Les handled numerous energy transactions involving electric generation and micropower electric generation, energy efficiency financings, fuel hedging, resource recovery, renewable energy, solid waste disposal, and transmission facilities. He worked on several series of tax-exempt bonds involving Ogden Martin for mass burn solid waste disposal, resource recovery and electric generation facilities. The initial transaction was one of the first of this type of financing in the nation.
He also worked on the first short-term option certificate program, which involved tax-exempt energy, utility, and pollution control bonds purchased on the secondary market. Les completed the original issuance of bonds for a local industrial development agency for a resource recovery facility and the subsequent conversion of these bonds from a floating to a fixed interest rate. Les assisted a federal governmental entity in the negotiation of a $1 billion fuel hedging arrangement with various large commercial banks.
Les also represents an energy company in its financing of a $500 million solar energy farm in the Pacific Northwest, and a company on the financing and power purchase agreement negotiation relating to the generation of wind power in the Midwest.
Due to water shortages in the eastern part of the State of Washington, especially due to recent climate changes, the State and the US Department of the Interior approved the Yakima River Basin Integrated Plan to enhance the State’s reservoir system. As part of the effort to get all stakeholders to agree to the Plan, the environmental community and the Yakama Nation Tribe required that 50,000 acres of environmentally sensitive land be acquired by the State and set aside so as to mitigate the environmental impact of the water reservoir aspect of the Plan. Les was instrumental in assuring that the acquisition and the related $97 million financing was completed, working with the State’s Department of Ecology, Department of Natural Resources, Department of Fish & Wildlife, Treasurer’s Office, Legislature, and Governor’s Office, as well as the lead not-for-profit organization involved in the acquisition.