Michael J. Goldman
Partner
Introduction
Michael Goldman is a transactional lawyer and trusted advisor who primarily counsels clients in connection with structuring, negotiating and closing investments that generate federal and state tax credits. Michael has held a variety of leadership roles including serving on the firm’s Management Committee and Compensation Committee and as Chair of the Project Finance, Infrastructure and Real Estate department.
My focus
My practice is concentrated in the fields of energy tax credits (ETCs) and new markets tax credits (NMTCs).
With respect to my work in the ETC space, I regularly work with investors, syndicators and developers in connection with the financing of renewable energy facilities throughout the country, including solar, battery energy storage systems, wind, biomass and fuel cells. Additionally, since the enactment of the Inflation Reduction Act, I have been working actively with purchasers and sellers of ETCs through the Section 6418 transferability marketplace.
With respect to my work in the NMTC space, I work with investors, lenders, community development entities and “qualified active low-income community businesses” to leverage NMTC financing and support community revitalization efforts nationwide. I have worked on a wide range of transactions that have benefitted dozens of low-income communities throughout the United States with investment dollars building businesses and physical structures including educational facilities, grocery stores, hospitals, theatres, retail centers, for-sale housing, museums, rehabilitation centers, and solar and wind farms (including successfully negotiating financings that combined ETCs with NMTCs).
Prior to joining Nixon Peabody, I worked in the Internal Revenue Service’s Office of Chief Counsel (Passthroughs & Special Industries), concentrating on tax shelters, partnerships, subchapter S corporations and passive activity losses. Prior to working for the IRS, I clerked for Judge Michael B. Thornton at the United States Tax Court.
Over the years, I have been a frequent speaker at industry conferences regarding ETCs, NMTCs and the Section 1603 grants-in-lieu-of-energy tax credits program. While working for the IRS, among other things, I was the principal author of Revenue Ruling 2003-20, which provides the safe harbor for leveraging NMTC investments.
Looking ahead
With recent changes in the tax code and an emphasis on infrastructure, job creation and domestic development, I anticipate tax equity project finance markets to remain strong, across industries, including the 6418 ETC transfer marketplace.
/Insights
- “Moving from ESG Integration to Sustainability Investing,” UNC Cleantech Summit, Chapel Hill, NC, March 27, 2023
- “Understanding and Implementing Capital Structures for Renewables Inverted Lease,” Tax Equity Structures and Solutions for Today's Renewable Energy Projects, March 3, 2021 and June 9, 2020
In the news
- Solar Builder
Developers secure expansion capital
Nov 16, 2023This article mentions NP for serving as borrower’s counsel to Strata Clean Energy, which closed on a $300 million new revolving loan and letter of credit facility to support the expansion of the company’s operational fleet. The NP deal team included Buffalo Global Finance partner Martha Anderson and Washington, DC Community Development Finance partner and PFIRE Department Head Michael Goldman.
- Power Finance & Risk |
Strata inks $300M revolving credit facility
Nov 6, 2023This article, which covers Strata Clean Energy closing on a $300 million new revolving loan and letter of credit facility to support the expansion of Strata’s operational fleet, mentions NP for serving as borrower’s counsel in the deal. The NP deal team included Buffalo Global Finance partner Martha Anderson and Washington, DC Community Development Finance partner and PFIRE Department Head Michael Goldman.
- Bond Buyer
Muni vet Wong to lead Nixon Peabody's project finance practice
This article covers the selection of New York City partner Virginia Wong to lead NP’s nationally renowned Project Finance & Public Finance practice. Among the projects mentioned, the article highlights Virginia’s work leading the team that served as bond counsel on the restructuring of more than $33 million in Puerto Rico debt this year, the largest municipal restructuring in US history. PFIRE department head Michael Goldman is also quoted in the article recognizing the contributions and successes of former PGL, New York City Project Finance & Public Finance partner Ken Lind.July 14, 2022 - Bloomberg Law
Wake up call
The following article highlights the selection of Boston partner Chris Froeb to lead the firm’s nationally recognized Real Estate practice. The Law360 article also includes a quote from PFIRE department head Michael Goldman noting that Chris will build on the many successes of former PGL, Long Island Affordable Housing & Real Estate partner Denise Pursley.July 14, 2022 - Law360
Nixon Peabody announces new real estate practice leader
The following article highlights the selection of Boston partner Chris Froeb to lead the firm’s nationally recognized Real Estate practice. The Law360 article also includes a quote from PFIRE department head Michael Goldman noting that Chris will build on the many successes of former PGL, Long Island Affordable Housing & Real Estate partner Denise Pursley.July 13, 2022 - Power Finance & Risk
Strata inks $150 million deal with Blackstone
This article on Strata Solar’s strategic partnership with Blackstone Credit mentions the firm for the work of Project Finance, Infrastructure & Real Estate department chair and Washington, DC Community Development Finance partner Michael Goldman and Buffalo Global Finance partner Martha Anderson in advising the solar and battery storage developer.April 1, 2021 - Law360
OCC rule misaligned with some tax equity safe harbors
This contributed article, which examines the OCC’s finalized rule governing national banks’ ability to participate in equity-based finance structures involving tax credits, was authored by Project Finance & Public Finance partner Ellen Friedman and Global Finance senior counsel Larry Fruchtman, both in New York City; Community Development Finance partner Forrest Milder in Boston; and Community Development Finance partners Michael Goldman and Shariff Barakat, both in Washington, DC.March 8, 2021 - Inframation News
Federal rule opens tax-equity investment to national banks
This article on the new rule by the Office of the Comptroller of the Currency that may allow national banks and federal savings associations to engage in certain tax-equity finance transactions cites a recent NP tax credit alert. The alert was written by Project Finance & Public Finance partner Ellen Friedman and Global Finance senior counsel Larry Fruchtman, both in New York City; Community Development Finance partners Shariff Barakat and Michael Goldman, both in Washington, D.C.; and Boston Community Development Finance partner Forrest Milder.Jan 25, 2021
Admitted to practice
New York
District of Columbia
U.S. Tax Court
Education
New York University School of Law, LL.M., Graduate Tax Program
St. John's University School of Law, J.D.
University of Rochester, B.A.
Professional activities
- American Bar Association, Member
- DC Bar Association, Tax Section, Member
Recognition
- Selected, through a peer-review survey, for inclusion in The Best Lawyers in America® 2025 in the field of Real Estate Law, listed in Best Lawyers since 2023
