Electric Utilities
The electric utility sector stands at a pivotal crossroads where massive infrastructure renewal demands coincide with decarbonization mandates, shifting load patterns, and wholesale market volatility. These concurrent pressures require intelligent financing structures that balance ratepayer affordability with system reliability and environmental compliance. Stradling represents municipal power authorities, joint action agencies, and public utility districts seeking capital for generation, transmission, and distribution assets. Our team structures financing transactions for municipal electric systems, rural cooperatives, and regional power authorities—addressing both legacy infrastructure rehabilitation and forward-looking grid modernization that can transform service delivery models.
Our firm closes transactions across the full spectrum of electric system financing needs, ranging from revenue-backed bonds to project-specific obligations. Our attorneys work alongside utility leadership, financial advisors, and system engineers to develop financing approaches that reflect operational realities and regulatory frameworks. We structure rate covenants and advise on reserve requirements and additional bond tests that protect existing bondholders while preserving operational flexibility for system managers confronting industry transformation. Our team provides legal counsel on a variety of issues, such as:
- Generation asset development and retrofitting
- Transmission corridors and interconnection facilities
- Smart grid technology and advanced metering infrastructure
- Renewable energy projects and battery storage systems
- System hardening against climate-related vulnerabilities
- Wholesale power prepayment transactions
Municipal electric systems operate within distinctive regulatory frameworks requiring specialized financing approaches. At Stradling, we possess detailed knowledge of regional transmission organizations, power purchase arrangements, and wholesale market structures that impact credit quality and security provisions. Our team develops financing documents addressing complex operational considerations—fuel procurement practices, dispatch algorithms, capacity markets, and environmental attributes—that directly influence revenue streams securing the bonds. Our sector-specific depth of understanding allows us to craft disclosure materials that accurately portray system strengths while appropriately characterizing industry risks. We believe in creating transparent offering documents that resonate with specialized institutional investors focused on the public power sector.