 2023
Ranked in Chambers & Partners: Chambers USA, America’s Leading Lawyers for Business (10 years)
Ranked in Chambers & Partners: Chambers Global, The World’s Leading Lawyers for Business
Ranked in The Legal 500 U.S.
Credentials
Admissions & Qualifications
- New York
Languages
- English
- Korean
- Russian
Education
- The George Washington University Law SchoolJ.D.2004Order of the Coif
- City University of Hong KongPh.D.2001
- Moscow State UniversityM.A.with Highest Honors1999
- Moscow State UniversityB.A.with Highest Honors1997