Overview
David Sykes is a partner in Chapman's Asset Securitization Department. His practice focuses on the representation of lenders, lessors, issuers and investors in renewable energy and fintech transactions. His experience includes matters involving debt and equity finance transactions (including tax equity transactions), securitizations, joint ventures, asset acquisitions and divestments.
From managing the legal and compliance functions at several VC-funded start-ups that originated innovative consumer and commercial loan, lease and PPA products via technology platforms, David has deep experience in enabling the development, deployment and servicing of technology-enabled lending products and the creation of systems that aggregate the resulting facilities and financial assets into portfolios that can support more-efficient capital structures.
Prior to moving in-house, David primarily represented clients in connection with the ownership, construction, operation and financing of electricity generation assets throughout the United States (including solar, wind, hydro, bio-mass, geothermal and hydro-carbon facilities).
David started his legal career at Chapman. Prior to rejoining the firm in 2018, David served as General Counsel of Renew Financial, an originator of novel financial products, including consumer and commercial PACE assessments and unsecured loans, to finance energy efficiency improvements.
David serves on the board of PACENation, an industry group advocating for expanded access to PACE financing.
Representative Matters
- Representation of an Illinois County in the state's first commercial PACE transaction
- Representation of a borrower in a credit facility backed by interests in commercial PACE assets
- Representation of a sponsor establishing a titling trust to purchase commercial PACE assets
Practice Focus
Memberships
Equipment Leasing and Finance Association
- Energy Committee
PACENation
- Board Member
Admitted
California
Illinois
Education
Georgetown University Law Center, J.D., 2005
Northwestern University, B.S., 2000
Notable Engagements
Illinois’s First C-PACE FinancingChapman served as special counsel to an Illinois county in the state’s first transaction under a C-PACE financing program.
Historic Theater RenovationChapman served as bond counsel for the C-PACE financing of a historic theater rehabilitation in Chicago.
Hydroponic Farm FinancingChapman served as bond counsel on the C-PACE financing of a hydroponic vertical farm facility. Once completed, the project will be among the nation’s largest indoor vertical farms.
Green Housing DevelopmentChapman served as bond counsel for a C-PACE financing of water and energy efficiency measures for a new multifamily housing development.
2024 PACESetter Innovative Deal of the YearChapman served as initial purchaser’s counsel on a $172 million commercial property assessed clean energy (C-PACE) financing of the PG&E corporate headquarters in Oakland, California. The transaction marked the largest C-PACE loan for an office property in the United States to date and was named the 2024 PACESetter Innovative Deal of the Year ($50M+) by PACENation.
$1B Private Credit C-PACE Strategic Partnership TransactionChapman served as C-PACE counsel to North Bridge ESG LLC in a strategic partnership agreement with The Carlyle Group to provide up to $1 billion to facilitate the origination of commercial property assessed clean energy (C-PACE) loans by North Bridge.
Insights
Presentations
- Panelist, "Underwriting & Legal: Interparty Issues in Financing," PACENation Summit, June 22, 2021
- Panelist, "PACE Market Update," SFVegas 2020, February 23–26, 2020
- Panelist, "The Slowing Pace of PACE ABS: A Market Update," 25th Annual ABS East Conference, September 22–24, 2019
- Moderator, "Commercial and Residential PACE: Market Update," SFIG Vegas 2019 Conference, February 24, 2019
- Panelist, "Streamlining Financial Market Availability of DER Assets through Orange Button," SunSpec Solar and Storage Finance Summit, September 12, 2018
- Panelist, "The PACE Universe," 6th Annual Green Investing Conference, April 18, 2018
