Carl J. Fleming

Drawing on more than two decades of experience in energy, infrastructure and project finance, Carl advises clients across the full project and investment lifecycle. His practice spans project development and commercialization, debt and project finance, tax equity and transferable tax credits, strategic investments and joint ventures, and acquisitions and dispositions. He frequently serves as the senior relationship and strategic partner to clients with large development pipelines, assembling multidisciplinary teams to help them create, finance, scale and monetize projects and platforms.

Carl has developed a market-leading practice at the convergence of digital infrastructure, power and capital. He advises data-center developers and operators, energy companies, infrastructure investors and other market participants on the increasingly interconnected issues that determine whether large-scale digital infrastructure can be developed and financed: power availability, interconnection, land, commercial structure, development certainty and access to capital. His work includes gigawatt-scale powered data-center strategies, hyperscale power arrangements, integrated power-and-digital-infrastructure campuses, project and infrastructure financings, and strategic capital transactions.

That digital-infrastructure practice builds directly on Carl’s longstanding leadership in the energy sector. He represents many of the industry’s leading renewable energy and infrastructure developers on major solar, wind, battery-storage and other power projects, including multibillion-dollar project financings and sophisticated tax-credit and tax-equity transactions. As AI and data-center demand increasingly reshape electricity markets, Carl helps energy clients evaluate how existing power, interconnection positions, land and development pipelines can create additional value in the digital economy.

Carl also advises on strategic capital and critical infrastructure matters involving the US government and private-sector participants. His work has included innovative government-backed investments and transactions designed to strengthen domestic and allied supply chains for critical minerals, advanced manufacturing and other strategic technologies.

Carl was selected to serve on the State Department’s / Millennium Challenge Corporation’s 2026 – 2028 Advisory Council, advising State / MCC on private sector perspectives, industry practices, and approaches to advancing economic growth and public-private partnerships.

Carl is recognized by Chambers USA for Projects: Power & Renewables: Transactional and by The Legal 500 for his work in renewable and alternative power. He is a frequent speaker and commentator on energy, project finance and the convergence of power, digital infrastructure and capital, and his work and market perspectives have been featured in leading business and financial publications.

See less

• Compass Datacenters – Advised the data-center developer in more than 4.5 GW of energy procurement for its data-center campuses.
• Leading edge data-center provider – Advised in connection with multiple investments across its US portfolio.
• TotalEnergies – Advises the global energy company on the development, tax equity investment and debt financing of energy projects across its US portfolio.
• Eni – Advises the global energy company on the development, tax equity investment and debt financing of energy projects across its US portfolio.
• Avangrid Renewables – Advises on development, tax equity investment and tax credit transfers for energy projects across its US portfolio.
• Recurrent Energy – Advised on numerous tax equity, tax credit transfer and debt transactions securing approximately $1.8 billion in financing for solar and energy-storage projects across the United States.
• Recurrent Energy – Advised on a $513 million tax equity investment and debt financing for a landmark standalone battery-storage project.
• Apex Clean Energy – Advised on a first-of-its-kind joint venture with SK Gas and related project financings for a portfolio of more than a dozen standalone storage projects, with an anticipated aggregate value of approximately $1.8 billion upon completion.
• Apex Clean Energy – Advises on the development, acquisition and disposition, and financing of projects across its US portfolio, including innovative standalone battery-storage financings using tax credit transferability.
• NorthStar Clean Energy – Advises on the development, acquisition and disposition, and financing of projects across its US portfolio.
• Geronimo Power – Advises on tax structuring, tax equity investments and tax credit transfers for projects across its US portfolio.
• Onyx Renewables – Advises on development, acquisitions and divestitures, tax equity investments and debt financings across its US portfolio.
• US and other governmental stakeholders – Advises on the development, investment and financing of first-of-kind critical-mineral, rare-earth and strategic supply-chain projects, including transactions using public and private capital to support domestic and allied infrastructure and advanced-technology supply chains
  

See less