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Fraser F. Wayne

Fraser F. Wayne

Partner

Denver

T: +1 303 866 0274

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Biography

Fraser Wayne is a member of the firm's Energy, Environment and Infrastructure and Technology Practice Groups. His practice focuses on acquisitions, divestitures, strategic joint ventures and project development involving renewable and non-renewable energy assets. He is a frequent author and presenter on energy trends, developments and concepts.

Fraser is the lead partner on many of the firm’s largest utility scale energy projects, spanning wind, solar, battery storage and natural gas power plants. His advice spans the full project spectrum, from the pre-construction phase through development and final completion. In the last year alone, Fraser has led multiple utility scale project transactions ranging in value from hundreds of millions to over a billion dollars in value.

Fraser also maintains an oil and gas practice where he focuses on domestic and international upstream and midstream M&A.

Civic involvement & honors

  • American Bar Association
  • Canadian Bar Association
  • Texas Bar Association
  • Law Society of Alberta (inactive)
  • Houston Bar Association – Oil, Gas and Mineral Law Section
  • Association of International Petroleum Negotiators (AIPN)

  • Infocast Solar and Wind Investment and Finance Summit
  • CELF Energy Law Fundamentals
  • Petroleum Joint Venture Association Land Agreements Overview
  • Rocky Mountain Mineral Law Foundation Human Rights Issues in the Extractive Industry
  • Canadian Association of Petroleum Landmen Oil and Gas Contract Writing and Interpretation

Admissions

  • Colorado, 2023

    Texas, 2016

    Alberta (inactive)

Education

  • University of Houston, J.D., 2016
  • University of Calgary, J.D., 2016
  • University of British Columbia, B.A., 2012

Related capabilities

Environment Environment

Real Estate Real Estate

ESG & Energy Transition ESG & Energy Transition

  • Environment

  • Real Estate

  • ESG & Energy Transition

Resources

Publications

Industry Update: Biden Administration Issue Moratorium on New Federal Oil and Gas Leasing, Kirkland & Ellis Energy & Infrastructure Blog

Implications for the Energy Industry in Light of the U.S. Supreme Court Decision in McGirt v. Oklahoma, Kirkland & Ellis Energy & Infrastructure Blog

Special Considerations for Protecting Interests under Water Agreements in Bankruptcy, Kirkland & Ellis Energy & Infrastructure Blog

Unprecedented Solutions to Unprecedented Challenges: A North American Response to the Oil Crisis, Kirkland & Ellis Energy & Infrastructure Blog

Surging Discounts for Canadian Oil Reignite Talk of the Bitumen Bubble, Financier Worldwide

Canadian Oil Sands Industry: Watch This Space, Financier Worldwide

The Inconvenient Joint Operating Agreement, The Negotiator

Related insights

Insights
Oct 05, 2026

Navigating tariff volatility in energy project development with build-transfer agreements

Tariffs have become one of the most unpredictable variables in U.S. energy project development. Duties on imported steel, solar cells, batteries and other equipment have shifted repeatedly over the past several years, often with little advance warning, and there is every reason to expect that volatility to continue as trade policy moves from one administration and one negotiation to the next. That volatility lands squarely in the middle of build-transfer agreements (“BTAs”), a structure widely used across the renewable and conventional power sectors. In a typical BTA, a developer builds a project, and once the project reaches mechanical or substantial completion, the developer sells it to a buyer, who then owns and operates the asset going forward (and, in the case of a renewable project, gets the benefit of the associated tax credits). Because the BTA is signed well before the project is built, the parties are effectively agreeing on a price today for equipment that will be procured, and tariffs that will be assessed, months or years down the road. That timing gap creates a real tension. Sellers need enough price protection to procure equipment without absorbing open-ended tariff risk on a fixed-price contract. Buyers need enough cost certainty to underwrite the transaction, secure financing and, in the case of regulated utilities, justify the purchase price to regulators. Getting the balance right requires thinking carefully, up front, about how tariff risk is defined, allocated and capped.
Insights
Jan 29, 2024

2023 recap: important US oil and gas decisions

In 2023, the US oil and gas industry witnessed significant legal developments that highlight the importance of careful drafting. This recap, together with my prior analysis, captures some of the pivotal case law that defined the year in the sector.
Insights
May 23, 2023

Industry update: PWA guidance

Related insights

Insights
Oct 05, 2026
Navigating tariff volatility in energy project development with build-transfer agreements
Tariffs have become one of the most unpredictable variables in U.S. energy project development. Duties on imported steel, solar cells, batteries and other equipment have shifted repeatedly over the past several years, often with little advance warning, and there is every reason to expect that volatility to continue as trade policy moves from one administration and one negotiation to the next. That volatility lands squarely in the middle of build-transfer agreements (“BTAs”), a structure widely used across the renewable and conventional power sectors. In a typical BTA, a developer builds a project, and once the project reaches mechanical or substantial completion, the developer sells it to a buyer, who then owns and operates the asset going forward (and, in the case of a renewable project, gets the benefit of the associated tax credits). Because the BTA is signed well before the project is built, the parties are effectively agreeing on a price today for equipment that will be procured, and tariffs that will be assessed, months or years down the road. That timing gap creates a real tension. Sellers need enough price protection to procure equipment without absorbing open-ended tariff risk on a fixed-price contract. Buyers need enough cost certainty to underwrite the transaction, secure financing and, in the case of regulated utilities, justify the purchase price to regulators. Getting the balance right requires thinking carefully, up front, about how tariff risk is defined, allocated and capped.
News
Apr 14, 2026
BCLP advises Indiana Michigan Power in its acquisition of the Sycamore Riverside Energy Center
News
Dec 19, 2024
BCLP advises Freehold Royalties on its strategic acquisition of Midland Basin mineral and royalty interests
Insights
Jan 29, 2024
2023 recap: important US oil and gas decisions
In 2023, the US oil and gas industry witnessed significant legal developments that highlight the importance of careful drafting. This recap, together with my prior analysis, captures some of the pivotal case law that defined the year in the sector.
Insights
Jun 16, 2023
Key takeaways from the United States - Australia Climate, Critical Minerals and Clean Energy Compact
Insights
Jun 13, 2023
Recent decisions affecting US mineral and royalty owners
Insights
May 23, 2023
Industry update: PWA guidance
News
Apr 03, 2023
BCLP’s energy practice gets boost with new partner