Bernays T. (Buz) Barclay


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(518) 243-8801


University of Chicago


Michigan State University


University of Michigan


Previous Experience

  • Dickstein Shapiro LLP (Partner)
  • Torys LLP (Partner)
  • King & Spalding LLP (Partner)
  • Porter & Travers LLP (Partner)

Marathon Capital LLC (Managing Director)

Citibank, N.A. (Vice President, Project Finance)


  • State of New York
  • U.S. District Court for the Southern District of New York
  • U.S. District Court for the Northern District of New York
  • U.S. Bankruptcy Court for the Southern District of New York 


  • English

Professional Experience

Buz Barclay focuses on business transactions primarily in the electric power industry and in infrastructure projects and provides business counsel to a broad array of emerging companies and ventures, primarily in the energy space.  His multi-disciplinary practice includes start-up business counseling and financing, joint ventures, mergers and corporate and asset acquisitions, project development, project restructuring, project finance, private equity and venture capital investing.  He has guided energy companies through initial public offerings in the US and guided US energy companies through IPOs in Canada. Mr. Barclay has experience with fossil fuel technologies, energy efficiency, and metering products and services; compressed air, pumped hydro and other energy storage technologies and projects; wind, solar, biomass and other renewable resources; biofuels; coal-to-liquids; fuel cells; waste-to-energy; district heating and cooling systems; combined (clean) heat and power and distributed generation, and independent transmission projects.

Although his primary focus is in the domestic U.S. market, where he has appeared before the Federal Energy Regulatory Commission and the energy regulatory agencies of more than 30 States, as a project finance banker and as an attorney he has advised developers, lenders and investors from Canada, China, Korea, Pakistan, Siberia, Romania, Mexico, Chile and the Dominican Republic regarding project structuring, project development, and project financing, and he has worked on international project development on site in Canada, Puerto Rico, Saudi Arabia, and Trinidad.

Mr. Barclay has also provided corporate, commercial, and finance counsel to emerging companies and investors in sustainable energy and environmental businesses, including cloud-based home energy managed systems, distributed thermal energy storage for air conditioners, smart meter technologies for energy efficiency and demand-side management, microgrid applications, sustainable cargo transportation products, carbon nanotech R&D, compressed air energy storage companies and projects, marine wave power developers, and many others.

Professional Background

Mr. Barclay has been a partner in the law firms of Dickstein Shapiro LLP, Torys LLP, King & Spalding LLP, and Porter and Travers LLP, and began his legal career as one of the founders of the Project Finance Practice of Chadbourne & Parke LLP. From 1988 to 1992, he was a Vice President and Senior Project Finance banker at Citibank N.A in New York City, where he was responsible for originating, structuring, underwriting, and syndicating large non-recourse financings for power and infrastructure projects, and he has been a Managing Director of Marathon Capital, LLC, an investment banking firm specializing in providing M&A and financial advisory services to clients in the global renewable energy and power infrastructure industries.  

Mr. Barclay has founded and chaired major conferences of the competitive power industry for twenty-five years, currently including the annual Infocast Projects & Money Conference.  For a decade he hosted the Energy and Environmental Funders Forum for the New York State Center for Economic Environmental Partnership, while serving as a Director of the New York State Environmental Industries Association. Mr. Barclay has served as a Director of several start-up companies in the energy field, including Endur, Inc., Ice Energy, Inc., EtherMetrics LLC, and E3 Greentech Enterprises, Inc.  He was a Member of the Board of Directors of Maxim Power USA, Inc., a merchant power producer with five gas-fired generating stations in New England and Montana, and he is currently a co-founder and Director of PowerPHASE, LLC, an international manufacturer of highly efficient turbochargers for large gas turbines.

Mr. Barclay also served as an Officer in the United States Army.


  • Best Lawyers New York, Best Lawyers (BL Rankings LLC), 2012-current
  • AV Preeminent Ethical Standards and Legal Ability, Martindale-Hubbell (Internet Brands), 1997-current


  • Formation and funding a development joint venture for a $2 Billion pumped storage hydroelectric and transmission project in Southern California
  • Formation and funding a development joint venture for a $1 Billion Closed loop pumped storage hydroelectric project in Nevada
  • Negotiating and closing a $30 MM ‘A’ round from strategic investors, for an emerging manufacturing company selling patented products into global markets, and considering inversion options
  • General outside counsel services to the boutique investment bank that is perennially the leading renewable energy M&A advisor in the U.S.
  • General outside counsel services to an early stage registered broker-dealer using a proprietary unique and patented big data online platform to facilitate project financing for otherwise under-banked mid-market renewable energy projects globally
  • General outside counsel services including commercial agreements and joint venture structuring for the first woman-owned renewable energy and carbon trading company in the United States
  • General outside counsel services for a renewable energy development/ownership joint venture of three experienced and successful project developers and financiers
  • Structuring and registration of a Yieldco IPO for an OTC-listed developer/owner/operator of industrial cogeneration facilities, including negotiation and drafting ancillary operations and governance agreements among the development subsidiary LLC and the publicly-held parent/sponsor
  • The successful initial public offering on the New York Stock Exchange of the leading Clean Heat & Power developer/owner/operator in the United States
  • The successful initial public offering on the Toronto Stock Exchange of an income trust holding a U.S. company with 30 landfill gas facilities across the Eastern United States
  • The successful initial public offering on the Toronto Stock Exchange of an income trust holding four bottoming cycle gas-fired cogeneration projects in Northern Indiana
  • The going private sale of an NYSE-listed Clean Heat & Power developer/owner/operator to the U.S. subsidiary of a French transnational conglomerate
  • Advising the Canadian TSX-listed owner of U.S power generating facilities in its sale to a U.S. independent power producer in a going private sale transaction
  • Structuring a unique debt—based venture capital fund to finance and own inside-the-fence cogeneration facilities in commercial buildings, including all commercial arrangements to actuate the underlying business transactions supporting the debt
  • The formation of a joint venture aimed at private investment in inside-the-meter renewable energy projects for schools, and structuring its net metering agreements with developers and utilities
  • Negotiating and drafting joint technology and joint product development agreements for a startup carbon nanotech manufacturing company
  • Negotiating leases with leading drillers, for a family-owned corporation, to provide for the exploitation of natural gas reserves in Pennsylvania through hydrofracturing (fracking) while preserving the essential historical and recreational significance of the property for future generations
  • Dissolution of a 50/50 joint venture of a private individual and the subsidiary of a large public utility holding company with patented compressed air energy and power augmentation storage technologies
  • Developing a combination desalination, energy beet-to-ethanol, cogeneration and digester facility in California’s Central Valley
  • Developing and commercial and legal structuring of a large underground compressed air energy storage project at a unique geological formation in the Midwest United States
  • The sale of 50 MW of distributed thermal energy storage systems for commercial air conditioning to the Southern California Public Power Authority, a group of customer-owned electric utilities including the Los Angeles Department of Water and Power
  • Acquiring four gas-fired power projects in four states, including one cogeneration facility from three different sellers, including one regulated electric utility, for a Calgary-based independent power owner/operator
  • Acquiring two 50 MW gas-fired industrial cogeneration facilities in California for a Canadian income fund


  • Author, “Changing Everything Again: Applying Blockchain Technology to the Power Industry” Power Finance & Risk (September 2016)
  • Co-author, “The Bitter Pill of Competition Within Large Law Firms” Law 360 (November 2015)
  • Co-author, “Post-Stimulus Legislation for the Renewable Energy Industry,” The Green Economy (June 2010)
  • Co-author, Opinion: The Recovery Act and the Green Economy One Year Later,” The Green Economy (April 2010)
  • Author, “A New PURPA for Green Schools?,” Electric Light & Power (March/April 2009)
  • Co-author, “Limiting Foreign Investment—the Impact of FINSA on the U.S. Utility and Power Sector,” EnergyBiz Magazine (January 2007)
  • Co-author, “Pragmatic Environmental Diligence Needed to Stay Competitive in Acquisition Race,” Natural Gas & Electricity (April 2007)
  • Co-author, “Cross-border Liquidity for U.S. Issuers,” Canadian Legal Lexpert Directory 2007 (April 2006)

Speaking Engagements