Michael E. Pikiel Jr.

MICHAEL PIKIEL advises sponsors, developers, investors, and financing sources in connection with all phases of the development, financing, acquisition, and disposition of energy and infrastructure assets. Mike’s practice focuses on transportation, power generation and storage, transmission, digital infrastructure, social infrastructure, and other critical infrastructure. He regularly structures and negotiates financing arrangements for public-private partnerships (P3s) and other large-scale capital projects.

Drawing on nearly 25 years of experience, Mike represents clients in sophisticated transactions involving innovative financing structures. He is known for developing practical, commercial solutions that bring complex projects to market and support their long-term success.

Mike has been consistently recognized as a leading project finance and infrastructure lawyer by the legal sector. He is ranked by Chambers USA (Nationwide: 2014–2026) and Chambers Global (USA: 2016–2026) for Projects: PPP and is recognized by Legal 500 United States as a “Leading Partner” for Project Finance – Energy and Power – Infrastructure and PPP (2025–2026). He has also been recognized by Lawdragon as one of the “500 Leading Dealmakers in America” (2022–2026), “500 Leading Energy Lawyers” (2023–2026), and “500 Global Leaders in Energy” 2026); by Lexology Index as a leading lawyer for Project Finance, Public Procurement, and Government Contracts; and by IFLR1000 as “Highly Regarded” in Project Development and Project Finance (U.S.: 2023–2025).

• The lenders, Canadian Imperial Bank of Commerce, Société Générale, and KeyBank National Association, in connection with a US$237,100,000 credit facility to refinancing Northside, a 2,540-bed, four-phase student housing community located immediately adjacent to The University of Texas at Dallas.
• Axium Campus Housing LLC and its subsidiaries in connection with the issuance of US$324,800,000 of senior secured notes sold in a 4(a)(2) private placement and an approximately US$21,000,000 letter of credit facility to refinance a portfolio of student housing projects consisting of over 2,200 beds.
• QIC Infrastructure Debt Fund in connection with a term loan facility used to acquire preferred units in a business that designs, builds, and owns high-speed internet infrastructure.
• Axium Campus Housing LLC and its affiliates and subsidiaries in connection with the acquisition of a 23% interest in Swiftsure Housing Partners, LLC, which owns and operates a 529-unit student housing facility at Vanderbilt University, and a reorganization of the holdings within the portfolio.
• Axium Infrastructure and its subsidiary, Axium US Solar Portfolio LLC, in connection with the internal reorganization and refinancing of a portfolio of photovoltaic solar power projects with aggregate capacity of approximately 70 MW (DC)/54.2 MW (AC) located in Georgia and California.
• Lenders in connection with an approximately US$170 million senior secured credit facility for a portfolio of DG Solar projects located in Arizona, California, Connecticut, Massachusetts, Minnesota, New Jersey, New York, Oklahoma, South Carolina, and Texas.
• Axium Infrastructure in connection with its acquisition, and financing of the acquisition, of an additional 34.3% indirect interest in Wind Energy Transmission Texas, LLC.
• National Bank of Canada and KeyBank National Association in connection with a US$121,000,000 term loan and revolving loan facility provided to JW Water Holdings, LLC, a leading mid-market regulated water and wastewater utility platform consisting of 18 subsidiary water and sewer utilities serving over 50,000 customers in Arizona.
• The underwriters, J.P. Morgan Securities, LLC; RBC Capital Markets, LLC; and KeyBanc Capital Markets, Inc., in connection with the issuance by the Public Finance Authority of its US$3.438 billion Senior Lien Toll Revenue Bonds, Series 2025 (Georgia SR 400 Express Lanes Project). The proceeds from the sale of the bonds were loaned to SR 400 Peach Tree Partners, LLC to finance a portion of the approximately US$12 billion SR 400 Express Lanes Project. The project was recognized as the “2025 Transport Deal of the Year, North America” by IJGlobal, “2025 North America Transport Deal of the Year” by Proximo, “2026 Americas Infrastructure Deal of the Year” by Project Finance International (PFI) and “PPP Financing Deal of the Year 2026” by The Bond Buyer.
• KeyBanc Capital Markets, Inc., as underwriter, in connection with the issuance by the Public Finance Authority of its US$58,920,000 Senior Lien Revenue Bonds (E-470 Public Highway Authority Service Areas Project), Series 2025 (Taxable). The proceeds from the sale of the bonds were loaned to Applegreen CO Travel Plazas LLC, a subsidiary of Applegreen Ltd., to finance a portion of the costs to design, construct, finance, operate, and maintain four service areas along the E-470 public highway.
• Kiewit Development Company and its subsidiary, Henry Ford Health Energy Partners LLC, in connection with the construction of a central utility plant and related system improvements as part of Henry Ford Health System’s overall development project for a new hospital and related facilities in Detroit, Michigan.
• Barclays Capital Inc., as initial purchaser and remarketing agent, in connection with the issuance of US$371,700,000 of Senior Variable Rate Demand Bonds, Series 2026 issued by Puerto Rico Tollroads, LLC. The bonds are enhanced by an irrevocable, direct pay letter of credit issued by Barclays Bank PLC.
• Barclays Capital Inc. in connection with the purchase of US$286 million of Public Finance Authority Senior Lien Revenue Bonds (Puerto Rico Toll Roads Monetization Project), Series 2024, the proceeds of which were loaned to Puerto Rico Tollroads, LLC.
• A group of 11 international and local banks providing a US$1.7 billion credit facility to Puerto Rico TollRoads LLC, a subsidiary of Abertis Infraestructuras S.A., to finance a portion of the upfront payment for a 40-year concession to improve, operate, and maintain four toll roads in Puerto Rico. The project received IJGlobal’s 2023 “Transport Deal of the Year – Roads – North America.”
• Barclays Capital Inc. initial purchaser of US$110 million of tax-exempt bonds (including US$42.46 million of forward delivery bonds) and the purchasers of US$77 million of privately placed taxable bonds issued by the Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities Financing Authority (known by its Spanish acronym AFICA), the proceeds of which were loaned to San Juan Cruise Port LLC (a subsidiary of Global Ports Holding Plc), to finance a project to repair, expand, finance, maintain, and operate certain marine cruise terminals in the San Juan Bay. The project received P3 Awards 2024 “Best Transportation Project – Transportation.”
• HICL Infrastructure PLC, the listed infrastructure investment company advised by InfraRed Capital Partners Limited, in connection with the acquisition a 45.75% indirect interest in Texas Nevada Transmission, LLC from John Hancock and Manulife Investment Management.
• QIC Infrastructure Debt Fund in connection with a delayed draw facility provided to APP Jet Center, a fixed–base operator (FBO) that owns and operates essential aviation infrastructure.
• The lenders, ING Capital LLC, JPMorgan Chase Bank, N.A., and Royal Bank of Canada, in connection with a US$350 million credit facility and the note purchasers of US$475 million of senior secured notes, the proceeds of which will all be used to refinance SH 130 (Segments 5 and 6).
• The institutional purchasers in connection with their purchase of privately placed bonds used to finance the construction and development of a wastewater treatment and renewable natural gas facility by Burnham SEV Project LLC in Pasco, Washington.
• The lenders in connection with the financing by Boldyn Networks (formerly known as Transit Wireless), a BAI Communications company and leading 5G wireless infrastructure provider, of the expansion of its ubiquitous fiber network serving the New York City Subway.
• The lenders in connection with an approximately US$277 million multi-tranche facility provided to Clackamas Progress Partners, LLC to finance the design, construction, operations, maintenance and management of the new Clackamas County Circuit Courthouse in Oregon City, Oregon.
• DNT Asset Trust, a subsidiary of JPMorgan Chase & Co., in connection with an approximately US$290 million tax-exempt, multi-tranche accreting loan used to purchase Georgia Department of Transportation and State Road and Tollway Authority receivables issued to East Interchange Builders LLC in connection with the approximately US$700 million I-285/I-20 East Interchange MMIP Project.
• Axium Infrastructure and its project company, Mass Ave Housing Partners LLC, in connection with a project for the University of Massachusetts Building Authority and the University of Massachusetts Amherst to design, construct, finance, operate, manage, and maintain apartment-style housing and other campus accommodations.
• The underwriters of US$273 million of tax-exempt private activity bonds, the lenders on a US$642 million revolving credit facility and the related interest rate swap providers, and the note purchasers of US$197 million of privately placed secured notes, the proceeds of which will be used by Red River Valley Alliance, LLC to finance the Diversion Channel and Associated Infrastructure Work Package of the Fargo-Moorhead Metropolitan Area Flood Risk Management Project. The project was recognized as the 2021 “Americas P3 Deal of the Year” by Project Finance International (PFI), the 2021 “North America P3 Deal of the Year” by Proximo, and the “Water Deal of the Year – North America” at the 2021 IJGlobal Awards. The project also received the “Climate Adaptation Award” at the 2022 IJGlobal ESG Awards.
• Kiewit Meridiam Partners LLC in connection with the refinancing of the Central 70 Project. The refinancing was recognized by Proximo as its 2021 “North America Transport Deal of the Year.”
• Axium Infrastructure in connection with the acquisition of a 50% indirect interest in Georgetown Energy Partners LLC. The project received the “Social Infrastructure ESG Award” at the 2022 IJGlobal ESG Awards.
• John Laing in connection with its additional investment of approximately US$14 million to increase to 50% its indirect interests in Denver Transit Partners, LLC, which operates and maintains an electric commuter rail corridor from Denver International Airport.
• Harrison Street in the acquisition of Blackbird Air Force Living, LLC, which operates and maintains 4,095 homes located on six Air Force installations pursuant to a long-term public private partnership with the Air Force.
• Empire State Thruway Partners LLC in connection with a project to redevelop, finance, operate, and maintain 27 service plazas along the New York State Thruway pursuant to a lease agreement with the New York State Thruway Authority.
• ING Capital LLC in connection with a term loan to Lynx FBO Operating, LLC, a portfolio company of The Sterling Group, that operates a network of fixed-based operators (FBOs) in the general aviation industry.
• Manulife Investment Management and certain affiliates in connection with the acquisition, alongside Abertis Infraestructuras, S.A., of Elizabeth River Crossings OpCo, LLC, which operates and maintains the Elizabeth River Tunnels Project under a 58-year concession agreement with the Virginia Department of Transportation.
• The note purchasers in connection with the sale of approximately US$479 million of senior secured notes by Prince George’s County Education & Community Partners, LLC, in a private placement for a project to design, build, finance, and maintain six new schools in Prince George’s County, Maryland. The project is the first social infrastructure P3 for schools in the United States and was recognized as the “Editor’s Choice Deal of the Year for North America” and the “Social Infrastructure (Education) Deal of the Year for North America” at the 2020 IJGlobal Awards; and the “ESG Social Infrastructure Dead of the Year” at the 2021 IJGlobal ESG Awards. The project was recognized by The Bond Buyer as its 2021 “Public-Private Partnership Financing Deal of the Year,” as the 2021 “North America P3 Deal of the Year” by Proximo and as the “Transport Deal of the Year – North America” at the 2021 IJGlobal Awards.
• A group of institutional investors in the private placement of secured notes issued by Vista Ridge LLC and Central Texas Regional Water Supply Corporation, in the “wildly successful” refinancing of the Vista Ridge Water Supply Project. The project was recognized as the “Refinancing Deal of the Year – AMERICAS” at the 2021 IJInvestor Awards.
• Axium Infrastructure in connection with its acquisition, and financing of the acquisition, of a 65.7% indirect stake in Wind Energy Transmission Texas, LLC, from PSP Investments and Brookfield Infrastructure Partners.
• The lenders in connection with an approximately US$440 million credit facility to finance the design and implementation of a next-generation fare payment system, including account-based ticketing using mobile and contactless bankcard options, to serve the Massachusetts Bay Transportation Authority's multi-modal regional transit system. The project was recognized as the 2020 “North American Rail Deal of the Year” by Proximo Americas and the “Digital Infrastructure Deal of the Year for North America” at the 2020 IJGlobal Awards and received the Silver Award for the “Best Transit Project” at the 2019 P3 Awards.
• Meridiam Infrastructure in connection with an approximately US$495 million project to design, build, finance, operate, and maintain a new approximately 535,000 sq. ft. court building and certain related facilities in Long Beach, California, including the refinancing of the initial project debt in the private placement market. The Long Beach Court Building project is the first social infrastructure PPP in the United States and the first non-transportation PPP in California. It was recognized by PPP Bulletinas as a finalist for “Best Accommodation Project” and was “Highly Commended” at Partnerships Awards 2012, by The Bond Buyer as its 2011 “Deal of the Year” for “an innovative financing of a traditional public finance project that did not involve municipal securities,” by Project Finance magazine as its “North American PPP Deal of the Year 2010” and by Infrastructure Journal as a finalist for its 2010 “Global PPP Deal of the Year”; the refinancing was recognized by Infrastructure Journal as a finalist for its 2013 “Deal of the Year – Social Infrastructure.”

The above matters were handled prior to joining Sidley.

• Member, Football Sports Board, Penn Champions Club, University of Pennsylvania
• Member, Board of Directors, The Community Fund of Darien
• Member, Board of Trustees, Saint John’s High School (Shrewsbury, MA)
• Member, U.S. Branch Council, IPFA
• Member, Law360 Project Finance Editorial Advisory Board, 2021 and 2023
• Member, National Association of Bond Lawyers
• Member, American Bar Association
• Member, New York State Bar Association