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Solar Energy Project Basics – Financing the Deal

Speaker(s): Daniel Reiter, David Munsky, Marcy N. Hart
Recorded on: Jan. 25, 2019
PLI Program #: 265268

David Munsky has cultivated an expertise in solar over the past decade and has developed and financed over 200 MW of projects throughout North America. Prior to founding Conductive, his previous roles include Chief Financial Officer for Conergy, one of the largest utility-scale solar companies in the world, and VP of Development for Nautilus Solar, a large North American solar developer and former subsidiary of the Starwood Energy Group. David started his career at Lockheed Martin, where he was an analog RF circuit design engineer for radar systems. He holds a MBA from Columbia Business School, a MS in Systems Engineering from the University of Pennsylvania, and a BS in Electrical Engineering from Lehigh University. He also holds two United States patents.

A seasoned transactional attorney with more than 30 years of experience in real estate and corporate finance, Marcy uses her extensive in-house and law firm background to solve her clients' complex issues and challenges. She implements business and practical-minded strategies with respect to real estate acquisitions, dispositions, financing and capitalization.

Marcy represents national and local developers and family offices, along with private equity and institutional investors and funds in complex real estate transactions involving diverse capital sources, including tax credits, energy credits, preferred equity, mezzanine and private and public institutional debt. She advises her clients on the formation, structure, strategic alliance, capital raising, deployment and investment in and with, joint ventures and portfolio companies, as well as subsequent exit strategies and related acquisition and sale transactions.

She has advised clients on more than $8 billion in debt financings and equity raises with a focus on project finance transactions for developers and investors (including tax equity investors) utilizing historic, new market and renewable energy tax credits and Opportunity Zone tax incentives relating to urban re-use multi-family apartments; suburban residential communities; industrial facilities; urban entertainment centers; educational facilities; retail malls; hospitals; mixed-use projects; and resorts and hotels.

Most notably, Marcy has handled the following representative matters:

  • Representation of one of the largest real estate opportunity funds in the U.S. in a variety of matters, including the acquisition of a major department store chain, a national parking operator and national self-storage facilities.
  • Representation of an opportunity zone fund in the acquisition and development of several projects in the northeast.
  • Representation of a real estate opportunity fund in the acquisition and development of hotel properties throughout the U.S., Mexico and Anguilla.
  • Served as national counsel for a leading private equity fund handling real estate matters throughout the U.S., including one of the largest retail sale leaseback transactions in the past five years.
  • Representation of a national developer along with city, state and federal agencies in the acquisition, development and tax credit financing of a regional intelligence center.
  • Representation of a publicly traded real estate investment trust (REIT) in the acquisition, disposition, financing and refinancing of multiple regional shopping malls and power centers.
  • Representation of a national solar developer in its portfolio financing of 15 energy projects throughout the U.S.

    Before Fox Rothschild

    Prior to joining Fox Rothschild, Marcy was a shareholder at an East Coast law firm, concentrating her practice on real estate, land use, business and corporate law.

    Honors & Awards

  • Rated AV® Preeminent™ by Martindale-Hubbell
  • Named in SJ Magazine’s “Top Attorney List” (2014)

    Practice Areas

  • Real Estate
  • REITs
  • Private Equity
  • Zoning & Land Use
  • Corporate
  • Hospitality
  • Sports Industry
  • Energy & Natural Resources
  • Renewable Energy & Project Development

    Bar Admissions

  • Pennsylvania
  • New Jersey


  • Villanova University School of Law (J.D., 1983)
  • Wellesley College (B.A., 1980)


  • Building Industry Association of Philadelphia
  • Commercial Real Estate Women Network
  • International Council of Shopping Centers
  • Jewish Federation Real Estate
  • New Jersey State Bar Association
  • Pennsylvania Bar Association
  • Urban Land Institute

    Board of Directors

  • Lutheran Settlement House

Dan’s experience across a wide array of real estate, renewable energy, and general business matters, together with his unwavering emphasis on client service, positions him well to represent a range of developers, owners, operators, and investors, and a diverse group of other businesses and principals in connection with sophisticated real estate, renewable energy, and other transactional matters.

Dan provides trusted advice that is comprehensive, efficient, and appropriately tailored to the matter at hand. His advocacy is zealous, powerful and unrelenting, and he works collaboratively and responsively with his clients to help them achieve their goals and objectives.

Dan is a Co-Chair of the firm's Energy and Natural Resources Practice Group. Throughout his career, in addition to his transactional real estate, commercial contracting and general business law practices, Dan has practiced regularly in the rapidly expanding and constantly evolving solar energy space. This includes representing an impressive mix of independent power producers and other project developers, system owners, and host site owners in connection with the development, due diligence, purchase or potential purchase, sale or potential sale, construction, financing, operation, maintenance, dispute resolution, and/or asset management, of hundreds of megawatts of solar energy generation facilities in the aggregate.

Representative matters throughout Dan’s career include:

  • Representation of solar independent power producers in connection with early-, middle- and late-stage project development, and operating assets, including:
    • Performing due diligence on, structuring, negotiating, documenting, and advising throughout the development process and operations, regarding the purchase, development, operation and/or sale of solar photovoltaic facilities, including ground- and roof-mounted systems and carport arrays, utility-scale, distributed generation, and community solar gardens, in a variety of jurisdictions;
    • Drafting, reviewing and negotiating a multitude of solar energy transaction documents, including power purchase agreements, EPC contracts, operations and maintenance agreements, contracts for the purchase and sale of SRECs, leases, licenses, options, easements, and other site-related documentation, purchase and sale documentation, documentation governing project financing, corporate documentation, and a host of other commercial contracts; and
    • Resolving high-stakes, complex disputes in connection with solar energy transactions, including development and construction disputes, financial disputes, disputes concerning the purchase and sale of SRECs, corporate disputes, disputes concerning real estate, disputes concerning confidentiality and non-competition, and other highly-sensitive and bet-the-company business disputes.
  • Representation of landlords and tenants in connection with the leasing of iconic, Class A buildings; trophy residential space; industrial, medical, and retail space; renewable energy production; ground leases, master leases and other long term, single tenant arrangements; and lease disputes;
  • Representation of local, regional, national and international developers in connection with a variety of real estate assets and real estate finance matters, including market-leading commercial office properties, shopping centers and malls, industrial and light-industrial facilities, and among the most prestigious residential properties in the Philadelphia area; and
  • In effect serving the role of outside general counsel to companies of widely varying size and market-share across multiple industries.

Before Fox Rothschild

After graduating from Harvard Law School, Dan began his legal career in the finance and real estate department of a prestigious international law firm. While in law school, Dan served as a summer clerk in the chambers of the Honorable Richard B. Klein of the Superior Court of Pennsylvania. Dan has also served as Co-President of Brown University’s chapter of Omicron Delta Epsilon, the international honor society in economics.

Beyond Fox Rothschild

Dan is a life-long, accomplished musician (having played at the professional level since a relatively young age), and an avid competitive equestrian. He is also involved with a number of animal-related, and land and environmental conservation charities.

Honors & Awards

  • Named among the “Best Attorneys in Business” by Philly Biz (2016)

Practice Areas

  • Real Estate
  • Energy & Natural Resources
  • Construction
  • Corporate
  • Renewable Energy & Project Development

Bar Admissions

  • Pennsylvania


  • Harvard Law School (J.D., 2006)
  • Brown University (A.B., magna cum laude, 2003)